Exact Name of Registrant as | ||||||||||||||
Specified in Its Charter | Commission File Number | I.R.S. Employer Identification No. | ||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. | 1-8503 | 99-0208097 | ||||||||||||
and Principal Subsidiary | ||||||||||||||
HAWAIIAN ELECTRIC COMPANY, INC. | 1-4955 | 99-0040500 |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Hawaiian Electric Industries, Inc. | Common Stock, Without Par Value | HE | New York Stock Exchange |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Hawaiian Electric Industries, Inc.: | Hawaiian Electric Company, Inc.: | ||||||||||||||||||||||||
Large accelerated filer | |||||||||||||||||||||||||
☒ | |||||||||||||||||||||||||
Smaller reporting company | ☐ | Large accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||
Accelerated filer | ☐ | Emerging growth company | ☐ | Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Non-accelerated filer | ☒ |
Hawaiian Electric Industries, Inc. | ☐ | Hawaiian Electric Company, Inc. | ☐ |
Hawaiian Electric Industries, Inc. | Yes | ☐ | No | ☒ | Hawaiian Electric Company, Inc. | Yes | ☐ | No | ☒ |
Class of Common Stock | Outstanding October | ||||||||||
Hawaiian Electric Industries, Inc. (Without Par Value) | Shares | ||||||||||
Hawaiian Electric Company, Inc. ($6-2/3 Par Value) | Shares (not publicly traded) |
Page No. | ||||||||||||
three and nine months ended September 30, | ||||||||||||
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Condensed Consolidated Balance Sheets (unaudited) - September 30, | ||||||||||||
three and nine months ended September 30, | ||||||||||||
nine months ended September 30, | ||||||||||||
three and nine months ended September 30, | ||||||||||||
three and nine months ended September 30, | ||||||||||||
Condensed Consolidated Balance Sheets (unaudited) - September 30, | ||||||||||||
three and nine months ended September 30, | ||||||||||||
nine months ended September 30, | ||||||||||||
Terms | Definitions | |||||||
ACL | Allowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model | |||||||
AES Hawaii | AES Hawaii, Inc. | |||||||
Accumulated other comprehensive income/(loss) | ||||||||
Annual revenue adjustment | ||||||||
ASB | American Savings Bank, F.S.B., a | |||||||
ASB Hawaii | ASB Hawaii, Inc. | |||||||
ASU | Accounting Standards Update | |||||||
Community-based renewable energy | ||||||||
Company | Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B.; | |||||||
Consumer Advocate | Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii | |||||||
Decision and order from the PUC | ||||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||||
DOH | Department of Health of the State of Hawaii | |||||||
DRIP | HEI Dividend Reinvestment and Stock Purchase Plan | |||||||
Energy cost | ||||||||
EIP | 2010 Equity and Incentive Plan, as amended and restated | |||||||
EPA | Environmental Protection Agency — federal | |||||||
ERP/EAM | Enterprise Resource Planning/Enterprise Asset Management | |||||||
Earnings per share | ||||||||
ESG | Environmental, Social & Governance | |||||||
ESM | Earnings Sharing Mechanism | |||||||
EVE | Economic value of equity | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
federal | U.S. Government | |||||||
FHLB | Federal Home Loan Bank | |||||||
FHLMC | Federal Home Loan Mortgage Corporation | |||||||
Fitch Ratings, Inc. | ||||||||
FNMA | Federal National Mortgage Association | |||||||
FRB | Federal Reserve Board | |||||||
GAAP | Accounting principles generally accepted in the United States of America |
GNMA | ||||||||
Government National Mortgage Association | ||||||||
Hamakua Energy | Hamakua Energy, LLC, an indirect subsidiary of HEI | |||||||
Hawaii Electric Light | Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc. |
Terms | Definitions | |||||||
Hawaiian Electric | Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited | |||||||
Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc., | ||||||||
HEIRSP | Hawaiian Electric Industries Retirement Savings Plan | |||||||
HELOC | Home equity line of credit | |||||||
HPOWER | City and County of Honolulu with respect to a power purchase agreement for a refuse-fired plant | |||||||
IPP | Independent power producer | |||||||
Kalaeloa | Kalaeloa Partners, L.P. | |||||||
Kilowatthour/s (as applicable) | ||||||||
Long-term incentive plan | ||||||||
Maui Electric | Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc. | |||||||
MPIR | Major Project Interim Recovery | |||||||
MW | Megawatt/s (as applicable) | |||||||
Net interest income | ||||||||
NPBC | Net periodic benefit costs | |||||||
NPPC | Net periodic pension costs | |||||||
O&M | Other operation and maintenance | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OPEB | Postretirement benefits other than pensions | |||||||
Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC, Mauo, LLC, ‘Alenuihāhā Developments, LLC, Ka‘ie‘ie Waho Company, LLC and Kaʻaipuaʻa LLC | ||||||||
PBR | Performance-based regulation | |||||||
PGV | Puna Geothermal Venture | |||||||
PIMs | Performance incentive mechanisms | |||||||
PPA | Power purchase agreement | |||||||
PPAC | Purchased power adjustment clause | |||||||
Public Utilities Commission of the State of Hawaii | ||||||||
PV | Photovoltaic | |||||||
RAM | Rate adjustment mechanism | |||||||
RBA | Revenue balancing account | |||||||
Renewable Energy Infrastructure Program | ||||||||
RFP | Request for proposals | |||||||
ROACE | Return on average common equity | |||||||
RORB | Return on rate base | |||||||
RPS | Renewable portfolio standards | |||||||
Standard & Poor’s | ||||||||
SEC | Securities and Exchange Commission | |||||||
See | Means the referenced material is incorporated by reference | |||||||
TDR | Troubled debt restructuring | |||||||
Utilities | Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited | |||||||
Variable interest |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | ||||||||||||||||
Electric utility | $ | 598,769 | $ | 572,253 | $ | 1,674,255 | $ | 1,549,700 | ||||||||
Bank | 74,289 | 73,708 | 222,474 | 213,297 | ||||||||||||
Other | 127 | 94 | 299 | 262 | ||||||||||||
Total revenues | 673,185 | 646,055 | 1,897,028 | 1,763,259 | ||||||||||||
Expenses | ||||||||||||||||
Electric utility | 511,693 | 482,441 | 1,483,194 | 1,333,876 | ||||||||||||
Bank | 47,525 | 50,981 | 146,754 | 150,752 | ||||||||||||
Other | 4,422 | 7,191 | 13,777 | 18,883 | ||||||||||||
Total expenses | 563,640 | 540,613 | 1,643,725 | 1,503,511 | ||||||||||||
Operating income (loss) | ||||||||||||||||
Electric utility | 87,076 | 89,812 | 191,061 | 215,824 | ||||||||||||
Bank | 26,764 | 22,727 | 75,720 | 62,545 | ||||||||||||
Other | (4,295 | ) | (7,097 | ) | (13,478 | ) | (18,621 | ) | ||||||||
Total operating income | 109,545 | 105,442 | 253,303 | 259,748 | ||||||||||||
Merger termination fee | — | 90,000 | — | 90,000 | ||||||||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (19,227 | ) | (19,365 | ) | (59,235 | ) | (56,792 | ) | ||||||||
Allowance for borrowed funds used during construction | 1,339 | 854 | 3,371 | 2,276 | ||||||||||||
Allowance for equity funds used during construction | 3,482 | 2,274 | 8,908 | 6,010 | ||||||||||||
Income before income taxes | 95,139 | 179,205 | 206,347 | 301,242 | ||||||||||||
Income taxes | 34,595 | 51,592 | 72,003 | 96,203 | ||||||||||||
Net income | 60,544 | 127,613 | 134,344 | 205,039 | ||||||||||||
Preferred stock dividends of subsidiaries | 471 | 471 | 1,417 | 1,417 | ||||||||||||
Net income for common stock | $ | 60,073 | $ | 127,142 | $ | 132,927 | $ | 203,622 | ||||||||
Basic earnings per common share | $ | 0.55 | $ | 1.17 | $ | 1.22 | $ | 1.89 | ||||||||
Diluted earnings per common share | $ | 0.55 | $ | 1.17 | $ | 1.22 | $ | 1.88 | ||||||||
Dividends declared per common share | $ | 0.31 | $ | 0.31 | $ | 0.93 | $ | 0.93 | ||||||||
Weighted-average number of common shares outstanding | 108,786 | 108,268 | 108,737 | 107,951 | ||||||||||||
Net effect of potentially dilutive shares | 79 | 204 | 172 | 220 | ||||||||||||
Weighted-average shares assuming dilution | 108,865 | 108,472 | 108,909 | 108,171 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Electric utility | $ | 679,499 | $ | 562,568 | $ | 1,846,242 | $ | 1,694,225 | ||||||||||||||||||
Bank | 76,208 | 78,644 | 230,599 | 233,096 | ||||||||||||||||||||||
Other | 1,197 | 215 | 3,266 | 237 | ||||||||||||||||||||||
Total revenues | 756,904 | 641,427 | 2,080,107 | 1,927,558 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Electric utility | 604,307 | 474,050 | 1,634,252 | 1,493,948 | ||||||||||||||||||||||
Bank | 51,151 | 63,144 | 130,440 | 189,700 | ||||||||||||||||||||||
Other | 4,130 | 4,672 | 18,212 | 13,091 | ||||||||||||||||||||||
Total expenses | 659,588 | 541,866 | 1,782,904 | 1,696,739 | ||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||
Electric utility | 75,192 | 88,518 | 211,990 | 200,277 | ||||||||||||||||||||||
Bank | 25,057 | 15,500 | 100,159 | 43,396 | ||||||||||||||||||||||
Other | (2,933) | (4,457) | (14,946) | (12,854) | ||||||||||||||||||||||
Total operating income | 97,316 | 99,561 | 297,203 | 230,819 | ||||||||||||||||||||||
Retirement defined benefits credit (expense)—other than service costs | 1,058 | (1,102) | 4,709 | (2,970) | ||||||||||||||||||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (23,477) | (22,086) | (70,530) | (66,474) | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | 827 | 801 | 2,386 | 2,241 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 2,427 | 2,347 | 6,995 | 6,556 | ||||||||||||||||||||||
Gain on sale of investment securities, net | — | — | 528 | 9,275 | ||||||||||||||||||||||
Income before income taxes | 78,151 | 79,521 | 241,291 | 179,447 | ||||||||||||||||||||||
Income taxes | 14,265 | 14,018 | 48,229 | 30,691 | ||||||||||||||||||||||
Net income | 63,886 | 65,503 | 193,062 | 148,756 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 471 | 471 | 1,417 | 1,417 | ||||||||||||||||||||||
Net income for common stock | $ | 63,415 | $ | 65,032 | $ | 191,645 | $ | 147,339 | ||||||||||||||||||
Basic earnings per common share | $ | 0.58 | $ | 0.60 | $ | 1.75 | $ | 1.35 | ||||||||||||||||||
Diluted earnings per common share | $ | 0.58 | $ | 0.59 | $ | 1.75 | $ | 1.35 | ||||||||||||||||||
Weighted-average number of common shares outstanding | 109,311 | 109,181 | 109,272 | 109,126 | ||||||||||||||||||||||
Net effect of potentially dilutive shares | 264 | 155 | 316 | 261 | ||||||||||||||||||||||
Weighted-average shares assuming dilution | 109,575 | 109,336 | 109,588 | 109,387 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income for common stock | $ | 60,073 | $ | 127,142 | $ | 132,927 | $ | 203,622 | ||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of (taxes) benefits of $(137), $1,417, $(1,619) and $(5,413), respectively | 208 | (2,147 | ) | 2,452 | 8,197 | |||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $238, respectively | — | — | — | (360 | ) | |||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||
Effective portion of foreign currency hedge net unrealized gains arising during the period, net of taxes of nil, $205, nil and $368, respectively | — | 321 | — | 578 | ||||||||||||
Reclassification adjustment to net income, net of (taxes) benefits of nil, $(110), $289 and $(75), respectively | — | (173 | ) | 454 | (119 | ) | ||||||||||
Retirement benefit plans: | ||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,516, $2,324, $7,526 and $6,943, respectively | 3,942 | 3,641 | 11,793 | 10,877 | ||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,290, $2,109, $6,872 and $6,327, respectively | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 554 | (1,669 | ) | 3,909 | 9,239 | |||||||||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 60,627 | $ | 125,473 | $ | 136,836 | $ | 212,861 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income for common stock | $ | 63,415 | $ | 65,032 | $ | 191,645 | $ | 147,339 | ||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes of $(4,212), $360, $(14,614) and $7,836, respectively | (11,507) | 984 | (39,921) | 21,405 | ||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, $(142) and $(599), respectively | — | — | (387) | (1,638) | ||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||||||||
Unrealized interest rate hedging gains (losses) arising during the period, net of taxes of $48, $(51), $347 and $(739), respectively | 139 | (147) | 1,000 | (2,129) | ||||||||||||||||||||||
Reclassification adjustment for net realized losses included in net income, net of taxes of $3, nil, $3 and nil, respectively | 9 | — | 9 | — | ||||||||||||||||||||||
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 of $985, $2,202, $5,155 and $6,169, respectively | 2,853 | 6,324 | 14,871 | 17,720 | ||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(971), $(1,985), $(5,002) and $(5,563), respectively | (2,799) | (5,721) | (14,421) | (16,038) | ||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | (11,305) | 1,440 | (38,849) | 19,320 | ||||||||||||||||||||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 52,110 | $ | 66,472 | $ | 152,796 | $ | 166,659 |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 202,173 | $ | 278,452 | ||||
Accounts receivable and unbilled revenues, net | 264,426 | 237,950 | ||||||
Available-for-sale investment securities, at fair value | 1,320,110 | 1,105,182 | ||||||
Stock in Federal Home Loan Bank, at cost | 9,706 | 11,218 | ||||||
Loans receivable held for investment, net | 4,623,234 | 4,683,160 | ||||||
Loans held for sale, at lower of cost or fair value | 15,728 | 18,817 | ||||||
Property, plant and equipment, net of accumulated depreciation of $2,537,320 and $2,444,348 at September 30, 2017 and December 31, 2016, respectively | 4,813,875 | 4,603,465 | ||||||
Regulatory assets | 936,964 | 957,451 | ||||||
Other | 474,444 | 447,621 | ||||||
Goodwill | 82,190 | 82,190 | ||||||
Total assets | $ | 12,742,850 | $ | 12,425,506 | ||||
Liabilities and shareholders’ equity | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 160,897 | $ | 143,279 | ||||
Interest and dividends payable | 26,484 | 25,225 | ||||||
Deposit liabilities | 5,752,326 | 5,548,929 | ||||||
Short-term borrowings—other than bank | 24,498 | — | ||||||
Other bank borrowings | 153,552 | 192,618 | ||||||
Long-term debt, net—other than bank | 1,618,446 | 1,619,019 | ||||||
Deferred income taxes | 756,814 | 728,806 | ||||||
Regulatory liabilities | 466,216 | 410,693 | ||||||
Contributions in aid of construction | 565,118 | 543,525 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 620,788 | 638,854 | ||||||
Other | 460,396 | 473,512 | ||||||
Total liabilities | 10,605,535 | 10,324,460 | ||||||
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 | — | — | ||||||
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 108,785,978 shares and 108,583,413 shares at September 30, 2017 and December 31, 2016, respectively | 1,661,492 | 1,660,910 | ||||||
Retained earnings | 470,750 | 438,972 | ||||||
Accumulated other comprehensive loss, net of tax benefits | (29,220 | ) | (33,129 | ) | ||||
Total shareholders’ equity | 2,103,022 | 2,066,753 | ||||||
Total liabilities and shareholders’ equity | $ | 12,742,850 | $ | 12,425,506 |
(dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 227,923 | $ | 341,421 | ||||||||||
Restricted cash | 9,412 | 17,558 | ||||||||||||
Accounts receivable and unbilled revenues, net | 331,752 | 281,216 | ||||||||||||
Available-for-sale investment securities, at fair value | 2,580,830 | 1,970,417 | ||||||||||||
Held-to-maturity investment securities, at amortized cost | 491,871 | 226,947 | ||||||||||||
Stock in Federal Home Loan Bank, at cost | 10,000 | 8,680 | ||||||||||||
Loans held for investment, net | 5,046,180 | 5,232,642 | ||||||||||||
Loans held for sale, at lower of cost or fair value | 53,998 | 28,275 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation of $3,040,153 and $2,903,144 at September 30, 2021 and December 31, 2020, respectively | 5,335,130 | 5,265,735 | ||||||||||||
Operating lease right-of-use assets | 141,816 | 153,069 | ||||||||||||
Regulatory assets | 757,204 | 766,708 | ||||||||||||
Other | 691,857 | 629,149 | ||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||
Total assets | $ | 15,760,163 | $ | 15,004,007 | ||||||||||
Liabilities and shareholders’ equity | ||||||||||||||
Liabilities | ||||||||||||||
Accounts payable | $ | 195,223 | $ | 182,347 | ||||||||||
Interest and dividends payable | 33,307 | 23,547 | ||||||||||||
Deposit liabilities | 7,976,538 | 7,386,957 | ||||||||||||
Short-term borrowings—other than bank | 92,246 | 129,379 | ||||||||||||
Other bank borrowings | 129,305 | 89,670 | ||||||||||||
Long-term debt, net—other than bank | 2,244,795 | 2,119,129 | ||||||||||||
Deferred income taxes | 378,139 | 395,089 | ||||||||||||
Operating lease liabilities | 155,608 | 160,432 | ||||||||||||
Regulatory liabilities | 975,512 | 959,786 | ||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 543,285 | 567,438 | ||||||||||||
Other | 618,369 | 618,438 | ||||||||||||
Total liabilities | 13,342,327 | 12,632,212 | ||||||||||||
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293 | 34,293 | ||||||||||||
Commitments and contingencies (Notes 3 and 4) | 0 | 0 | ||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — | — | ||||||||||||
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 109,311,289 shares and 109,181,124 shares at September 30, 2021 and December 31, 2020, respectively | 1,683,090 | 1,678,368 | ||||||||||||
Retained earnings | 740,566 | 660,398 | ||||||||||||
Accumulated other comprehensive loss, net of tax benefits | (40,113) | (1,264) | ||||||||||||
Total shareholders’ equity | 2,383,543 | 2,337,502 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 15,760,163 | $ | 15,004,007 |
Common stock | Retained | Accumulated other comprehensive | |||||||||||||||||
(in thousands) | Shares | Amount | Earnings | income (loss) | Total | ||||||||||||||
Balance, December 31, 2016 | 108,583 | $ | 1,660,910 | $ | 438,972 | $ | (33,129 | ) | $ | 2,066,753 | |||||||||
Net income for common stock | — | — | 132,927 | — | 132,927 | ||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 3,909 | 3,909 | ||||||||||||||
Issuance of common stock, net of expenses | 203 | 582 | — | — | 582 | ||||||||||||||
Common stock dividends | — | — | (101,149 | ) | — | (101,149 | ) | ||||||||||||
Balance, September 30, 2017 | 108,786 | $ | 1,661,492 | $ | 470,750 | $ | (29,220 | ) | $ | 2,103,022 | |||||||||
Balance, December 31, 2015 | 107,460 | $ | 1,629,136 | $ | 324,766 | $ | (26,262 | ) | $ | 1,927,640 | |||||||||
Net income for common stock | — | — | 203,622 | — | 203,622 | ||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 9,239 | 9,239 | ||||||||||||||
Issuance of common stock, net of expenses | 1,043 | 28,285 | — | — | 28,285 | ||||||||||||||
Common stock dividends | — | — | (100,398 | ) | — | (100,398 | ) | ||||||||||||
Balance, September 30, 2016 | 108,503 | $ | 1,657,421 | $ | 427,990 | $ | (17,023 | ) | $ | 2,068,388 |
Common stock | Retained | Accumulated other comprehensive | ||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Earnings | income (loss) | Total | |||||||||||||||||||||||||||
Balance, December 31, 2020 | 109,181 | $ | 1,678,368 | $ | 660,398 | $ | (1,264) | $ | 2,337,502 | |||||||||||||||||||||||
Net income for common stock | — | — | 64,358 | — | 64,358 | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefits | — | — | — | (44,016) | (44,016) | |||||||||||||||||||||||||||
Share-based expenses and other, net | 100 | 605 | — | — | 605 | |||||||||||||||||||||||||||
Common stock dividends (34¢ per share) | — | — | (37,156) | — | (37,156) | |||||||||||||||||||||||||||
Balance, March 31, 2021 | 109,281 | 1,678,973 | 687,600 | (45,280) | 2,321,293 | |||||||||||||||||||||||||||
Net income for common stock | — | — | 63,872 | — | 63,872 | |||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 16,472 | 16,472 | |||||||||||||||||||||||||||
Share-based expenses and other, net | 30 | 2,847 | — | — | 2,847 | |||||||||||||||||||||||||||
Common stock dividends (34¢ per share) | — | — | (37,155) | — | (37,155) | |||||||||||||||||||||||||||
Balance, June 30, 2021 | 109,311 | 1,681,820 | 714,317 | (28,808) | 2,367,329 | |||||||||||||||||||||||||||
Net income for common stock | — | — | 63,415 | — | 63,415 | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefits | — | — | — | (11,305) | (11,305) | |||||||||||||||||||||||||||
Share-based expenses and other, net | — | 1,270 | — | — | 1,270 | |||||||||||||||||||||||||||
Common stock dividends (34¢ per share) | — | — | (37,166) | — | (37,166) | |||||||||||||||||||||||||||
Balance, September 30, 2021 | 109,311 | $ | 1,683,090 | $ | 740,566 | $ | (40,113) | $ | 2,383,543 | |||||||||||||||||||||||
Balance, December 31, 2019 | 108,973 | $ | 1,678,257 | $ | 622,042 | $ | (20,039) | $ | 2,280,260 | |||||||||||||||||||||||
Impact of adoption of ASU No. 2016-13 | — | — | (15,372) | — | (15,372) | |||||||||||||||||||||||||||
Balance, January 1, 2020 after adoption of ASU No. 2016-13 | 108,973 | 1,678,257 | 606,670 | (20,039) | 2,264,888 | |||||||||||||||||||||||||||
Net income for common stock | — | — | 33,420 | — | 33,420 | |||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 18,212 | 18,212 | |||||||||||||||||||||||||||
Share-based expenses and other, net | 172 | (3,996) | — | — | (3,996) | |||||||||||||||||||||||||||
Common stock dividends (33¢ per share) | — | — | (36,019) | — | (36,019) | |||||||||||||||||||||||||||
Balance, March 31, 2020 | 109,145 | 1,674,261 | 604,071 | (1,827) | 2,276,505 | |||||||||||||||||||||||||||
Net income for common stock | — | — | 48,887 | — | 48,887 | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefits | — | — | — | (332) | (332) | |||||||||||||||||||||||||||
Share-based expenses and other, net | 36 | 2,355 | — | — | 2,355 | |||||||||||||||||||||||||||
Common stock dividends (33¢ per share) | — | — | (36,017) | — | (36,017) | |||||||||||||||||||||||||||
Balance, June 30, 2020 | 109,181 | 1,676,616 | 616,941 | (2,159) | 2,291,398 | |||||||||||||||||||||||||||
Net income for common stock | — | — | 65,032 | — | 65,032 | |||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 1,440 | 1,440 | |||||||||||||||||||||||||||
Share-based expenses and other, net | — | 1,391 | — | — | 1,391 | |||||||||||||||||||||||||||
Common stock dividends (33¢ per share) | — | — | (36,030) | — | (36,030) | |||||||||||||||||||||||||||
Balance, September 30, 2020 | 109,181 | $ | 1,678,007 | $ | 645,943 | $ | (719) | $ | 2,323,231 |
Nine months ended September 30 | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | 193,062 | $ | 148,756 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation of property, plant and equipment | 184,389 | 178,674 | ||||||||||||
Other amortization | 24,511 | 39,580 | ||||||||||||
Provision for credit losses | (22,367) | 39,504 | ||||||||||||
Loans originated, held for sale | (281,744) | (380,864) | ||||||||||||
Proceeds from sale of loans, held for sale | 304,820 | 387,247 | ||||||||||||
Gain on sale of investment securities, net | (528) | (9,275) | ||||||||||||
Gain on sale of loans, net | (7,497) | (15,933) | ||||||||||||
Deferred income taxes | (13,473) | (14,464) | ||||||||||||
Share-based compensation expense | 6,727 | 5,449 | ||||||||||||
Allowance for equity funds used during construction | (6,995) | (6,556) | ||||||||||||
Other | (7,046) | (4,773) | ||||||||||||
Changes in assets and liabilities | ||||||||||||||
Decrease (increase) in accounts receivable and unbilled revenues, net | (58,758) | 11,252 | ||||||||||||
Decrease (increase) in fuel oil stock | (42,612) | 31,899 | ||||||||||||
Decrease (increase) in regulatory assets | (4,952) | 10,012 | ||||||||||||
Increase (decrease) in regulatory liabilities | 8,806 | (15,755) | ||||||||||||
Increase (decrease) in accounts, interest and dividends payable | 36,850 | (20,794) | ||||||||||||
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | 11,133 | (32,750) | ||||||||||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (5,288) | (1,398) | ||||||||||||
Change in other assets and liabilities | (51,833) | (37,543) | ||||||||||||
Net cash provided by operating activities | 267,205 | 312,268 | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Available-for-sale investment securities purchased | (1,318,520) | (985,874) | ||||||||||||
Principal repayments on available-for-sale investment securities | 449,459 | 331,238 | ||||||||||||
Proceeds from sale of available-for-sale investment securities | 197,354 | 169,157 | ||||||||||||
Purchases of held-to-maturity investment securities | (314,327) | (28,602) | ||||||||||||
Proceeds from repayments or maturities of held-to-maturity investment securities | 49,074 | 34,740 | ||||||||||||
Purchase of stock from Federal Home Loan Bank | (32,980) | (24,006) | ||||||||||||
Redemption of stock from Federal Home Loan Bank | 31,660 | 21,520 | ||||||||||||
Net decrease (increase) in loans held for investment | 157,619 | (374,307) | ||||||||||||
Proceeds from sale of residential loans | 17,398 | — | ||||||||||||
Capital expenditures | (219,252) | (296,172) | ||||||||||||
Proceeds from sale of low-income housing investments | — | 6,725 | ||||||||||||
Contributions to low income housing investments | (12,402) | (3,951) | ||||||||||||
Other | 10,078 | 4,899 | ||||||||||||
Net cash used in investing activities | (984,839) | (1,144,633) |
Nine months ended September 30 | ||||||||
(in thousands) | 2017 | 2016 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 134,344 | $ | 205,039 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation of property, plant and equipment | 150,123 | 145,684 | ||||||
Other amortization | 15,362 | 7,368 | ||||||
Provision for loan losses | 7,231 | 15,266 | ||||||
Loans receivable originated and purchased, held for sale | (105,816 | ) | (172,657 | ) | ||||
Proceeds from sale of loans receivable, held for sale | 119,731 | 168,490 | ||||||
Deferred income taxes | 21,397 | 30,667 | ||||||
Share-based compensation expense | 4,383 | 3,581 | ||||||
Allowance for equity funds used during construction | (8,908 | ) | (6,010 | ) | ||||
Other | (1,350 | ) | 3,234 | |||||
Changes in assets and liabilities | ||||||||
Increase in accounts receivable and unbilled revenues, net | (26,250 | ) | (12,104 | ) | ||||
Decrease in fuel oil stock | 6,177 | 6,736 | ||||||
Decrease (increase) in regulatory assets | 3,922 | (2,251 | ) | |||||
Increase (decrease) in accounts, interest and dividends payable | (10,390 | ) | 3,399 | |||||
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | 2,828 | 52,558 | ||||||
Increase in defined benefit pension and other postretirement benefit plans liability | 670 | 150 | ||||||
Change in other assets and liabilities | (22,311 | ) | (39,850 | ) | ||||
Net cash provided by operating activities | 291,143 | 409,300 | ||||||
Cash flows from investing activities | ||||||||
Available-for-sale investment securities purchased | (369,467 | ) | (354,165 | ) | ||||
Principal repayments on available-for-sale investment securities | 155,026 | 172,829 | ||||||
Proceeds from sale of available-for-sale investment securities | — | 16,423 | ||||||
Purchase of stock from Federal Home Loan Bank | (2,868 | ) | (2,773 | ) | ||||
Redemption of stock from Federal Home Loan Bank | 4,380 | 2,233 | ||||||
Net decrease (increase) in loans held for investment | 13,188 | (175,303 | ) | |||||
Proceeds from sale of commercial loans | 31,427 | 37,946 | ||||||
Proceeds from sale of real estate acquired in settlement of loans | 411 | 829 | ||||||
Proceeds from sale of real estate held-for-sale | — | 1,764 | ||||||
Capital expenditures | (314,404 | ) | (259,207 | ) | ||||
Contributions in aid of construction | 40,603 | 23,568 | ||||||
Other | 1,345 | 112 | ||||||
Net cash used in investing activities | (440,359 | ) | (535,744 | ) | ||||
Cash flows from financing activities | ||||||||
Net increase in deposit liabilities | 203,397 | 355,467 | ||||||
Net increase (decrease) in short-term borrowings with original maturities of three months or less | 24,498 | (103,063 | ) | |||||
Net increase (decrease) in retail repurchase agreements | 24,469 | (21,121 | ) | |||||
Proceeds from other bank borrowings | 59,500 | 55,835 | ||||||
Repayments of other bank borrowings | (123,034 | ) | (97,902 | ) | ||||
Proceeds from issuance of long-term debt | 265,000 | 75,000 | ||||||
Repayment of long-term debt and funds transferred for redemption of special purpose revenue bonds | (265,000 | ) | (75,000 | ) | ||||
Withheld shares for employee taxes on vested share-based compensation | (3,796 | ) | (2,398 | ) | ||||
Net proceeds from issuance of common stock | — | 10,901 | ||||||
Common stock dividends | (101,149 | ) | (83,620 | ) | ||||
Preferred stock dividends of subsidiaries | (1,417 | ) | (1,417 | ) | ||||
Other | (9,531 | ) | (2,361 | ) | ||||
Net cash provided by financing activities | 72,937 | 110,321 | ||||||
Net decrease in cash and cash equivalents | (76,279 | ) | (16,123 | ) | ||||
Cash and cash equivalents, beginning of period | 278,452 | 300,478 | ||||||
Cash and cash equivalents, end of period | $ | 202,173 | $ | 284,355 |
Nine months ended September 30 | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Net increase in deposit liabilities | 589,581 | 766,235 | ||||||||||||
Net increase (decrease) in short-term borrowings with original maturities of three months or less | 27,755 | (112,710) | ||||||||||||
Net increase in other bank borrowings with original maturities of three months or less | 39,635 | 6,765 | ||||||||||||
Proceeds from issuance of short-term debt | — | 165,000 | ||||||||||||
Repayment of short-term debt | (65,000) | (100,000) | ||||||||||||
Proceeds from issuance of other bank borrowings | — | 30,000 | ||||||||||||
Proceeds from issuance of long-term debt | 206,988 | 365,146 | ||||||||||||
Repayment of long-term debt | (80,607) | (178,291) | ||||||||||||
Withheld shares for employee taxes on vested share-based compensation | (2,006) | (5,700) | ||||||||||||
Common stock dividends | (111,477) | (108,066) | ||||||||||||
Preferred stock dividends of subsidiaries | (1,417) | (1,417) | ||||||||||||
Other | (7,462) | (7,275) | ||||||||||||
Net cash provided by financing activities | 595,990 | 819,687 | ||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (121,644) | (12,678) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 358,979 | 227,685 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | 237,335 | 215,007 | ||||||||||||
Less: Restricted cash | (9,412) | (21,881) | ||||||||||||
Cash and cash equivalents, end of period | $ | 227,923 | $ | 193,126 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 598,769 | $ | 572,253 | $ | 1,674,255 | $ | 1,549,700 | ||||||||
Expenses | ||||||||||||||||
Fuel oil | 146,258 | 128,624 | 431,787 | 334,263 | ||||||||||||
Purchased power | 160,347 | 157,750 | 440,538 | 412,667 | ||||||||||||
Other operation and maintenance | 100,102 | 94,789 | 306,716 | 298,260 | ||||||||||||
Depreciation | 48,206 | 46,759 | 144,578 | 140,300 | ||||||||||||
Taxes, other than income taxes | 56,780 | 54,519 | 159,575 | 148,386 | ||||||||||||
Total expenses | 511,693 | 482,441 | 1,483,194 | 1,333,876 | ||||||||||||
Operating income | 87,076 | 89,812 | 191,061 | 215,824 | ||||||||||||
Allowance for equity funds used during construction | 3,482 | 2,274 | 8,908 | 6,010 | ||||||||||||
Interest expense and other charges, net | (16,907 | ) | (17,323 | ) | (52,625 | ) | (49,734 | ) | ||||||||
Allowance for borrowed funds used during construction | 1,339 | 854 | 3,371 | 2,276 | ||||||||||||
Income before income taxes | 74,990 | 75,617 | 150,715 | 174,376 | ||||||||||||
Income taxes | 27,005 | 28,145 | 54,623 | 64,682 | ||||||||||||
Net income | 47,985 | 47,472 | 96,092 | 109,694 | ||||||||||||
Preferred stock dividends of subsidiaries | 228 | 228 | 686 | 686 | ||||||||||||
Net income attributable to Hawaiian Electric | 47,757 | 47,244 | 95,406 | 109,008 | ||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | 810 | 810 | ||||||||||||
Net income for common stock | $ | 47,487 | $ | 46,974 | $ | 94,596 | $ | 108,198 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 679,499 | $ | 562,568 | $ | 1,846,242 | $ | 1,694,225 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Fuel oil | 180,682 | 105,042 | 447,245 | 390,714 | ||||||||||||||||||||||
Purchased power | 185,759 | 149,025 | 490,520 | 425,679 | ||||||||||||||||||||||
Other operation and maintenance | 116,468 | 111,243 | 349,180 | 348,831 | ||||||||||||||||||||||
Depreciation | 57,386 | 55,689 | 172,122 | 167,235 | ||||||||||||||||||||||
Taxes, other than income taxes | 64,012 | 53,051 | 175,185 | 161,489 | ||||||||||||||||||||||
Total expenses | 604,307 | 474,050 | 1,634,252 | 1,493,948 | ||||||||||||||||||||||
Operating income | 75,192 | 88,518 | 211,990 | 200,277 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 2,427 | 2,347 | 6,995 | 6,556 | ||||||||||||||||||||||
Retirement defined benefits credit (expense)—other than service costs | 877 | (432) | 2,918 | (1,195) | ||||||||||||||||||||||
Interest expense and other charges, net | (18,148) | (16,836) | (54,126) | (50,768) | ||||||||||||||||||||||
Allowance for borrowed funds used during construction | 827 | 801 | 2,386 | 2,241 | ||||||||||||||||||||||
Income before income taxes | 61,175 | 74,398 | 170,163 | 157,111 | ||||||||||||||||||||||
Income taxes | 10,335 | 13,835 | 33,066 | 29,316 | ||||||||||||||||||||||
Net income | 50,840 | 60,563 | 137,097 | 127,795 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 228 | 228 | 686 | 686 | ||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 50,612 | 60,335 | 136,411 | 127,109 | ||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | 810 | 810 | ||||||||||||||||||||||
Net income for common stock | $ | 50,342 | $ | 60,065 | $ | 135,601 | $ | 126,299 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income for common stock | $ | 47,487 | $ | 46,974 | $ | 94,596 | $ | 108,198 | ||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||
Effective portion of foreign currency hedge net unrealized gains arising during the period, net of taxes of nil, $205, nil and $368, respectively | — | 321 | — | 578 | ||||||||||||
Reclassification adjustment to net income, net of (taxes) benefits of nil, $(110), $289 and $(110), respectively | — | (173 | ) | 454 | (173 | ) | ||||||||||
Retirement benefit plans: | ||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,306, $2,110, $6,916 and $6,331, respectively | 3,618 | 3,314 | 10,857 | 9,941 | ||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,290, $2,109, $6,872 and $6,327, respectively | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | ||||||||
Other comprehensive income, net of taxes | 22 | 151 | 521 | 412 | ||||||||||||
Comprehensive income attributable to Hawaiian Electric Company, Inc. | $ | 47,509 | $ | 47,125 | $ | 95,117 | $ | 108,610 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income for common stock | $ | 50,342 | $ | 60,065 | $ | 135,601 | $ | 126,299 | ||||||||||||||||||
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 of $1,007, $2,001, $5,062 and $5,597, respectively | 2,905 | 5,769 | 14,596 | 16,137 | ||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(971), $(1,985), $(5,002) and $(5,563), respectively | (2,799) | (5,721) | (14,421) | (16,038) | ||||||||||||||||||||||
Other comprehensive income, net of taxes | 106 | 48 | 175 | 99 | ||||||||||||||||||||||
Comprehensive income attributable to Hawaiian Electric Company, Inc. | $ | 50,448 | $ | 60,113 | $ | 135,776 | $ | 126,398 |
(dollars in thousands, except par value) | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Property, plant and equipment | ||||||||
Utility property, plant and equipment | ||||||||
Land | $ | 53,913 | $ | 53,153 | ||||
Plant and equipment | 6,778,254 | 6,605,732 | ||||||
Less accumulated depreciation | (2,460,429 | ) | (2,369,282 | ) | ||||
Construction in progress | 307,492 | 211,742 | ||||||
Utility property, plant and equipment, net | 4,679,230 | 4,501,345 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $1,233 as of September 30, 2017 and $1,232 as of December 31, 2016 | 7,409 | 7,407 | ||||||
Total property, plant and equipment, net | 4,686,639 | 4,508,752 | ||||||
Current assets | ||||||||
Cash and cash equivalents | 9,987 | 74,286 | ||||||
Customer accounts receivable, net | 133,135 | 123,688 | ||||||
Accrued unbilled revenues, net | 109,707 | 91,693 | ||||||
Other accounts receivable, net | 4,097 | 5,233 | ||||||
Fuel oil stock, at average cost | 60,253 | 66,430 | ||||||
Materials and supplies, at average cost | 55,959 | 53,679 | ||||||
Prepayments and other | 29,871 | 23,100 | ||||||
Regulatory assets | 72,773 | 66,032 | ||||||
Total current assets | 475,782 | 504,141 | ||||||
Other long-term assets | ||||||||
Regulatory assets | 864,191 | 891,419 | ||||||
Unamortized debt expense | 661 | 208 | ||||||
Other | 80,228 | 70,908 | ||||||
Total other long-term assets | 945,080 | 962,535 | ||||||
Total assets | $ | 6,107,501 | $ | 5,975,428 | ||||
Capitalization and liabilities | ||||||||
Capitalization | ||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 16,019,785 shares at September 30, 2017 and December 31, 2016) | $ | 106,818 | $ | 106,818 | ||||
Premium on capital stock | 601,487 | 601,491 | ||||||
Retained earnings | 1,120,571 | 1,091,800 | ||||||
Accumulated other comprehensive income (loss), net of taxes | 199 | (322 | ) | |||||
Common stock equity | 1,829,075 | 1,799,787 | ||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||
Long-term debt, net | 1,318,623 | 1,319,260 | ||||||
Total capitalization | 3,181,991 | 3,153,340 | ||||||
Commitments and contingencies (Note 3) | ||||||||
Current liabilities | ||||||||
Short-term borrowings from non-affiliates | 6,000 | — | ||||||
Accounts payable | 124,240 | 117,814 | ||||||
Interest and preferred dividends payable | 25,261 | 22,838 | ||||||
Taxes accrued | 183,365 | 172,730 | ||||||
Regulatory liabilities | 3,399 | 3,762 | ||||||
Other | 59,611 | 55,221 | ||||||
Total current liabilities | 401,876 | 372,365 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes | 767,611 | 733,659 | ||||||
Regulatory liabilities | 462,817 | 406,931 | ||||||
Unamortized tax credits | 88,827 | 88,961 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 581,713 | 599,726 | ||||||
Other | 57,548 | 76,921 | ||||||
Total deferred credits and other liabilities | 1,958,516 | 1,906,198 | ||||||
Contributions in aid of construction | 565,118 | 543,525 | ||||||
Total capitalization and liabilities | $ | 6,107,501 | $ | 5,975,428 |
(dollars in thousands, except par value) | September 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Property, plant and equipment | ||||||||||||||
Utility property, plant and equipment | ||||||||||||||
Land | $ | 51,610 | $ | 51,611 | ||||||||||
Plant and equipment | 7,669,720 | 7,509,343 | ||||||||||||
Less accumulated depreciation | (2,947,715) | (2,819,079) | ||||||||||||
Construction in progress | 221,518 | 188,342 | ||||||||||||
Utility property, plant and equipment, net | 4,995,133 | 4,930,217 | ||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation of $58 and $115 as of September 30, 2021 and December 31, 2020, respectively | 6,950 | 6,953 | ||||||||||||
Total property, plant and equipment, net | 5,002,083 | 4,937,170 | ||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | 36,467 | 47,360 | ||||||||||||
Restricted cash | 6,313 | 15,966 | ||||||||||||
Customer accounts receivable, net | 174,237 | 147,832 | ||||||||||||
Accrued unbilled revenues, net | 129,079 | 101,036 | ||||||||||||
Other accounts receivable, net | 6,116 | 7,673 | ||||||||||||
Fuel oil stock, at average cost | 100,801 | 58,238 | ||||||||||||
Materials and supplies, at average cost | 72,997 | 67,344 | ||||||||||||
Prepayments and other | 53,961 | 44,083 | ||||||||||||
Regulatory assets | 56,224 | 30,435 | ||||||||||||
Total current assets | 636,195 | 519,967 | ||||||||||||
Other long-term assets | ||||||||||||||
Operating lease right-of-use assets | 119,624 | 127,654 | ||||||||||||
Regulatory assets | 700,980 | 736,273 | ||||||||||||
Other | 144,026 | 136,309 | ||||||||||||
Total other long-term assets | 964,630 | 1,000,236 | ||||||||||||
Total assets | $ | 6,602,908 | $ | 6,457,373 | ||||||||||
Capitalization and liabilities | ||||||||||||||
Capitalization | ||||||||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,324,376 shares at September 30, 2021 and December 31, 2020) | $ | 115,515 | $ | 115,515 | ||||||||||
Premium on capital stock | 746,987 | 746,987 | ||||||||||||
Retained earnings | 1,334,161 | 1,282,335 | ||||||||||||
Accumulated other comprehensive loss, net of tax benefits-retirement benefit plans | (2,744) | (2,919) | ||||||||||||
Common stock equity | 2,193,919 | 2,141,918 | ||||||||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||||||||
Long-term debt, net | 1,676,223 | 1,561,302 | ||||||||||||
Total capitalization | 3,904,435 | 3,737,513 | ||||||||||||
Commitments and contingencies (Note 3) | 0 | 0 | ||||||||||||
Current liabilities | ||||||||||||||
Current portion of operating lease liabilities | 64,894 | 64,730 | ||||||||||||
Short-term borrowings from non-affiliates | — | 49,979 | ||||||||||||
Accounts payable | 146,875 | 133,849 | ||||||||||||
Interest and preferred dividends payable | 28,610 | 20,350 | ||||||||||||
Taxes accrued, including revenue taxes | 196,368 | 192,524 | ||||||||||||
Regulatory liabilities | 32,261 | 37,301 | ||||||||||||
Other | 84,506 | 74,262 | ||||||||||||
Total current liabilities | 553,514 | 572,995 | ||||||||||||
Deferred credits and other liabilities | ||||||||||||||
Operating lease liabilities | 67,802 | 69,494 | ||||||||||||
Deferred income taxes | 396,553 | 397,798 | ||||||||||||
Regulatory liabilities | 943,251 | 922,485 | ||||||||||||
Unamortized tax credits | 106,378 | 111,915 | ||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 509,972 | 530,532 | ||||||||||||
Other | 121,003 | 114,641 | ||||||||||||
Total deferred credits and other liabilities | 2,144,959 | 2,146,865 | ||||||||||||
Total capitalization and liabilities | $ | 6,602,908 | $ | 6,457,373 |
Common stock | Premium on capital | Retained | Accumulated other comprehensive | ||||||||||||||||||||
(in thousands) | Shares | Amount | stock | earnings | income (loss) | Total | |||||||||||||||||
Balance, December 31, 2016 | 16,020 | $ | 106,818 | $ | 601,491 | $ | 1,091,800 | $ | (322 | ) | $ | 1,799,787 | |||||||||||
Net income for common stock | — | — | — | 94,596 | — | 94,596 | |||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 521 | 521 | |||||||||||||||||
Common stock dividends | — | — | — | (65,825 | ) | — | (65,825 | ) | |||||||||||||||
Common stock issuance expenses | — | — | (4 | ) | — | — | (4 | ) | |||||||||||||||
Balance, September 30, 2017 | 16,020 | $ | 106,818 | $ | 601,487 | $ | 1,120,571 | $ | 199 | $ | 1,829,075 | ||||||||||||
Balance, December 31, 2015 | 15,805 | $ | 105,388 | $ | 578,930 | $ | 1,043,082 | $ | 925 | $ | 1,728,325 | ||||||||||||
Net income for common stock | — | — | — | 108,198 | — | 108,198 | |||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 412 | 412 | |||||||||||||||||
Common stock dividends | — | — | — | (70,199 | ) | — | (70,199 | ) | |||||||||||||||
Common stock issuance expenses | — | — | (9 | ) | — | — | (9 | ) | |||||||||||||||
Balance, September 30, 2016 | 15,805 | $ | 105,388 | $ | 578,921 | $ | 1,081,081 | $ | 1,337 | $ | 1,766,727 |
Common stock | Premium on capital | Retained | Accumulated other comprehensive | |||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | stock | earnings | income (loss) | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 17,324 | $ | 115,515 | $ | 746,987 | $ | 1,282,335 | $ | (2,919) | $ | 2,141,918 | |||||||||||||||||||||||||||
Net income for common stock | — | — | — | 43,358 | — | 43,358 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 34 | 34 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (27,925) | — | (27,925) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 17,324 | 115,515 | 746,987 | 1,297,768 | (2,885) | 2,157,385 | ||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 41,901 | — | 41,901 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 35 | 35 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (27,925) | — | (27,925) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 17,324 | 115,515 | 746,987 | 1,311,744 | (2,850) | 2,171,396 | ||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 50,342 | — | 50,342 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 106 | 106 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (27,925) | — | (27,925) | ||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 17,324 | $ | 115,515 | $ | 746,987 | $ | 1,334,161 | $ | (2,744) | $ | 2,193,919 | |||||||||||||||||||||||||||
Balance, December 31, 2019 | 17,048 | $ | 113,678 | $ | 714,824 | $ | 1,220,129 | $ | (1,279) | $ | 2,047,352 | |||||||||||||||||||||||||||
Net income for common stock | — | — | — | 23,905 | — | 23,905 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 26 | 26 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (26,784) | — | (26,784) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 17,048 | 113,678 | 714,824 | 1,217,250 | (1,253) | 2,044,499 | ||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 42,329 | — | 42,329 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 25 | 25 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (26,784) | — | (26,784) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 17,048 | 113,678 | 714,824 | 1,232,795 | (1,228) | 2,060,069 | ||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 60,065 | — | 60,065 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 48 | 48 | ||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (26,784) | — | (26,784) | ||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 17,048 | $ | 113,678 | $ | 714,824 | $ | 1,266,076 | $ | (1,180) | $ | 2,093,398 |
Nine months ended September 30 | ||||||||
(in thousands) | 2017 | 2016 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 96,092 | $ | 109,694 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation of property, plant and equipment | 144,578 | 140,300 | ||||||
Other amortization | 6,118 | 5,380 | ||||||
Deferred income taxes | 29,537 | 55,648 | ||||||
Allowance for equity funds used during construction | (8,908 | ) | (6,010 | ) | ||||
Other | 526 | 3,234 | ||||||
Changes in assets and liabilities | ||||||||
Increase in accounts receivable | (8,087 | ) | (655 | ) | ||||
Increase in accrued unbilled revenues | (18,014 | ) | (10,658 | ) | ||||
Decrease in fuel oil stock | 6,177 | 6,736 | ||||||
Increase in materials and supplies | (2,280 | ) | (2,927 | ) | ||||
Decrease (increase) in regulatory assets | 3,922 | (2,251 | ) | |||||
Decrease in accounts payable | (22,841 | ) | (676 | ) | ||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 5,291 | (9,595 | ) | |||||
Increase in defined benefit pension and other postretirement benefit plans liability | 453 | 360 | ||||||
Change in other assets and liabilities | (2,662 | ) | (13,309 | ) | ||||
Net cash provided by operating activities | 229,902 | 275,271 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (278,004 | ) | (250,704 | ) | ||||
Contributions in aid of construction | 40,603 | 23,568 | ||||||
Other | 8,114 | 1,100 | ||||||
Net cash used in investing activities | (229,287 | ) | (226,036 | ) | ||||
Cash flows from financing activities | ||||||||
Common stock dividends | (65,825 | ) | (70,199 | ) | ||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,496 | ) | (1,496 | ) | ||||
Proceeds from issuance of special purpose revenue bonds | 265,000 | — | ||||||
Funds transferred for redemption of special purpose revenue bonds | (265,000 | ) | — | |||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 6,000 | 21,000 | ||||||
Other | (3,593 | ) | (12 | ) | ||||
Net cash used in financing activities | (64,914 | ) | (50,707 | ) | ||||
Net decrease in cash and cash equivalents | (64,299 | ) | (1,472 | ) | ||||
Cash and cash equivalents, beginning of period | 74,286 | 24,449 | ||||||
Cash and cash equivalents, end of period | $ | 9,987 | $ | 22,977 |
Nine months ended September 30 | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | 137,097 | $ | 127,795 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation of property, plant and equipment | 172,122 | 167,235 | ||||||||||||
Other amortization | 17,058 | 24,929 | ||||||||||||
Deferred income taxes | (12,333) | (9,827) | ||||||||||||
State refundable credit | (7,955) | (7,589) | ||||||||||||
Bad debt expense | 1,303 | 1,401 | ||||||||||||
Allowance for equity funds used during construction | (6,995) | (6,556) | ||||||||||||
Other | 991 | 1,614 | ||||||||||||
Changes in assets and liabilities | ||||||||||||||
Decrease (increase) in accounts receivable | (33,621) | 7,076 | ||||||||||||
Decrease (increase) in accrued unbilled revenues | (27,491) | 9,842 | ||||||||||||
Decrease (increase) in fuel oil stock | (42,563) | 31,494 | ||||||||||||
Increase in materials and supplies | (5,653) | (8,092) | ||||||||||||
Decrease (increase) in regulatory assets | (4,952) | 10,012 | ||||||||||||
Increase (decrease) in regulatory liabilities | 8,806 | (15,755) | ||||||||||||
Increase (decrease) in accounts payable | 27,210 | (34,874) | ||||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 2,934 | (34,768) | ||||||||||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (3,902) | (3,064) | ||||||||||||
Change in other assets and liabilities | (23,800) | (15,918) | ||||||||||||
Net cash provided by operating activities | 198,256 | 244,955 | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures | (203,746) | (267,482) | ||||||||||||
Other | 6,157 | 7,295 | ||||||||||||
Net cash used in investing activities | (197,589) | (260,187) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Common stock dividends | (83,775) | (80,352) | ||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,496) | (1,496) | ||||||||||||
Proceeds from issuance of short-term debt | — | 100,000 | ||||||||||||
Repayment of short-term debt | (50,000) | (100,000) | ||||||||||||
Proceeds from issuance of long-term debt | 115,000 | 255,000 | ||||||||||||
Repayment of long-term debt | — | (109,000) | ||||||||||||
Net decrease in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less | — | (38,987) | ||||||||||||
Other | (942) | (1,569) | ||||||||||||
Net cash provided by (used in) financing activities | (21,213) | 23,596 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (20,546) | 8,364 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 63,326 | 41,894 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | 42,780 | 50,258 | ||||||||||||
Less: Restricted cash | (6,313) | (20,458) | ||||||||||||
Cash and cash equivalents, end of period | $ | 36,467 | $ | 29,800 |
(in thousands) | Electric utility | Bank | Other | Total | ||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||
Revenues from external customers | $ | 598,756 | $ | 74,289 | $ | 140 | $ | 673,185 | ||||||||
Intersegment revenues (eliminations) | 13 | — | (13 | ) | — | |||||||||||
Revenues | $ | 598,769 | $ | 74,289 | $ | 127 | $ | 673,185 | ||||||||
Income (loss) before income taxes | $ | 74,990 | $ | 26,764 | $ | (6,615 | ) | $ | 95,139 | |||||||
Income taxes (benefit) | 27,005 | 9,172 | (1,582 | ) | 34,595 | |||||||||||
Net income (loss) | 47,985 | 17,592 | (5,033 | ) | 60,544 | |||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27 | ) | 471 | |||||||||||
Net income (loss) for common stock | $ | 47,487 | $ | 17,592 | $ | (5,006 | ) | $ | 60,073 | |||||||
Nine months ended September 30, 2017 | ||||||||||||||||
Revenues from external customers | $ | 1,674,158 | $ | 222,474 | $ | 396 | $ | 1,897,028 | ||||||||
Intersegment revenues (eliminations) | 97 | — | (97 | ) | — | |||||||||||
Revenues | $ | 1,674,255 | $ | 222,474 | $ | 299 | $ | 1,897,028 | ||||||||
Income (loss) before income taxes | $ | 150,715 | $ | 75,720 | $ | (20,088 | ) | $ | 206,347 | |||||||
Income taxes (benefit) | 54,623 | 25,582 | (8,202 | ) | 72,003 | |||||||||||
Net income (loss) | 96,092 | 50,138 | (11,886 | ) | 134,344 | |||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79 | ) | 1,417 | |||||||||||
Net income (loss) for common stock | $ | 94,596 | $ | 50,138 | $ | (11,807 | ) | $ | 132,927 | |||||||
Total assets (at September 30, 2017) | $ | 6,107,501 | $ | 6,618,907 | $ | 16,442 | $ | 12,742,850 | ||||||||
Three months ended September 30, 2016 | ||||||||||||||||
Revenues from external customers | $ | 572,208 | $ | 73,708 | $ | 139 | $ | 646,055 | ||||||||
Intersegment revenues (eliminations) | 45 | — | (45 | ) | — | |||||||||||
Revenues | $ | 572,253 | $ | 73,708 | $ | 94 | $ | 646,055 | ||||||||
Income before income taxes | $ | 75,617 | $ | 22,727 | $ | 80,861 | $ | 179,205 | ||||||||
Income taxes | 28,145 | 7,623 | 15,824 | 51,592 | ||||||||||||
Net income | 47,472 | 15,104 | 65,037 | 127,613 | ||||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27 | ) | 471 | |||||||||||
Net income for common stock | $ | 46,974 | $ | 15,104 | $ | 65,064 | $ | 127,142 | ||||||||
Nine months ended September 30, 2016 | ||||||||||||||||
Revenues from external customers | $ | 1,549,602 | $ | 213,297 | $ | 360 | $ | 1,763,259 | ||||||||
Intersegment revenues (eliminations) | 98 | — | (98 | ) | — | |||||||||||
Revenues | $ | 1,549,700 | $ | 213,297 | $ | 262 | $ | 1,763,259 | ||||||||
Income before income taxes | $ | 174,376 | $ | 62,545 | $ | 64,321 | $ | 301,242 | ||||||||
Income taxes | 64,682 | 21,483 | 10,038 | 96,203 | ||||||||||||
Net income | 109,694 | 41,062 | 54,283 | 205,039 | ||||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79 | ) | 1,417 | |||||||||||
Net income for common stock | $ | 108,198 | $ | 41,062 | $ | 54,362 | $ | 203,622 | ||||||||
Total assets (at December 31, 2016) | $ | 5,975,428 | $ | 6,421,357 | $ | 28,721 | $ | 12,425,506 |
(in thousands) | Electric utility | Bank | Other | Total | ||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||
Revenues from external customers | $ | 679,482 | $ | 76,208 | $ | 1,214 | $ | 756,904 | ||||||||||||||||||
Intersegment revenues (eliminations) | 17 | — | (17) | — | ||||||||||||||||||||||
Revenues | $ | 679,499 | $ | 76,208 | $ | 1,197 | $ | 756,904 | ||||||||||||||||||
Income (loss) before income taxes | $ | 61,175 | $ | 25,241 | $ | (8,265) | $ | 78,151 | ||||||||||||||||||
Income taxes (benefit) | 10,335 | 5,976 | (2,046) | 14,265 | ||||||||||||||||||||||
Net income (loss) | 50,840 | 19,265 | (6,219) | 63,886 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27) | 471 | ||||||||||||||||||||||
Net income (loss) for common stock | $ | 50,342 | $ | 19,265 | $ | (6,192) | $ | 63,415 | ||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||
Revenues from external customers | $ | 1,846,206 | $ | 230,599 | $ | 3,302 | $ | 2,080,107 | ||||||||||||||||||
Intersegment revenues (eliminations) | 36 | — | (36) | — | ||||||||||||||||||||||
Revenues | $ | 1,846,242 | $ | 230,599 | $ | 3,266 | $ | 2,080,107 | ||||||||||||||||||
Income (loss) before income taxes | $ | 170,163 | $ | 102,335 | $ | (31,207) | $ | 241,291 | ||||||||||||||||||
Income taxes (benefit) | 33,066 | 23,230 | (8,067) | 48,229 | ||||||||||||||||||||||
Net income (loss) | 137,097 | 79,105 | (23,140) | 193,062 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79) | 1,417 | ||||||||||||||||||||||
Net income (loss) for common stock | $ | 135,601 | $ | 79,105 | $ | (23,061) | $ | 191,645 | ||||||||||||||||||
Total assets (at September 30, 2021) | $ | 6,602,908 | $ | 9,010,419 | $ | 146,836 | $ | 15,760,163 | ||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||
Revenues from external customers | $ | 562,559 | $ | 78,644 | $ | 224 | $ | 641,427 | ||||||||||||||||||
Intersegment revenues (eliminations) | 9 | — | (9) | — | ||||||||||||||||||||||
Revenues | $ | 562,568 | $ | 78,644 | $ | 215 | $ | 641,427 | ||||||||||||||||||
Income (loss) before income taxes | $ | 74,398 | $ | 15,027 | $ | (9,904) | $ | 79,521 | ||||||||||||||||||
Income taxes (benefit) | 13,835 | 2,877 | (2,694) | 14,018 | ||||||||||||||||||||||
Net income (loss) | 60,563 | 12,150 | (7,210) | 65,503 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27) | 471 | ||||||||||||||||||||||
Net income (loss) for common stock | $ | 60,065 | $ | 12,150 | $ | (7,183) | $ | 65,032 | ||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||
Revenues from external customers | $ | 1,694,195 | $ | 233,096 | $ | 267 | $ | 1,927,558 | ||||||||||||||||||
Intersegment revenues (eliminations) | 30 | — | (30) | — | ||||||||||||||||||||||
Revenues | $ | 1,694,225 | $ | 233,096 | $ | 237 | $ | 1,927,558 | ||||||||||||||||||
Income (loss) before income taxes | $ | 157,111 | $ | 51,330 | $ | (28,994) | $ | 179,447 | ||||||||||||||||||
Income taxes (benefit) | 29,316 | 9,405 | (8,030) | 30,691 | ||||||||||||||||||||||
Net income (loss) | 127,795 | 41,925 | (20,964) | 148,756 | ||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79) | 1,417 | ||||||||||||||||||||||
Net income (loss) for common stock | $ | 126,299 | $ | 41,925 | $ | (20,885) | $ | 147,339 | ||||||||||||||||||
Total assets (at December 31, 2020) | $ | 6,457,373 | $ | 8,396,533 | $ | 150,101 | $ | 15,004,007 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Kalaeloa | $ | 56 | $ | 39 | $ | 142 | $ | 111 | ||||||||||||||||||||||||||||||
AES Hawaii | 32 | 33 | 98 | 96 | ||||||||||||||||||||||||||||||||||
HPOWER | 20 | 18 | 51 | 52 | ||||||||||||||||||||||||||||||||||
Hamakua Energy | 15 | 12 | 38 | 36 | ||||||||||||||||||||||||||||||||||
Puna Geothermal Venture | 9 | — | 20 | — | ||||||||||||||||||||||||||||||||||
Wind IPPs | 38 | 30 | 95 | 83 | ||||||||||||||||||||||||||||||||||
Solar IPPs | 12 | 17 | 40 | 45 | ||||||||||||||||||||||||||||||||||
Other IPPs 1 | 4 | — | 7 | 3 | ||||||||||||||||||||||||||||||||||
Total IPPs | $ | 186 | $ | 149 | $ | 491 | $ | 426 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Kalaeloa | $ | 48 | $ | 44 | $ | 136 | $ | 109 | ||||||||
AES Hawaii | 39 | 38 | 103 | 112 | ||||||||||||
HPOWER | 18 | 19 | 51 | 52 | ||||||||||||
Puna Geothermal Venture | 10 | 7 | 28 | 19 | ||||||||||||
HEP | 8 | 8 | 25 | 23 | ||||||||||||
Other IPPs 1 | 38 | 42 | 98 | 98 | ||||||||||||
Total IPPs | $ | 161 | $ | 158 | $ | 441 | $ | 413 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Total | ||||||||||||||||||||||
2022 ARA revenues | $ | 19.8 | $ | 4.9 | $ | 4.8 | $ | 29.5 | ||||||||||||||||||
Management Audit savings commitment | (4.6) | (1.0) | (1.0) | (6.6) | ||||||||||||||||||||||
Net 2022 ARA revenues | $ | 15.2 | $ | 3.9 | $ | 3.8 | $ | 22.9 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Total | ||||||||||||||||||||||
Incremental RAM revenues and ARA revenues | $ | 41.7 | $ | 8.9 | $ | 10.9 | $ | 61.5 | ||||||||||||||||||
Incremental accrued RBA balance through September 30, 2021 (and associated revenue taxes) | 21.9 | 2.5 | (0.1) | 24.3 | ||||||||||||||||||||||
Incremental Performance Incentive Mechanisms (net) | — | — | 0.1 | 0.1 | ||||||||||||||||||||||
Incremental MPIR/EPRM Revenue Adjustment | 9.8 | 0.3 | 0.3 | 10.4 | ||||||||||||||||||||||
Net incremental amount to be collected under the RBA rate tariffs | $ | 73.4 | $ | 11.7 | $ | 11.1 | $ | 96.2 | ||||||||||||||||||
($ in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | |||||||||
2017 Annual incremental RAM adjusted revenues | $ | 12.7 | $ | 3.2 | $ | 1.6 | ||||||
Annual change in accrued earnings sharing credits | $ | — | $ | — | $ | — | ||||||
Annual change in accrued RBA balance as of December 31, 2016 (and associated revenue taxes) (refunded) | $ | (2.4 | ) | $ | (2.5 | ) | $ | (0.2 | ) | |||
Net annual incremental amount to be collected under the tariffs | $ | 10.3 | $ | 0.7 | $ | 1.4 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 478,046 | 100,313 | 101,141 | — | (1) | $ | 679,499 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 126,909 | 21,104 | 32,669 | — | — | 180,682 | ||||||||||||||||||||||||||||||||
Purchased power | 136,688 | 31,159 | 17,912 | — | — | 185,759 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 75,191 | 19,964 | 21,313 | — | — | 116,468 | ||||||||||||||||||||||||||||||||
Depreciation | 38,912 | 10,050 | 8,424 | — | — | 57,386 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 45,239 | 9,333 | 9,440 | — | — | 64,012 | ||||||||||||||||||||||||||||||||
Total expenses | 422,939 | 91,610 | 89,758 | — | — | 604,307 | ||||||||||||||||||||||||||||||||
Operating income | 55,107 | 8,703 | 11,383 | — | (1) | 75,192 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 1,999 | 131 | 297 | — | — | 2,427 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 12,028 | — | — | — | (12,028) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | 741 | 166 | (30) | — | — | 877 | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (12,943) | (2,590) | (2,616) | — | 1 | (18,148) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 676 | 44 | 107 | — | — | 827 | ||||||||||||||||||||||||||||||||
Income before income taxes | 57,608 | 6,454 | 9,141 | — | (12,028) | 61,175 | ||||||||||||||||||||||||||||||||
Income taxes | 6,996 | 1,433 | 1,906 | — | — | 10,335 | ||||||||||||||||||||||||||||||||
Net income | 50,612 | 5,021 | 7,235 | — | (12,028) | 50,840 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | — | 228 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 50,612 | 4,888 | 7,140 | — | (12,028) | 50,612 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 50,342 | 4,888 | 7,140 | — | (12,028) | $ | 50,342 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 429,267 | 84,334 | 85,198 | — | (30 | ) | $ | 598,769 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 103,959 | 15,754 | 26,545 | — | — | 146,258 | ||||||||||||||
Purchased power | 123,893 | 21,332 | 15,122 | — | — | 160,347 | ||||||||||||||
Other operation and maintenance | 66,221 | 16,593 | 17,288 | — | — | 100,102 | ||||||||||||||
Depreciation | 32,722 | 9,685 | 5,799 | — | — | 48,206 | ||||||||||||||
Taxes, other than income taxes | 40,824 | 7,928 | 8,028 | — | — | 56,780 | ||||||||||||||
Total expenses | 367,619 | 71,292 | 72,782 | — | — | 511,693 | ||||||||||||||
Operating income | 61,648 | 13,042 | 12,416 | — | (30 | ) | 87,076 | |||||||||||||
Allowance for equity funds used during construction | 3,108 | 167 | 207 | — | — | 3,482 | ||||||||||||||
Equity in earnings of subsidiaries | 12,767 | — | — | — | (12,767 | ) | — | |||||||||||||
Interest expense and other charges, net | (11,786 | ) | (2,899 | ) | (2,252 | ) | — | 30 | (16,907 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,173 | 72 | 94 | — | — | 1,339 | ||||||||||||||
Income before income taxes | 66,910 | 10,382 | 10,465 | — | (12,767 | ) | 74,990 | |||||||||||||
Income taxes | 19,153 | 3,815 | 4,037 | — | — | 27,005 | ||||||||||||||
Net income | 47,757 | 6,567 | 6,428 | — | (12,767 | ) | 47,985 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | — | 228 | ||||||||||||||
Net income attributable to Hawaiian Electric | 47,757 | 6,434 | 6,333 | — | (12,767 | ) | 47,757 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||
Net income for common stock | $ | 47,487 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,487 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 47,487 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,487 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 3,618 | 476 | 404 | — | (880 | ) | 3,618 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (3,596 | ) | (476 | ) | (404 | ) | — | 880 | (3,596 | ) | ||||||||||
Other comprehensive income, net of taxes | 22 | — | — | — | — | 22 | ||||||||||||||
Comprehensive income attributable to common shareholder | $ | 47,509 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,509 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 404,352 | 83,105 | 84,831 | — | (35 | ) | $ | 572,253 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 88,676 | 14,603 | 25,345 | — | — | 128,624 | ||||||||||||||
Purchased power | 118,751 | 22,728 | 16,271 | — | — | 157,750 | ||||||||||||||
Other operation and maintenance | 64,683 | 15,017 | 15,089 | — | — | 94,789 | ||||||||||||||
Depreciation | 31,520 | 9,449 | 5,790 | — | — | 46,759 | ||||||||||||||
Taxes, other than income taxes | 38,666 | 7,836 | 8,017 | — | — | 54,519 | ||||||||||||||
Total expenses | 342,296 | 69,633 | 70,512 | — | — | 482,441 | ||||||||||||||
Operating income | 62,056 | 13,472 | 14,319 | — | (35 | ) | 89,812 | |||||||||||||
Allowance for equity funds used during construction | 1,806 | 238 | 230 | — | — | 2,274 | ||||||||||||||
Equity in earnings of subsidiaries | 14,729 | — | — | — | (14,729 | ) | — | |||||||||||||
Interest expense and other charges, net | (11,903 | ) | (2,972 | ) | (2,483 | ) | — | 35 | (17,323 | ) | ||||||||||
Allowance for borrowed funds used during construction | 669 | 91 | 94 | — | — | 854 | ||||||||||||||
Income before income taxes | 67,357 | 10,829 | 12,160 | — | (14,729 | ) | 75,617 | |||||||||||||
Income taxes | 20,113 | 3,392 | 4,640 | — | — | 28,145 | ||||||||||||||
Net income | 47,244 | 7,437 | 7,520 | — | (14,729 | ) | 47,472 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | — | 228 | ||||||||||||||
Net income attributable to Hawaiian Electric | 47,244 | 7,304 | 7,425 | — | (14,729 | ) | 47,244 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||
Net income for common stock | $ | 46,974 | 7,304 | 7,425 | — | (14,729 | ) | $ | 46,974 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 50,342 | 4,888 | 7,140 | — | (12,028) | $ | 50,342 | ||||||||||||||||||||||||||||||
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 tax benefits | 2,905 | 393 | 393 | — | (786) | 2,905 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (2,799) | (391) | (393) | — | 784 | (2,799) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 106 | 2 | — | — | (2) | 106 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 50,448 | 4,890 | 7,140 | — | (12,030) | $ | 50,448 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 46,974 | 7,304 | 7,425 | — | (14,729 | ) | $ | 46,974 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualified as cash flow hedges: | ||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized loss, net of tax benefits | 321 | — | — | — | — | 321 | ||||||||||||||
Reclassification adjustment to net income, net of taxes | (173 | ) | — | — | — | — | (173 | ) | ||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 3,314 | 429 | 387 | — | (816 | ) | 3,314 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (3,311 | ) | (429 | ) | (389 | ) | — | 818 | (3,311 | ) | ||||||||||
Other comprehensive income (loss), net of taxes | 151 | — | (2 | ) | — | 2 | 151 | |||||||||||||
Comprehensive income attributable to common shareholder | $ | 47,125 | 7,304 | 7,423 | — | (14,727 | ) | $ | 47,125 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 398,877 | 82,172 | 81,629 | — | (110) | $ | 562,568 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 70,557 | 17,047 | 17,438 | — | — | 105,042 | ||||||||||||||||||||||||||||||||
Purchased power | 116,249 | 17,665 | 15,111 | — | — | 149,025 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 71,179 | 17,565 | 22,499 | — | — | 111,243 | ||||||||||||||||||||||||||||||||
Depreciation | 37,853 | 9,760 | 8,076 | — | — | 55,689 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 38,005 | 7,512 | 7,534 | — | — | 53,051 | ||||||||||||||||||||||||||||||||
Total expenses | 333,843 | 69,549 | 70,658 | — | — | 474,050 | ||||||||||||||||||||||||||||||||
Operating income | 65,034 | 12,623 | 10,971 | — | (110) | 88,518 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 1,902 | 208 | 237 | — | — | 2,347 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,912 | — | — | — | (14,912) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | (591) | 194 | (35) | — | — | (432) | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (11,970) | (2,519) | (2,457) | — | 110 | (16,836) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 659 | 65 | 77 | — | — | 801 | ||||||||||||||||||||||||||||||||
Income before income taxes | 69,946 | 10,571 | 8,793 | — | (14,912) | 74,398 | ||||||||||||||||||||||||||||||||
Income taxes | 9,611 | 2,378 | 1,846 | 0 | 0 | 13,835 | ||||||||||||||||||||||||||||||||
Net income | 60,335 | 8,193 | 6,947 | — | (14,912) | 60,563 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | 0 | 228 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 60,335 | 8,060 | 6,852 | — | (14,912) | 60,335 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 60,065 | 8,060 | 6,852 | — | (14,912) | $ | 60,065 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 60,065 | 8,060 | 6,852 | — | (14,912) | $ | 60,065 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 5,769 | 885 | 770 | — | (1,655) | 5,769 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (5,721) | (887) | (767) | — | 1,654 | (5,721) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 48 | (2) | 3 | — | (1) | 48 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 60,113 | 8,058 | 6,855 | — | (14,913) | $ | 60,113 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 1,301,297 | 276,974 | 267,992 | — | (21) | $ | 1,846,242 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 306,982 | 57,175 | 83,088 | — | — | 447,245 | ||||||||||||||||||||||||||||||||
Purchased power | 370,240 | 76,992 | 43,288 | — | — | 490,520 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 230,429 | 57,350 | 61,401 | — | — | 349,180 | ||||||||||||||||||||||||||||||||
Depreciation | 116,733 | 30,151 | 25,238 | — | — | 172,122 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 124,167 | 25,865 | 25,153 | — | — | 175,185 | ||||||||||||||||||||||||||||||||
Total expenses | 1,148,551 | 247,533 | 238,168 | — | — | 1,634,252 | ||||||||||||||||||||||||||||||||
Operating income | 152,746 | 29,441 | 29,824 | — | (21) | 211,990 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 5,677 | 403 | 915 | — | — | 6,995 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 35,282 | — | — | — | (35,282) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | 2,511 | 503 | (96) | — | — | 2,918 | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (38,604) | (7,744) | (7,799) | — | 21 | (54,126) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,921 | 136 | 329 | — | — | 2,386 | ||||||||||||||||||||||||||||||||
Income before income taxes | 159,533 | 22,739 | 23,173 | — | (35,282) | 170,163 | ||||||||||||||||||||||||||||||||
Income taxes | 23,122 | 5,152 | 4,792 | — | — | 33,066 | ||||||||||||||||||||||||||||||||
Net income | 136,411 | 17,587�� | 18,381 | — | (35,282) | 137,097 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 136,411 | 17,187 | 18,095 | — | (35,282) | 136,411 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 135,601 | 17,187 | 18,095 | — | (35,282) | $ | 135,601 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 1,186,524 | 245,026 | 242,756 | — | (51 | ) | $ | 1,674,255 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 301,774 | 47,486 | 82,527 | — | — | 431,787 | ||||||||||||||
Purchased power | 340,498 | 63,403 | 36,637 | — | — | 440,538 | ||||||||||||||
Other operation and maintenance | 204,460 | 49,667 | 52,589 | — | — | 306,716 | ||||||||||||||
Depreciation | 98,167 | 29,056 | 17,355 | — | — | 144,578 | ||||||||||||||
Taxes, other than income taxes | 113,483 | 23,080 | 23,012 | — | — | 159,575 | ||||||||||||||
Total expenses | 1,058,382 | 212,692 | 212,120 | — | — | 1,483,194 | ||||||||||||||
Operating income | 128,142 | 32,334 | 30,636 | — | (51 | ) | 191,061 | |||||||||||||
Allowance for equity funds used during construction | 7,823 | 416 | 669 | — | — | 8,908 | ||||||||||||||
Equity in earnings of subsidiaries | 29,306 | — | — | — | (29,306 | ) | — | |||||||||||||
Interest expense and other charges, net | (36,405 | ) | (8,899 | ) | (7,372 | ) | — | 51 | (52,625 | ) | ||||||||||
Allowance for borrowed funds used during construction | 2,910 | 172 | 289 | — | — | 3,371 | ||||||||||||||
Income before income taxes | 131,776 | 24,023 | 24,222 | — | (29,306 | ) | 150,715 | |||||||||||||
Income taxes | 36,370 | 8,973 | 9,280 | — | — | 54,623 | ||||||||||||||
Net income | 95,406 | 15,050 | 14,942 | — | (29,306 | ) | 96,092 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | ||||||||||||||
Net income attributable to Hawaiian Electric | 95,406 | 14,650 | 14,656 | — | (29,306 | ) | 95,406 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | ||||||||||||||
Net income for common stock | $ | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | $ | 94,596 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | $ | 94,596 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment to net income, net of tax benefits | 454 | — | — | — | — | 454 | ||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 10,857 | 1,428 | 1,214 | — | (2,642 | ) | 10,857 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (10,790 | ) | (1,427 | ) | (1,214 | ) | — | 2,641 | (10,790 | ) | ||||||||||
Other comprehensive income, net of taxes | 521 | 1 | — | — | (1 | ) | 521 | |||||||||||||
Comprehensive income attributable to common shareholder | $ | 95,117 | 14,651 | 14,656 | — | (29,307 | ) | $ | 95,117 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 1,088,537 | 229,940 | 231,295 | — | (72 | ) | $ | 1,549,700 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 224,995 | 40,725 | 68,543 | — | — | 334,263 | ||||||||||||||
Purchased power | 313,730 | 58,885 | 40,052 | — | — | 412,667 | ||||||||||||||
Other operation and maintenance | 202,438 | 46,574 | 49,248 | — | — | 298,260 | ||||||||||||||
Depreciation | 94,564 | 28,347 | 17,389 | — | — | 140,300 | ||||||||||||||
Taxes, other than income taxes | 104,764 | 21,632 | 21,990 | — | — | 148,386 | ||||||||||||||
Total expenses | 940,491 | 196,163 | 197,222 | — | — | 1,333,876 | ||||||||||||||
Operating income | 148,046 | 33,777 | 34,073 | — | (72 | ) | 215,824 | |||||||||||||
Allowance for equity funds used during construction | 4,771 | 571 | 668 | — | — | 6,010 | ||||||||||||||
Equity in earnings of subsidiaries | 33,541 | — | — | — | (33,541 | ) | — | |||||||||||||
Interest expense and other charges, net | (34,113 | ) | (8,606 | ) | (7,087 | ) | — | 72 | (49,734 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,785 | 219 | 272 | — | — | 2,276 | ||||||||||||||
Income before income taxes | 154,030 | 25,961 | 27,926 | — | (33,541 | ) | 174,376 | |||||||||||||
Income taxes | 45,022 | 9,075 | 10,585 | — | — | 64,682 | ||||||||||||||
Net income | 109,008 | 16,886 | 17,341 | — | (33,541 | ) | 109,694 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | ||||||||||||||
Net income attributable to Hawaiian Electric | 109,008 | 16,486 | 17,055 | — | (33,541 | ) | 109,008 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | ||||||||||||||
Net income for common stock | $ | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | $ | 108,198 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 135,601 | 17,187 | 18,095 | — | (35,282) | $ | 135,601 | ||||||||||||||||||||||||||||||
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 | 14,596 | 2,062 | 1,915 | — | (3,977) | 14,596 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (14,421) | (2,059) | (1,915) | — | 3,974 | (14,421) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 175 | 3 | — | — | (3) | 175 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 135,776 | 17,190 | 18,095 | — | (35,285) | $ | 135,776 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | $ | 108,198 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized gain, net of taxes | 578 | — | — | — | — | 578 | ||||||||||||||
Reclassification adjustment to net income, net of taxes | (173 | ) | — | — | — | — | (173 | ) | ||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 9,941 | 1,288 | 1,162 | — | (2,450 | ) | 9,941 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (9,934 | ) | (1,289 | ) | (1,166 | ) | — | 2,455 | (9,934 | ) | ||||||||||
Other comprehensive income (loss), net of taxes | 412 | (1 | ) | (4 | ) | — | 5 | 412 | ||||||||||||
Comprehensive income attributable to common shareholder | $ | 108,610 | 16,485 | 17,051 | — | (33,536 | ) | $ | 108,610 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 1,200,677 | 249,970 | 244,043 | — | (465) | $ | 1,694,225 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 268,382 | 55,733 | 66,599 | — | — | 390,714 | ||||||||||||||||||||||||||||||||
Purchased power | 333,146 | 53,032 | 39,501 | — | — | 425,679 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 231,090 | 54,250 | 63,491 | — | — | 348,831 | ||||||||||||||||||||||||||||||||
Depreciation | 113,724 | 29,281 | 24,230 | — | — | 167,235 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 115,179 | 23,324 | 22,986 | — | — | 161,489 | ||||||||||||||||||||||||||||||||
Total expenses | 1,061,521 | 215,620 | 216,807 | — | — | 1,493,948 | ||||||||||||||||||||||||||||||||
Operating income | 139,156 | 34,350 | 27,236 | — | (465) | 200,277 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 5,452 | 520 | 584 | — | — | 6,556 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 37,492 | — | — | — | (37,492) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | (1,683) | 581 | (93) | — | — | (1,195) | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (36,471) | (7,536) | (7,226) | — | 465 | (50,768) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,887 | 163 | 191 | — | — | 2,241 | ||||||||||||||||||||||||||||||||
Income before income taxes | 145,833 | 28,078 | 20,692 | — | (37,492) | 157,111 | ||||||||||||||||||||||||||||||||
Income taxes | 18,724 | 6,372 | 4,220 | — | — | 29,316 | ||||||||||||||||||||||||||||||||
Net income | 127,109 | 21,706 | 16,472 | — | (37,492) | 127,795 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 127,109 | 21,306 | 16,186 | — | (37,492) | 127,109 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 126,299 | 21,306 | 16,186 | — | (37,492) | $ | 126,299 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 126,299 | 21,306 | 16,186 | — | (37,492) | $ | 126,299 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 16,137 | 2,384 | 2,072 | — | (4,456) | 16,137 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (16,038) | (2,382) | (2,072) | — | 4,454 | (16,038) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 99 | 2 | — | — | (2) | 99 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 126,398 | 21,308 | 16,186 | — | (37,494) | $ | 126,398 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsi- diaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||||||||||||||||||||
Utility property, plant and equipment | ||||||||||||||||||||||||||||||||||||||
Land | $ | 42,410 | 5,606 | 3,594 | — | — | $ | 51,610 | ||||||||||||||||||||||||||||||
Plant and equipment | 5,063,487 | 1,375,782 | 1,230,451 | — | — | 7,669,720 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation | (1,766,707) | (619,003) | (562,005) | — | — | (2,947,715) | ||||||||||||||||||||||||||||||||
Construction in progress | 172,417 | 17,966 | 31,135 | — | — | 221,518 | ||||||||||||||||||||||||||||||||
Utility property, plant and equipment, net | 3,511,607 | 780,351 | 703,175 | — | — | 4,995,133 | ||||||||||||||||||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,303 | 115 | 1,532 | — | — | 6,950 | ||||||||||||||||||||||||||||||||
Total property, plant and equipment, net | 3,516,910 | 780,466 | 704,707 | — | — | 5,002,083 | ||||||||||||||||||||||||||||||||
Investment in wholly owned subsidiaries, at equity | 639,900 | — | — | — | (639,900) | — | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 25,981 | 3,788 | 6,621 | 77 | — | 36,467 | ||||||||||||||||||||||||||||||||
Restricted cash | 6,313 | — | — | — | — | 6,313 | ||||||||||||||||||||||||||||||||
Advances to affiliates | 700 | — | — | — | (700) | — | ||||||||||||||||||||||||||||||||
Customer accounts receivable, net | 118,776 | 29,371 | 26,090 | — | — | 174,237 | ||||||||||||||||||||||||||||||||
Accrued unbilled revenues, net | 93,949 | 17,660 | 17,470 | — | — | 129,079 | ||||||||||||||||||||||||||||||||
Other accounts receivable, net | 20,732 | 3,843 | 3,616 | — | (22,075) | 6,116 | ||||||||||||||||||||||||||||||||
Fuel oil stock, at average cost | 71,072 | 13,079 | 16,650 | — | — | 100,801 | ||||||||||||||||||||||||||||||||
Materials and supplies, at average cost | 43,094 | 10,107 | 19,796 | — | — | 72,997 | ||||||||||||||||||||||||||||||||
Prepayments and other | 41,706 | 5,232 | 7,023 | — | — | 53,961 | ||||||||||||||||||||||||||||||||
Regulatory assets | 47,004 | 2,966 | 6,254 | — | — | 56,224 | ||||||||||||||||||||||||||||||||
Total current assets | 469,327 | 86,046 | 103,520 | 77 | (22,775) | 636,195 | ||||||||||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 96,026 | 23,271 | 327 | — | — | 119,624 | ||||||||||||||||||||||||||||||||
Regulatory assets | 489,746 | 108,093 | 103,141 | — | — | 700,980 | ||||||||||||||||||||||||||||||||
Other | 112,298 | 19,008 | 18,448 | — | (5,728) | 144,026 | ||||||||||||||||||||||||||||||||
Total other long-term assets | 698,070 | 150,372 | 121,916 | — | (5,728) | 964,630 | ||||||||||||||||||||||||||||||||
Total assets | $ | 5,324,207 | 1,016,884 | 930,143 | 77 | (668,403) | $ | 6,602,908 | ||||||||||||||||||||||||||||||
Capitalization and liabilities | ||||||||||||||||||||||||||||||||||||||
Capitalization | ||||||||||||||||||||||||||||||||||||||
Common stock equity | $ | 2,193,919 | 323,691 | 316,132 | 77 | (639,900) | $ | 2,193,919 | ||||||||||||||||||||||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||||||||||||||||||||
Long-term debt, net | 1,176,477 | 246,360 | 253,386 | — | — | 1,676,223 | ||||||||||||||||||||||||||||||||
Total capitalization | 3,392,689 | 577,051 | 574,518 | 77 | (639,900) | 3,904,435 | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||
Current portion of operating lease liabilities | 61,505 | 3,354 | 35 | — | — | 64,894 | ||||||||||||||||||||||||||||||||
Short-term borrowings from affiliate | — | 700 | — | — | (700) | — | ||||||||||||||||||||||||||||||||
Accounts payable | 101,685 | 24,640 | 20,550 | — | — | 146,875 | ||||||||||||||||||||||||||||||||
Interest and preferred dividends payable | 20,390 | 3,750 | 4,471 | — | (1) | 28,610 | ||||||||||||||||||||||||||||||||
Taxes accrued, including revenue taxes | 136,016 | 31,338 | 29,014 | — | — | 196,368 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 21,257 | 4,164 | 6,840 | — | — | 32,261 | ||||||||||||||||||||||||||||||||
Other | 71,738 | 14,488 | 20,503 | — | (22,223) | 84,506 | ||||||||||||||||||||||||||||||||
Total current liabilities | 412,591 | 82,434 | 81,413 | — | (22,924) | 553,514 | ||||||||||||||||||||||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 47,585 | 19,917 | 300 | — | — | 67,802 | ||||||||||||||||||||||||||||||||
Deferred income taxes | 284,245 | 51,822 | 60,486 | — | — | 396,553 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 672,712 | 177,877 | 92,662 | — | — | 943,251 | ||||||||||||||||||||||||||||||||
Unamortized tax credits | 78,215 | 14,577 | 13,586 | — | — | 106,378 | ||||||||||||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 364,749 | 74,183 | 76,619 | — | (5,579) | 509,972 | ||||||||||||||||||||||||||||||||
Other | 71,421 | 19,023 | 30,559 | — | — | 121,003 | ||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities | 1,518,927 | 357,399 | 274,212 | — | (5,579) | 2,144,959 | ||||||||||||||||||||||||||||||||
Total capitalization and liabilities | $ | 5,324,207 | 1,016,884 | 930,143 | 77 | (668,403) | $ | 6,602,908 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Assets | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Utility property, plant and equipment | ||||||||||||||||||||
Land | $ | 44,706 | 6,191 | 3,016 | — | — | $ | 53,913 | ||||||||||||
Plant and equipment | 4,368,428 | 1,278,884 | 1,130,942 | — | — | 6,778,254 | ||||||||||||||
Less accumulated depreciation | (1,441,963 | ) | (524,759 | ) | (493,707 | ) | — | — | (2,460,429 | ) | ||||||||||
Construction in progress | 262,098 | 16,459 | 28,935 | — | — | 307,492 | ||||||||||||||
Utility property, plant and equipment, net | 3,233,269 | 776,775 | 669,186 | — | — | 4,679,230 | ||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,762 | 115 | 1,532 | — | — | 7,409 | ||||||||||||||
Total property, plant and equipment, net | 3,239,031 | 776,890 | 670,718 | — | — | 4,686,639 | ||||||||||||||
Investment in wholly owned subsidiaries, at equity | 559,671 | — | — | — | (559,671 | ) | — | |||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | 3,454 | 4,714 | 1,718 | 101 | — | 9,987 | ||||||||||||||
Advances to affiliates | — | 6,600 | 4,000 | — | (10,600 | ) | — | |||||||||||||
Customer accounts receivable, net | 92,961 | 20,830 | 19,344 | — | — | 133,135 | ||||||||||||||
Accrued unbilled revenues, net | 80,644 | 15,145 | 13,918 | — | — | 109,707 | ||||||||||||||
Other accounts receivable, net | 7,402 | 2,797 | 1,244 | — | (7,346 | ) | 4,097 | |||||||||||||
Fuel oil stock, at average cost | 40,460 | 8,034 | 11,759 | — | — | 60,253 | ||||||||||||||
Materials and supplies, at average cost | 28,865 | 8,960 | 18,134 | — | — | 55,959 | ||||||||||||||
Prepayments and other | 22,197 | 4,183 | 3,647 | — | (156 | ) | 29,871 | |||||||||||||
Regulatory assets | 63,608 | 4,341 | 4,824 | — | — | 72,773 | ||||||||||||||
Total current assets | 339,591 | 75,604 | 78,588 | 101 | (18,102 | ) | 475,782 | |||||||||||||
Other long-term assets | ||||||||||||||||||||
Regulatory assets | 639,689 | 118,655 | 105,847 | — | — | 864,191 | ||||||||||||||
Unamortized debt expense | 472 | 83 | 106 | — | — | 661 | ||||||||||||||
Other | 50,424 | 14,981 | 14,823 | — | — | 80,228 | ||||||||||||||
Total other long-term assets | 690,585 | 133,719 | 120,776 | — | — | 945,080 | ||||||||||||||
Total assets | $ | 4,828,878 | 986,213 | 870,082 | 101 | (577,773 | ) | $ | 6,107,501 | |||||||||||
Capitalization and liabilities | ||||||||||||||||||||
Capitalization | ||||||||||||||||||||
Common stock equity | $ | 1,829,075 | 294,319 | 265,251 | 101 | (559,671 | ) | $ | 1,829,075 | |||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||
Long-term debt, net | 915,097 | 213,658 | 189,868 | — | — | 1,318,623 | ||||||||||||||
Total capitalization | 2,766,465 | 514,977 | 460,119 | 101 | (559,671 | ) | 3,181,991 | |||||||||||||
Current liabilities | ||||||||||||||||||||
Short-term borrowings from non-affiliates | 6,000 | — | — | — | — | 6,000 | ||||||||||||||
Short-term borrowings from affiliate | 10,600 | — | — | — | (10,600 | ) | — | |||||||||||||
Accounts payable | 94,618 | 15,291 | 14,331 | — | — | 124,240 | ||||||||||||||
Interest and preferred dividends payable | 17,870 | 3,973 | 3,429 | — | (11 | ) | 25,261 | |||||||||||||
Taxes accrued | 134,935 | 27,571 | 25,919 | — | (5,060 | ) | 183,365 | |||||||||||||
Regulatory liabilities | 576 | 1,029 | 1,794 | — | — | 3,399 | ||||||||||||||
Other | 45,662 | 8,173 | 13,111 | — | (7,335 | ) | 59,611 | |||||||||||||
Total current liabilities | 310,261 | 56,037 | 58,584 | — | (23,006 | ) | 401,876 | |||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||
Deferred income taxes | 540,857 | 113,277 | 108,573 | — | 4,904 | 767,611 | ||||||||||||||
Regulatory liabilities | 328,530 | 100,973 | 33,314 | — | — | 462,817 | ||||||||||||||
Unamortized tax credits | 57,577 | 16,048 | 15,202 | — | — | 88,827 | ||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 431,191 | 72,366 | 78,156 | — | — | 581,713 | ||||||||||||||
Other | 27,097 | 14,383 | 16,068 | — | — | 57,548 | ||||||||||||||
Total deferred credits and other liabilities | 1,385,252 | 317,047 | 251,313 | — | 4,904 | 1,958,516 | ||||||||||||||
Contributions in aid of construction | 366,900 | 98,152 | 100,066 | — | — | 565,118 | ||||||||||||||
Total capitalization and liabilities | $ | 4,828,878 | 986,213 | 870,082 | 101 | (577,773 | ) | $ | 6,107,501 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsi-diaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||||||||||||||||||||
Utility property, plant and equipment | ||||||||||||||||||||||||||||||||||||||
Land | $ | 42,411 | 5,606 | 3,594 | — | — | $ | 51,611 | ||||||||||||||||||||||||||||||
Plant and equipment | 4,960,470 | 1,352,885 | 1,195,988 | — | — | 7,509,343 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation | (1,677,256) | (597,606) | (544,217) | — | — | (2,819,079) | ||||||||||||||||||||||||||||||||
Construction in progress | 143,616 | 13,043 | 31,683 | — | — | 188,342 | ||||||||||||||||||||||||||||||||
Utility property, plant and equipment, net | 3,469,241 | 773,928 | 687,048 | — | — | 4,930,217 | ||||||||||||||||||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,306 | 115 | 1,532 | — | — | 6,953 | ||||||||||||||||||||||||||||||||
Total property, plant and equipment, net | 3,474,547 | 774,043 | 688,580 | — | — | 4,937,170 | ||||||||||||||||||||||||||||||||
Investment in wholly owned subsidiaries, at equity | 626,890 | — | — | — | (626,890) | — | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 42,205 | 3,046 | 2,032 | 77 | — | 47,360 | ||||||||||||||||||||||||||||||||
Restricted cash | 15,966 | — | — | — | — | 15,966 | ||||||||||||||||||||||||||||||||
Advances to affiliates | 26,700 | — | — | — | (26,700) | — | ||||||||||||||||||||||||||||||||
Customer accounts receivable, net | 102,736 | 23,989 | 21,107 | — | — | 147,832 | ||||||||||||||||||||||||||||||||
Accrued unbilled revenues, net | 73,628 | 13,631 | 13,777 | — | — | 101,036 | ||||||||||||||||||||||||||||||||
Other accounts receivable, net | 17,984 | 3,028 | 2,856 | — | (16,195) | 7,673 | ||||||||||||||||||||||||||||||||
Fuel oil stock, at average cost | 38,777 | 8,471 | 10,990 | — | — | 58,238 | ||||||||||||||||||||||||||||||||
Materials and supplies, at average cost | 38,786 | 9,896 | 18,662 | — | — | 67,344 | ||||||||||||||||||||||||||||||||
Prepayments and other | 34,306 | 5,197 | 4,580 | — | — | 44,083 | ||||||||||||||||||||||||||||||||
Regulatory assets | 22,095 | 1,954 | 6,386 | — | — | 30,435 | ||||||||||||||||||||||||||||||||
Total current assets | 413,183 | 69,212 | 80,390 | 77 | (42,895) | 519,967 | ||||||||||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 125,858 | 1,443 | 353 | — | — | 127,654 | ||||||||||||||||||||||||||||||||
Regulatory assets | 513,192 | 114,461 | 108,620 | — | — | 736,273 | ||||||||||||||||||||||||||||||||
Other | 98,307 | 17,992 | 20,010 | — | — | 136,309 | ||||||||||||||||||||||||||||||||
Total other long-term assets | 737,357 | 133,896 | 128,983 | — | — | 1,000,236 | ||||||||||||||||||||||||||||||||
Total assets | $ | 5,251,977 | 977,151 | 897,953 | 77 | (669,785) | $ | 6,457,373 | ||||||||||||||||||||||||||||||
Capitalization and liabilities | ||||||||||||||||||||||||||||||||||||||
Capitalization | ||||||||||||||||||||||||||||||||||||||
Common stock equity | $ | 2,141,918 | 317,451 | 309,363 | 77 | (626,891) | $ | 2,141,918 | ||||||||||||||||||||||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||||||||||||||||||||
Long-term debt, net | 1,116,426 | 216,447 | 228,429 | — | — | 1,561,302 | ||||||||||||||||||||||||||||||||
Total capitalization | 3,280,637 | 540,898 | 542,792 | 77 | (626,891) | 3,737,513 | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||
Current portion of operating lease liabilities | 64,599 | 98 | 33 | — | — | 64,730 | ||||||||||||||||||||||||||||||||
Short-term borrowings-non-affiliate | 49,979 | — | — | — | — | 49,979 | ||||||||||||||||||||||||||||||||
Short-term borrowings-affiliate | — | 18,800 | 7,900 | — | (26,700) | — | ||||||||||||||||||||||||||||||||
Accounts payable | 97,102 | 19,570 | 17,177 | — | — | 133,849 | ||||||||||||||||||||||||||||||||
Interest and preferred dividends payable | 14,480 | 3,138 | 2,790 | — | (58) | 20,350 | ||||||||||||||||||||||||||||||||
Taxes accrued, including revenue taxes | 135,018 | 29,869 | 27,637 | — | — | 192,524 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 20,224 | 8,785 | 8,292 | — | — | 37,301 | ||||||||||||||||||||||||||||||||
Other | 57,926 | 13,851 | 18,621 | — | (16,136) | 74,262 | ||||||||||||||||||||||||||||||||
Total current liabilities | 439,328 | 94,111 | 82,450 | — | (42,894) | 572,995 | ||||||||||||||||||||||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 67,824 | 1,344 | 326 | — | — | 69,494 | ||||||||||||||||||||||||||||||||
Deferred income taxes | 282,685 | 54,108 | 61,005 | — | — | 397,798 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 656,270 | 173,938 | 92,277 | — | — | 922,485 | ||||||||||||||||||||||||||||||||
Unamortized tax credits | 82,563 | 15,363 | 13,989 | — | — | 111,915 | ||||||||||||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 373,112 | 77,679 | 79,741 | — | — | 530,532 | ||||||||||||||||||||||||||||||||
Other | 69,558 | 19,710 | 25,373 | — | — | 114,641 | ||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities | 1,532,012 | 342,142 | 272,711 | — | — | 2,146,865 | ||||||||||||||||||||||||||||||||
Total capitalization and liabilities | $ | 5,251,977 | 977,151 | 897,953 | 77 | (669,785) | $ | 6,457,373 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Assets | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Utility property, plant and equipment | ||||||||||||||||||||
Land | $ | 43,956 | 6,181 | 3,016 | — | — | $ | 53,153 | ||||||||||||
Plant and equipment | 4,241,060 | 1,255,185 | 1,109,487 | — | — | 6,605,732 | ||||||||||||||
Less accumulated depreciation | (1,382,972 | ) | (507,666 | ) | (478,644 | ) | — | — | (2,369,282 | ) | ||||||||||
Construction in progress | 180,194 | 12,510 | 19,038 | — | — | 211,742 | ||||||||||||||
Utility property, plant and equipment, net | 3,082,238 | 766,210 | 652,897 | — | — | 4,501,345 | ||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,760 | 115 | 1,532 | — | — | 7,407 | ||||||||||||||
Total property, plant and equipment, net | 3,087,998 | 766,325 | 654,429 | — | — | 4,508,752 | ||||||||||||||
Investment in wholly owned subsidiaries, at equity | 550,946 | — | — | — | (550,946 | ) | — | |||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | 61,388 | 10,749 | 2,048 | 101 | — | 74,286 | ||||||||||||||
Advances to affiliates | — | 3,500 | 10,000 | — | (13,500 | ) | — | |||||||||||||
Customer accounts receivable, net | 86,373 | 20,055 | 17,260 | — | — | 123,688 | ||||||||||||||
Accrued unbilled revenues, net | 65,821 | 13,564 | 12,308 | — | — | 91,693 | ||||||||||||||
Other accounts receivable, net | 7,652 | 2,445 | 1,416 | — | (6,280 | ) | 5,233 | |||||||||||||
Fuel oil stock, at average cost | 47,239 | 8,229 | 10,962 | — | — | 66,430 | ||||||||||||||
Materials and supplies, at average cost | 29,928 | 7,380 | 16,371 | — | — | 53,679 | ||||||||||||||
Prepayments and other | 16,502 | 5,352 | 2,179 | — | (933 | ) | 23,100 | |||||||||||||
Regulatory assets | 60,185 | 3,483 | 2,364 | — | — | 66,032 | ||||||||||||||
Total current assets | 375,088 | 74,757 | 74,908 | 101 | (20,713 | ) | 504,141 | |||||||||||||
Other long-term assets | ||||||||||||||||||||
Regulatory assets | 662,232 | 120,863 | 108,324 | — | — | 891,419 | ||||||||||||||
Unamortized debt expense | 151 | 23 | 34 | — | — | 208 | ||||||||||||||
Other | 43,743 | 13,573 | 13,592 | — | — | 70,908 | ||||||||||||||
Total other long-term assets | 706,126 | 134,459 | 121,950 | — | — | 962,535 | ||||||||||||||
Total assets | $ | 4,720,158 | 975,541 | 851,287 | 101 | (571,659 | ) | $ | 5,975,428 | |||||||||||
Capitalization and liabilities | ||||||||||||||||||||
Capitalization | ||||||||||||||||||||
Common stock equity | $ | 1,799,787 | 291,291 | 259,554 | 101 | (550,946 | ) | $ | 1,799,787 | |||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||
Long-term debt, net | 915,437 | 213,703 | 190,120 | — | — | 1,319,260 | ||||||||||||||
Total capitalization | 2,737,517 | 511,994 | 454,674 | 101 | (550,946 | ) | 3,153,340 | |||||||||||||
Current liabilities | ||||||||||||||||||||
Short-term borrowings from affiliate | 13,500 | — | — | — | (13,500 | ) | — | |||||||||||||
Accounts payable | 86,369 | 18,126 | 13,319 | — | — | 117,814 | ||||||||||||||
Interest and preferred dividends payable | 15,761 | 4,206 | 2,882 | — | (11 | ) | 22,838 | |||||||||||||
Taxes accrued | 120,176 | 28,100 | 25,387 | — | (933 | ) | 172,730 | |||||||||||||
Regulatory liabilities | — | 2,219 | 1,543 | — | — | 3,762 | ||||||||||||||
Other | 41,352 | 7,637 | 12,501 | — | (6,269 | ) | 55,221 | |||||||||||||
Total current liabilities | 277,158 | 60,288 | 55,632 | — | (20,713 | ) | 372,365 | |||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||
Deferred income taxes | 524,433 | 108,052 | 100,911 | — | 263 | 733,659 | ||||||||||||||
Regulatory liabilities | 281,112 | 93,974 | 31,845 | — | — | 406,931 | ||||||||||||||
Unamortized tax credits | 57,844 | 15,994 | 15,123 | — | — | 88,961 | ||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 444,458 | 75,005 | 80,263 | — | — | 599,726 | ||||||||||||||
Other | 49,191 | 13,024 | 14,969 | — | (263 | ) | 76,921 | |||||||||||||
Total deferred credits and other liabilities | 1,357,038 | 306,049 | 243,111 | — | — | 1,906,198 | ||||||||||||||
Contributions in aid of construction | 348,445 | 97,210 | 97,870 | — | — | 543,525 | ||||||||||||||
Total capitalization and liabilities | $ | 4,720,158 | 975,541 | 851,287 | 101 | (571,659 | ) | $ | 5,975,428 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Balance, December 31, 2016 | $ | 1,799,787 | 291,291 | 259,554 | 101 | (550,946 | ) | $ | 1,799,787 | |||||||||||
Net income for common stock | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | 94,596 | |||||||||||||
Other comprehensive income, net of taxes | 521 | 1 | — | — | (1 | ) | 521 | |||||||||||||
Common stock dividends | (65,825 | ) | (11,622 | ) | (8,959 | ) | — | 20,581 | (65,825 | ) | ||||||||||
Common stock issuance expenses | (4 | ) | (1 | ) | — | — | 1 | (4 | ) | |||||||||||
Balance, September 30, 2017 | $ | 1,829,075 | 294,319 | 265,251 | 101 | (559,671 | ) | $ | 1,829,075 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 2,141,918 | 317,451 | 309,363 | 77 | (626,891) | $ | 2,141,918 | ||||||||||||||||||||||||||||||
Net income for common stock | 135,601 | 17,187 | 18,095 | — | (35,282) | 135,601 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 175 | 3 | — | — | (3) | 175 | ||||||||||||||||||||||||||||||||
Common stock dividends | (83,775) | (10,950) | (11,326) | — | 22,276 | (83,775) | ||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 2,193,919 | 323,691 | 316,132 | 77 | (639,900) | $ | 2,193,919 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 2,047,352 | 298,998 | 292,870 | 101 | (591,969) | $ | 2,047,352 | ||||||||||||||||||||||||||||||
Net income for common stock | 126,299 | 21,306 | 16,186 | — | (37,492) | 126,299 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 99 | 2 | — | — | (2) | 99 | ||||||||||||||||||||||||||||||||
Common stock dividends | (80,352) | (12,240) | (10,788) | — | 23,028 | (80,352) | ||||||||||||||||||||||||||||||||
Dissolution of subsidiary | — | — | — | (24) | 24 | — | ||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 2,093,398 | 308,066 | 298,268 | 77 | (606,411) | $ | 2,093,398 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Balance, December 31, 2015 | $ | 1,728,325 | 292,702 | 263,725 | 101 | (556,528 | ) | $ | 1,728,325 | |||||||||||
Net income for common stock | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | 108,198 | |||||||||||||
Other comprehensive income (loss), net of taxes | 412 | (1 | ) | (4 | ) | — | 5 | 412 | ||||||||||||
Common stock dividends | (70,199 | ) | (9,906 | ) | (9,795 | ) | — | 19,701 | (70,199 | ) | ||||||||||
Common stock issuance expenses | (9 | ) | (5 | ) | — | — | 5 | (9 | ) | |||||||||||
Balance, September 30, 2016 | $ | 1,766,727 | 299,276 | 270,981 | 101 | (570,358 | ) | $ | 1,766,727 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 157,191 | 32,698 | 30,643 | — | (22,276) | $ | 198,256 | ||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (137,916) | (33,511) | (32,319) | — | — | (203,746) | ||||||||||||||||||||||||||||||||
Advances from affiliates | 26,000 | — | — | — | (26,000) | — | ||||||||||||||||||||||||||||||||
Other | 4,136 | 1,121 | 900 | — | — | 6,157 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (107,780) | (32,390) | (31,419) | — | (26,000) | (197,589) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | (83,775) | (10,950) | (11,326) | — | 22,276 | (83,775) | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810) | (400) | (286) | — | — | (1,496) | ||||||||||||||||||||||||||||||||
Repayment of short-term debt | (50,000) | — | — | — | — | (50,000) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 60,000 | 30,000 | 25,000 | — | — | 115,000 | ||||||||||||||||||||||||||||||||
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | — | (18,100) | (7,900) | — | 26,000 | — | ||||||||||||||||||||||||||||||||
Other | (703) | (116) | (123) | — | — | (942) | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (75,288) | 434 | 5,365 | — | 48,276 | (21,213) | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (25,877) | 742 | 4,589 | — | — | (20,546) | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 58,171 | 3,046 | 2,032 | 77 | — | 63,326 | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | 32,294 | 3,788 | 6,621 | 77 | — | 42,780 | ||||||||||||||||||||||||||||||||
Less: Restricted cash | (6,313) | — | — | — | — | (6,313) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 25,981 | 3,788 | 6,621 | 77 | — | $ | 36,467 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | 95,406 | 15,050 | 14,942 | — | (29,306 | ) | $ | 96,092 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (29,381 | ) | — | — | — | 29,306 | (75 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 20,656 | — | — | — | (20,581 | ) | 75 | |||||||||||||
Depreciation of property, plant and equipment | 98,167 | 29,056 | 17,355 | — | — | 144,578 | ||||||||||||||
Other amortization | 2,168 | 1,718 | 2,232 | — | — | 6,118 | ||||||||||||||
Deferred income taxes | 12,166 | 5,237 | 7,493 | — | 4,641 | 29,537 | ||||||||||||||
Allowance for equity funds used during construction | (7,823 | ) | (416 | ) | (669 | ) | — | — | (8,908 | ) | ||||||||||
Other | 216 | 566 | (256 | ) | — | — | 526 | |||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Increase in accounts receivable | (6,114 | ) | (1,127 | ) | (1,912 | ) | — | 1,066 | (8,087 | ) | ||||||||||
Increase in accrued unbilled revenues | (14,823 | ) | (1,581 | ) | (1,610 | ) | — | — | (18,014 | ) | ||||||||||
Decrease (increase) in fuel oil stock | 6,779 | 195 | (797 | ) | — | — | 6,177 | |||||||||||||
Decrease (increase) in materials and supplies | 1,063 | (1,580 | ) | (1,763 | ) | — | — | (2,280 | ) | |||||||||||
Decrease (increase) in regulatory assets | 9,471 | (2,935 | ) | (2,614 | ) | — | — | 3,922 | ||||||||||||
Increase (decrease) in accounts payable | (22,224 | ) | (2,955 | ) | 2,338 | — | — | (22,841 | ) | |||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 10,920 | (758 | ) | 210 | — | (5,081 | ) | 5,291 | ||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 532 | 39 | (118 | ) | — | — | 453 | |||||||||||||
Change in other assets and liabilities | (2,709 | ) | 1,059 | 54 | — | (1,066 | ) | (2,662 | ) | |||||||||||
Net cash provided by operating activities | 174,470 | 41,568 | 34,885 | — | (21,021 | ) | 229,902 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (207,493 | ) | (36,405 | ) | (34,106 | ) | — | — | (278,004 | ) | ||||||||||
Contributions in aid of construction | 34,787 | 3,460 | 2,356 | — | — | 40,603 | ||||||||||||||
Other | 6,089 | 871 | 714 | — | 440 | 8,114 | ||||||||||||||
Advances from affiliates | — | (3,100 | ) | 6,000 | — | (2,900 | ) | — | ||||||||||||
Net cash used in investing activities | (166,617 | ) | (35,174 | ) | (25,036 | ) | — | (2,460 | ) | (229,287 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||||||
Common stock dividends | (65,825 | ) | (11,622 | ) | (8,959 | ) | — | 20,581 | (65,825 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810 | ) | (400 | ) | (286 | ) | — | — | (1,496 | ) | ||||||||||
Proceeds from issuance of special purpose revenue bonds | 162,000 | 28,000 | 75,000 | — | 265,000 | |||||||||||||||
Funds transferred for redemption of special purpose revenue bonds | (162,000 | ) | (28,000 | ) | (75,000 | ) | — | — | (265,000 | ) | ||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 3,100 | — | — | — | 2,900 | 6,000 | ||||||||||||||
Other | (2,252 | ) | (407 | ) | (934 | ) | — | — | (3,593 | ) | ||||||||||
Net cash used in financing activities | (65,787 | ) | (12,429 | ) | (10,179 | ) | — | 23,481 | (64,914 | ) | ||||||||||
Net decrease in cash and cash equivalents | (57,934 | ) | (6,035 | ) | (330 | ) | — | — | (64,299 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 61,388 | 10,749 | 2,048 | 101 | — | 74,286 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 3,454 | 4,714 | 1,718 | 101 | — | $ | 9,987 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 205,645 | 27,256 | 34,678 | — | (22,624) | $ | 244,955 | ||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (180,088) | (48,750) | (38,644) | — | — | (267,482) | ||||||||||||||||||||||||||||||||
Advances from (to) affiliates | (800) | 8,000 | — | — | (7,200) | — | ||||||||||||||||||||||||||||||||
Other | 5,636 | 1,056 | 1,031 | (24) | (404) | 7,295 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (175,252) | (39,694) | (37,613) | (24) | (7,604) | (260,187) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | (80,352) | (12,240) | (10,788) | — | 23,028 | (80,352) | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810) | (400) | (286) | — | — | (1,496) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of short-term debt | 100,000 | — | — | — | — | 100,000 | ||||||||||||||||||||||||||||||||
Repayment of short-term debt | (100,000) | — | — | — | — | (100,000) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 205,000 | 10,000 | 40,000 | — | — | 255,000 | ||||||||||||||||||||||||||||||||
Repayment of long-term debt | (95,000) | (14,000) | — | — | — | (109,000) | ||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (46,987) | 26,500 | (25,700) | — | 7,200 | (38,987) | ||||||||||||||||||||||||||||||||
Other | (1,249) | (67) | (253) | — | — | (1,569) | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (19,398) | 9,793 | 2,973 | — | 30,228 | 23,596 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 10,995 | (2,645) | 38 | (24) | — | 8,364 | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 32,988 | 7,008 | 1,797 | 101 | — | 41,894 | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | 43,983 | 4,363 | 1,835 | 77 | — | 50,258 | ||||||||||||||||||||||||||||||||
Less: Restricted cash | (20,458) | — | — | — | — | (20,458) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 23,525 | 4,363 | 1,835 | 77 | — | $ | 29,800 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Cash flows from operating activities | �� | |||||||||||||||||||
Net income | $ | 109,008 | 16,886 | 17,341 | — | (33,541 | ) | $ | 109,694 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (33,616 | ) | — | — | — | 33,541 | (75 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 19,776 | — | — | — | (19,701 | ) | 75 | |||||||||||||
Depreciation of property, plant and equipment | 94,564 | 28,347 | 17,389 | — | — | 140,300 | ||||||||||||||
Other amortization | 2,462 | 1,366 | 1,552 | — | — | 5,380 | ||||||||||||||
Deferred income taxes | 41,005 | 4,529 | 10,085 | — | 29 | 55,648 | ||||||||||||||
Allowance for equity funds used during construction | (4,771 | ) | (571 | ) | (668 | ) | — | — | (6,010 | ) | ||||||||||
Other | 2,925 | 162 | 147 | — | — | 3,234 | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Decrease (increase) in accounts receivable | 328 | (2,716 | ) | (1,313 | ) | — | 3,046 | (655 | ) | |||||||||||
Increase in accrued unbilled revenues | (9,673 | ) | (373 | ) | (612 | ) | — | — | (10,658 | ) | ||||||||||
Decrease in fuel oil stock | 4,157 | 1,425 | 1,154 | — | — | 6,736 | ||||||||||||||
Decrease (increase) in materials and supplies | (1,755 | ) | (1,559 | ) | 387 | — | — | (2,927 | ) | |||||||||||
Decrease (increase) in regulatory assets | (2,474 | ) | (150 | ) | 373 | — | — | (2,251 | ) | |||||||||||
Increase (decrease) in accounts payable | (2,628 | ) | 143 | 1,809 | — | — | (676 | ) | ||||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | (7,324 | ) | 2,230 | (4,472 | ) | — | (29 | ) | (9,595 | ) | ||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 449 | 40 | (129 | ) | — | — | 360 | |||||||||||||
Change in other assets and liabilities | (10,548 | ) | 2,856 | (2,571 | ) | — | (3,046 | ) | (13,309 | ) | ||||||||||
Net cash provided by operating activities | 201,885 | 52,615 | 40,472 | — | (19,701 | ) | 275,271 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (188,415 | ) | (37,835 | ) | (24,454 | ) | — | — | (250,704 | ) | ||||||||||
Contributions in aid of construction | 18,181 | 2,691 | 2,696 | — | — | 23,568 | ||||||||||||||
Other | 901 | 169 | 30 | — | — | 1,100 | ||||||||||||||
Advances from affiliates | — | (3,000 | ) | (8,000 | ) | — | 11,000 | — | ||||||||||||
Net cash used in investing activities | (169,333 | ) | (37,975 | ) | (29,728 | ) | — | 11,000 | (226,036 | ) | ||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Common stock dividends | (70,199 | ) | (9,906 | ) | (9,795 | ) | — | 19,701 | (70,199 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810 | ) | (400 | ) | (286 | ) | — | — | (1,496 | ) | ||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 32,000 | — | — | — | (11,000 | ) | 21,000 | |||||||||||||
Other | (3 | ) | (8 | ) | (1 | ) | — | — | (12 | ) | ||||||||||
Net cash used in financing activities | (39,012 | ) | (10,314 | ) | (10,082 | ) | — | 8,701 | (50,707 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (6,460 | ) | 4,326 | 662 | — | — | (1,472 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 16,281 | 2,682 | 5,385 | 101 | — | 24,449 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 9,821 | 7,008 | 6,047 | 101 | — | $ | 22,977 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest and dividend income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 49,445 | $ | 52,419 | $ | 150,418 | $ | 161,505 | ||||||||||||||||||
Interest and dividends on investment securities | 11,996 | 7,221 | 31,709 | 22,939 | ||||||||||||||||||||||
Total interest and dividend income | 61,441 | 59,640 | 182,127 | 184,444 | ||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Interest on deposit liabilities | 1,176 | 2,287 | 3,919 | 8,945 | ||||||||||||||||||||||
Interest on other borrowings | 5 | 61 | 55 | 449 | ||||||||||||||||||||||
Total interest expense | 1,181 | 2,348 | 3,974 | 9,394 | ||||||||||||||||||||||
Net interest income | 60,260 | 57,292 | 178,153 | 175,050 | ||||||||||||||||||||||
Provision for credit losses | (1,725) | 13,970 | (22,367) | 39,504 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 61,985 | 43,322 | 200,520 | 135,546 | ||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Fees from other financial services | 4,800 | 4,233 | 15,337 | 11,906 | ||||||||||||||||||||||
Fee income on deposit liabilities | 4,262 | 3,832 | 12,029 | 11,842 | ||||||||||||||||||||||
Fee income on other financial products | 2,124 | 1,524 | 6,767 | 4,608 | ||||||||||||||||||||||
Bank-owned life insurance | 2,026 | 1,965 | 6,211 | 4,432 | ||||||||||||||||||||||
Mortgage banking income | 1,272 | 7,681 | 7,497 | 15,933 | ||||||||||||||||||||||
Gain on sale of investment securities, net | — | — | 528 | 9,275 | ||||||||||||||||||||||
Other income, net | 283 | (231) | 631 | (69) | ||||||||||||||||||||||
Total noninterest income | 14,767 | 19,004 | 49,000 | 57,927 | ||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Compensation and employee benefits | 30,888 | 26,431 | 86,595 | 77,287 | ||||||||||||||||||||||
Occupancy | 5,157 | 5,693 | 15,226 | 16,402 | ||||||||||||||||||||||
Data processing | 4,278 | 3,366 | 13,162 | 11,052 | ||||||||||||||||||||||
Services | 2,272 | 2,624 | 7,609 | 7,907 | ||||||||||||||||||||||
Equipment | 2,373 | 2,001 | 6,989 | 6,630 | ||||||||||||||||||||||
Office supplies, printing and postage | 1,072 | 1,187 | 3,094 | 3,577 | ||||||||||||||||||||||
Marketing | 995 | 727 | 2,308 | 1,908 | ||||||||||||||||||||||
FDIC insurance | 808 | 714 | 2,412 | 1,567 | ||||||||||||||||||||||
Other expense1 | 3,668 | 4,556 | 9,790 | 15,813 | ||||||||||||||||||||||
Total noninterest expense | 51,511 | 47,299 | 147,185 | 142,143 | ||||||||||||||||||||||
Income before income taxes | 25,241 | 15,027 | 102,335 | 51,330 | ||||||||||||||||||||||
Income taxes | 5,976 | 2,877 | 23,230 | 9,405 | ||||||||||||||||||||||
Net income | 19,265 | 12,150 | 79,105 | 41,925 | ||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | (11,684) | 1,393 | (40,439) | 20,960 | ||||||||||||||||||||||
Comprehensive income | $ | 7,581 | $ | 13,543 | $ | 38,666 | $ | 62,885 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest and dividend income | ||||||||||||||||
Interest and fees on loans | $ | 52,210 | $ | 50,444 | $ | 155,269 | $ | 148,571 | ||||||||
Interest and dividends on investment securities | 6,850 | 4,759 | 20,593 | 14,219 | ||||||||||||
Total interest and dividend income | 59,060 | 55,203 | 175,862 | 162,790 | ||||||||||||
Interest expense | ||||||||||||||||
Interest on deposit liabilities | 2,444 | 1,871 | 6,858 | 5,154 | ||||||||||||
Interest on other borrowings | 470 | 1,464 | 2,110 | 4,416 | ||||||||||||
Total interest expense | 2,914 | 3,335 | 8,968 | 9,570 | ||||||||||||
Net interest income | 56,146 | 51,868 | 166,894 | 153,220 | ||||||||||||
Provision for loan losses | 490 | 5,747 | 7,231 | 15,266 | ||||||||||||
Net interest income after provision for loan losses | 55,656 | 46,121 | 159,663 | 137,954 | ||||||||||||
Noninterest income | ||||||||||||||||
Fees from other financial services | 5,635 | 5,599 | 17,055 | 16,799 | ||||||||||||
Fee income on deposit liabilities | 5,533 | 5,627 | 16,526 | 16,045 | ||||||||||||
Fee income on other financial products | 1,904 | 2,151 | 5,741 | 6,563 | ||||||||||||
Bank-owned life insurance | 1,257 | 1,616 | 4,165 | 3,620 | ||||||||||||
Mortgage banking income | 520 | 2,347 | 1,896 | 5,096 | ||||||||||||
Gains on sale of investment securities, net | — | — | — | 598 | ||||||||||||
Other income, net | 380 | 1,165 | 1,229 | 1,786 | ||||||||||||
Total noninterest income | 15,229 | 18,505 | 46,612 | 50,507 | ||||||||||||
Noninterest expense | ||||||||||||||||
Compensation and employee benefits | 23,724 | 22,844 | 71,703 | 67,197 | ||||||||||||
Occupancy | 4,284 | 3,991 | 12,623 | 12,244 | ||||||||||||
Data processing | 3,262 | 3,150 | 9,749 | 9,599 | ||||||||||||
Services | 2,863 | 2,427 | 7,989 | 8,093 | ||||||||||||
Equipment | 1,814 | 1,759 | 5,333 | 5,193 | ||||||||||||
Office supplies, printing and postage | 1,444 | 1,483 | 4,506 | 4,431 | ||||||||||||
Marketing | 934 | 747 | 2,290 | 2,507 | ||||||||||||
FDIC insurance | 746 | 907 | 2,296 | 2,704 | ||||||||||||
Other expense | 5,050 | 4,591 | 14,066 | 13,948 | ||||||||||||
Total noninterest expense | 44,121 | 41,899 | 130,555 | 125,916 | ||||||||||||
Income before income taxes | 26,764 | 22,727 | 75,720 | 62,545 | ||||||||||||
Income taxes | 9,172 | 7,623 | 25,582 | 21,483 | ||||||||||||
Net income | $ | 17,592 | $ | 15,104 | $ | 50,138 | $ | 41,062 |
Three months ended September 30, | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest and dividend income | $ | 61,441 | $ | 59,640 | $ | 182,127 | $ | 184,444 | ||||||||||||||||||
Noninterest income | 14,767 | 19,004 | 49,000 | 57,927 | ||||||||||||||||||||||
Less: Gain on sale of investment securities, net | — | — | 528 | 9,275 | ||||||||||||||||||||||
*Revenues-Bank | 76,208 | 78,644 | 230,599 | 233,096 | ||||||||||||||||||||||
Total interest expense | 1,181 | 2,348 | 3,974 | 9,394 | ||||||||||||||||||||||
Provision for credit losses | (1,725) | 13,970 | (22,367) | 39,504 | ||||||||||||||||||||||
Noninterest expense | 51,511 | 47,299 | 147,185 | 142,143 | ||||||||||||||||||||||
Less: Retirement defined benefits expense (credit)—other than service costs | (184) | 473 | (1,648) | 1,341 | ||||||||||||||||||||||
*Expenses-Bank | 51,151 | 63,144 | 130,440 | 189,700 | ||||||||||||||||||||||
*Operating income-Bank | 25,057 | 15,500 | 100,159 | 43,396 | ||||||||||||||||||||||
Add back: Retirement defined benefits expense (credit)—other than service costs | (184) | 473 | (1,648) | 1,341 | ||||||||||||||||||||||
Add back: Gain on sale of investment securities, net | — | — | 528 | 9,275 | ||||||||||||||||||||||
Income before income taxes | $ | 25,241 | $ | 15,027 | $ | 102,335 | $ | 51,330 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 17,592 | $ | 15,104 | $ | 50,138 | $ | 41,062 | ||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of (taxes) benefits of $(137), $1,417, $(1,619) and $(5,413), respectively | 208 | (2,147 | ) | 2,452 | 8,197 | |||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $238, respectively | — | — | — | (360 | ) | |||||||||||
Retirement benefit plans: | ||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $138, $144, $675 and $421, respectively | 209 | 219 | 1,023 | 638 | ||||||||||||
Other comprehensive income (loss), net of taxes | 417 | (1,928 | ) | 3,475 | 8,475 | |||||||||||
Comprehensive income | $ | 18,009 | $ | 13,176 | $ | 53,613 | $ | 49,537 |
(in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash and due from banks | $ | 109,942 | $ | 178,422 | ||||||||||||||||||||||
Interest-bearing deposits | 80,007 | 114,304 | ||||||||||||||||||||||||
Cash and cash equivalents | 189,949 | 292,726 | ||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Available-for-sale, at fair value | 2,580,830 | 1,970,417 | ||||||||||||||||||||||||
Held-to-maturity, at amortized cost (fair value of $484,654 and $229,963, respectively) | 491,871 | 226,947 | ||||||||||||||||||||||||
Stock in Federal Home Loan Bank, at cost | 10,000 | 8,680 | ||||||||||||||||||||||||
Loans held for investment | 5,122,124 | 5,333,843 | ||||||||||||||||||||||||
Allowance for credit losses | (75,944) | (101,201) | ||||||||||||||||||||||||
Net loans | 5,046,180 | 5,232,642 | ||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 53,998 | 28,275 | ||||||||||||||||||||||||
Other | 555,401 | 554,656 | ||||||||||||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||||||||||||
Total assets | $ | 9,010,419 | $ | 8,396,533 | ||||||||||||||||||||||
Liabilities and shareholder’s equity | ||||||||||||||||||||||||||
Deposit liabilities—noninterest-bearing | $ | 2,931,394 | $ | 2,598,500 | ||||||||||||||||||||||
Deposit liabilities—interest-bearing | 5,045,144 | 4,788,457 | ||||||||||||||||||||||||
Other borrowings | 129,305 | 89,670 | ||||||||||||||||||||||||
Other | 168,064 | 183,731 | ||||||||||||||||||||||||
Total liabilities | 8,273,907 | 7,660,358 | ||||||||||||||||||||||||
Common stock | 1 | 1 | ||||||||||||||||||||||||
Additional paid-in capital | 353,429 | 351,758 | ||||||||||||||||||||||||
Retained earnings | 408,575 | 369,470 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of taxes | ||||||||||||||||||||||||||
Net unrealized gains (losses) on securities | $ | (20,322) | $ | 19,986 | ||||||||||||||||||||||
Retirement benefit plans | (5,171) | (25,493) | (5,040) | 14,946 | ||||||||||||||||||||||
Total shareholder’s equity | 736,512 | 736,175 | ||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 9,010,419 | $ | 8,396,533 | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Bank-owned life insurance | $ | 166,486 | $ | 163,265 | ||||||||||||||||||||||
Premises and equipment, net | 205,624 | 206,134 | ||||||||||||||||||||||||
Accrued interest receivable | 22,036 | 24,616 | ||||||||||||||||||||||||
Mortgage-servicing rights | 10,272 | 10,020 | ||||||||||||||||||||||||
Low-income housing investments | 84,728 | 83,435 | ||||||||||||||||||||||||
Other | 66,255 | 67,186 | ||||||||||||||||||||||||
$ | 555,401 | $ | 554,656 | |||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||
Accrued expenses | $ | 59,270 | $ | 62,694 | ||||||||||||||||||||||
Federal and state income taxes payable | — | 6,582 | ||||||||||||||||||||||||
Cashier’s checks | 37,451 | 38,011 | ||||||||||||||||||||||||
Advance payments by borrowers | 5,129 | 10,207 | ||||||||||||||||||||||||
Other | 66,214 | 66,237 | ||||||||||||||||||||||||
$ | 168,064 | $ | 183,731 |
(in thousands) | September 30, 2017 | December 31, 2016 | ||||||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 120,492 | $ | 137,083 | ||||||||||||
Interest-bearing deposits | 69,223 | 52,128 | ||||||||||||||
Restricted cash | — | 1,764 | ||||||||||||||
Available-for-sale investment securities, at fair value | 1,320,110 | 1,105,182 | ||||||||||||||
Stock in Federal Home Loan Bank, at cost | 9,706 | 11,218 | ||||||||||||||
Loans receivable held for investment | 4,676,281 | 4,738,693 | ||||||||||||||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | ||||||||||||
Net loans | 4,623,234 | 4,683,160 | ||||||||||||||
Loans held for sale, at lower of cost or fair value | 15,728 | 18,817 | ||||||||||||||
Other | 378,224 | 329,815 | ||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||
Total assets | $ | 6,618,907 | $ | 6,421,357 | ||||||||||||
Liabilities and shareholder’s equity | ||||||||||||||||
Deposit liabilities—noninterest-bearing | $ | 1,710,698 | $ | 1,639,051 | ||||||||||||
Deposit liabilities—interest-bearing | 4,041,628 | 3,909,878 | ||||||||||||||
Other borrowings | 153,552 | 192,618 | ||||||||||||||
Other | 107,558 | 101,635 | ||||||||||||||
Total liabilities | 6,013,436 | 5,843,182 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||
Common stock | 1 | 1 | ||||||||||||||
Additional paid in capital | 344,512 | 342,704 | ||||||||||||||
Retained earnings | 279,956 | 257,943 | ||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||
Net unrealized losses on securities | $ | (5,479 | ) | $ | (7,931 | ) | ||||||||||
Retirement benefit plans | (13,519 | ) | (18,998 | ) | (14,542 | ) | (22,473 | ) | ||||||||
Total shareholder’s equity | 605,471 | 578,175 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,618,907 | $ | 6,421,357 | ||||||||||||
Other assets | ||||||||||||||||
Bank-owned life insurance | $ | 147,391 | $ | 143,197 | ||||||||||||
Premises and equipment, net | 123,326 | 90,570 | ||||||||||||||
Prepaid expenses | 5,356 | 3,348 | ||||||||||||||
Accrued interest receivable | 17,488 | 16,824 | ||||||||||||||
Mortgage-servicing rights | 9,070 | 9,373 | ||||||||||||||
Low-income housing equity investments | 54,515 | 47,081 | ||||||||||||||
Real estate acquired in settlement of loans, net | 1,183 | 1,189 | ||||||||||||||
Other | 19,895 | 18,233 | ||||||||||||||
$ | 378,224 | $ | 329,815 | |||||||||||||
Other liabilities | ||||||||||||||||
Accrued expenses | $ | 41,698 | $ | 36,754 | ||||||||||||
Federal and state income taxes payable | 6,829 | 4,728 | ||||||||||||||
Cashier’s checks | 27,448 | 24,156 | ||||||||||||||
Advance payments by borrowers | 4,867 | 10,335 | ||||||||||||||
Other | 26,716 | 25,662 | ||||||||||||||
$ | 107,558 | $ | 101,635 |
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Gross unrealized losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of issues | Fair value | Amount | Number of issues | Fair value | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 90,831 | $ | 1,334 | $ | (90) | $ | 92,075 | 1 | $ | 19,851 | $ | (90) | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | 2,471,650 | 11,193 | (41,160) | 2,441,683 | 105 | 1,772,753 | (36,561) | 9 | 123,882 | (4,599) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 30,684 | 961 | — | 31,645 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | 15,427 | — | — | 15,427 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,608,592 | $ | 13,488 | $ | (41,250) | $ | 2,580,830 | 106 | $ | 1,792,604 | $ | (36,651) | 9 | $ | 123,882 | $ | (4,599) | |||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and Federal agency obligations | $ | 40,064 | $ | 100 | $ | (13) | $ | 40,151 | 1 | $ | 19,941 | $ | (13) | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | 451,807 | 2,387 | (9,691) | 444,503 | 23 | 325,907 | (8,278) | 2 | 23,860 | (1,413) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 491,871 | $ | 2,487 | $ | (9,704) | $ | 484,654 | 24 | $ | 345,848 | $ | (8,291) | 2 | $ | 23,860 | $ | (1,413) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 60,260 | $ | 2,062 | $ | — | $ | 62,322 | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | 1,825,893 | 26,817 | (3,151) | 1,849,559 | 22 | 373,924 | (3,151) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 29,776 | 1,575 | — | 31,351 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | 27,185 | — | — | 27,185 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,943,114 | $ | 30,454 | $ | (3,151) | $ | 1,970,417 | 22 | $ | 373,924 | $ | (3,151) | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | $ | 226,947 | $ | 3,846 | $ | (830) | $ | 229,963 | 7 | $ | 114,152 | $ | (830) | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
$ | 226,947 | $ | 3,846 | $ | (830) | $ | 229,963 | 7 | $ | 114,152 | $ | (830) | — | $ | — | $ | — |
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Gross unrealized losses | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of issues | Fair value | Amount | Number of issues | Fair value | Amount | ||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 182,535 | $ | 882 | $ | (1,299 | ) | $ | 182,118 | 15 | $ | 91,203 | $ | (1,064 | ) | 2 | $ | 13,072 | $ | (235 | ) | |||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 1,131,245 | 2,127 | (10,807 | ) | 1,122,565 | 84 | 686,186 | (7,709 | ) | 29 | 138,051 | (3,098 | ) | |||||||||||||||||||||||||
Mortgage revenue bond | 15,427 | — | — | 15,427 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,329,207 | $ | 3,009 | $ | (12,106 | ) | $ | 1,320,110 | 99 | $ | 777,389 | $ | (8,773 | ) | 31 | $ | 151,123 | $ | (3,333 | ) | ||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 193,515 | $ | 920 | $ | (2,154 | ) | $ | 192,281 | 18 | $ | 123,475 | $ | (2,010 | ) | 1 | $ | 3,485 | $ | (144 | ) | |||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 909,408 | 1,742 | (13,676 | ) | 897,474 | 88 | 709,655 | (12,143 | ) | 13 | 47,485 | (1,533 | ) | |||||||||||||||||||||||||
Mortgage revenue bond | 15,427 | — | — | 15,427 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,118,350 | $ | 2,662 | $ | (15,830 | ) | $ | 1,105,182 | 106 | $ | 833,130 | $ | (14,153 | ) | 14 | $ | 50,970 | $ | (1,677 | ) |
September 30, 2017 | Amortized cost | Fair value | ||||||
(in thousands) | ||||||||
Due in one year or less | $ | 9,998 | $ | 9,999 | ||||
Due after one year through five years | 77,138 | 77,331 | ||||||
Due after five years through ten years | 81,464 | 81,170 | ||||||
Due after ten years | 29,362 | 29,045 | ||||||
197,962 | 197,545 | |||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | 1,131,245 | 1,122,565 | ||||||
Total available-for-sale securities | $ | 1,329,207 | $ | 1,320,110 |
September 30, 2021 | Amortized cost | Fair value | ||||||||||||
(in thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||
Due after one year through five years | 76,247 | 78,071 | ||||||||||||
Due after five years through ten years | 45,268 | 45,649 | ||||||||||||
Due after ten years | 15,427 | 15,427 | ||||||||||||
136,942 | 139,147 | |||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 2,471,650 | 2,441,683 | ||||||||||||
Total available-for-sale securities | $ | 2,608,592 | $ | 2,580,830 | ||||||||||
Held-to-maturity | ||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||
Due after one year through five years | — | — | ||||||||||||
Due after five years through ten years | 40,064 | 40,151 | ||||||||||||
Due after ten years | — | — | ||||||||||||
40,064 | 40,151 | |||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 451,807 | 444,503 | ||||||||||||
Total held-to-maturity securities | $ | 491,871 | $ | 484,654 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Proceeds | $ | — | $ | — | $ | 197,354 | $ | 169,157 | |||||||||||||||
Gross gains | — | — | 975 | 9,312 | |||||||||||||||||||
Gross losses | — | — | 447 | 37 | |||||||||||||||||||
Tax expense on realized gains | — | — | 142 | 2,492 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Real estate: | |||||||
Residential 1-4 family | $ | 2,066,023 | $ | 2,048,051 | |||
Commercial real estate | 745,583 | 800,395 | |||||
Home equity line of credit | 905,249 | 863,163 | |||||
Residential land | 18,611 | 18,889 | |||||
Commercial construction | 128,407 | 126,768 | |||||
Residential construction | 13,031 | 16,080 | |||||
Total real estate | 3,876,904 | 3,873,346 | |||||
Commercial | 589,669 | 692,051 | |||||
Consumer | 211,571 | 178,222 | |||||
Total loans | 4,678,144 | 4,743,619 | |||||
Less: Deferred fees and discounts | (1,863 | ) | (4,926 | ) | |||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | |||
Total loans, net | $ | 4,623,234 | $ | 4,683,160 |
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Real estate: | |||||||||||
Residential 1-4 family | $ | 2,172,073 | $ | 2,144,239 | |||||||
Commercial real estate | 1,090,816 | 983,865 | |||||||||
Home equity line of credit | 851,416 | 963,578 | |||||||||
Residential land | 19,399 | 15,617 | |||||||||
Commercial construction | 109,716 | 121,424 | |||||||||
Residential construction | 9,170 | 11,022 | |||||||||
Total real estate | 4,252,590 | 4,239,745 | |||||||||
Commercial | 758,338 | 936,748 | |||||||||
Consumer | 122,656 | 168,733 | |||||||||
Total loans | 5,133,584 | 5,345,226 | |||||||||
Less: Deferred fees and discounts | (11,460) | (11,383) | |||||||||
Allowance for credit losses | (75,944) | (101,201) | |||||||||
Total loans, net | $ | 5,046,180 | $ | 5,232,642 |
(in thousands) | Residential 1-4 family | Commercial real estate | Home equity line of credit | Residential land | Commercial construction | Residential construction | Commercial loans | Consumer loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,518 | $ | 28,708 | $ | 5,335 | $ | 618 | $ | 1,629 | $ | 16 | $ | 20,058 | $ | 16,370 | $ | 78,252 | ||||||||||||||||||||||||||||||||||||||
Charge-offs | (47) | — | (5) | — | — | — | (266) | (1,597) | (1,915) | |||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 5 | — | 7 | 35 | — | — | 417 | 1,118 | 1,582 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision | 522 | (2,750) | 441 | (19) | 104 | (3) | (758) | 488 | (1,975) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,998 | $ | 25,958 | $ | 5,778 | $ | 634 | $ | 1,733 | $ | 13 | $ | 19,451 | $ | 16,379 | $ | 75,944 | ||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,911 | $ | 21,100 | $ | 6,214 | $ | 356 | $ | 4,757 | $ | 14 | $ | 13,868 | $ | 31,087 | $ | 81,307 | ||||||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | (1,727) | (3,881) | (5,608) | |||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 12 | — | 50 | 12 | — | — | 211 | 1,005 | 1,290 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision | (286) | 11,049 | (390) | 178 | 1,282 | (3) | 5,840 | (3,200) | 14,470 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,637 | $ | 32,149 | $ | 5,874 | $ | 546 | $ | 6,039 | $ | 11 | $ | 18,192 | $ | 25,011 | $ | 91,459 | ||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,600 | $ | 35,607 | $ | 6,813 | $ | 609 | $ | 4,149 | $ | 11 | $ | 25,462 | $ | 23,950 | $ | 101,201 | ||||||||||||||||||||||||||||||||||||||
Charge-offs | (67) | — | (45) | — | — | — | (1,356) | (6,388) | (7,856) | |||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 59 | — | 83 | 56 | — | — | 1,056 | 3,312 | 4,566 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,406 | (9,649) | (1,073) | (31) | (2,416) | 2 | (5,711) | (4,495) | (21,967) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,998 | $ | 25,958 | $ | 5,778 | $ | 634 | $ | 1,733 | $ | 13 | $ | 19,451 | $ | 16,379 | $ | 75,944 | ||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASU No. 2016-13 | $ | 2,380 | $ | 15,053 | $ | 6,922 | $ | 449 | $ | 2,097 | $ | 3 | $ | 10,245 | $ | 16,206 | $ | 53,355 | ||||||||||||||||||||||||||||||||||||||
Impact of adopting ASU No. 2016-13 | 2,150 | 208 | (541) | (64) | 289 | 14 | 922 | 16,463 | 19,441 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (7) | — | — | (351) | — | — | (2,795) | (16,466) | (19,619) | |||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 67 | — | 56 | 26 | — | — | 503 | 2,426 | 3,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision | (953) | 16,888 | (563) | 486 | 3,653 | (6) | 9,317 | 6,382 | 35,204 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,637 | $ | 32,149 | $ | 5,874 | $ | 546 | $ | 6,039 | $ | 11 | $ | 18,192 | $ | 25,011 | $ | 91,459 |
(in thousands) | Home equity line of credit | Commercial construction | Commercial loans | Total | ||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||
Allowance for loan commitments: | ||||||||||||||||||||||||||
Beginning balance | $ | 400 | $ | 2,400 | $ | 850 | $ | 3,650 | ||||||||||||||||||
Provision | — | 300 | (50) | 250 | ||||||||||||||||||||||
Ending balance | $ | 400 | $ | 2,700 | $ | 800 | $ | 3,900 | ||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||
Allowance for loan commitments: | ||||||||||||||||||||||||||
Beginning balance | $ | 300 | $ | 7,500 | $ | 300 | $ | 8,100 | ||||||||||||||||||
Provision | — | (800) | 300 | (500) | ||||||||||||||||||||||
Ending balance | $ | 300 | $ | 6,700 | $ | 600 | $ | 7,600 | ||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||
Allowance for loan commitments: | ||||||||||||||||||||||||||
Beginning balance | $ | 300 | $ | 3,000 | $ | 1,000 | $ | 4,300 | ||||||||||||||||||
Provision | 100 | (300) | (200) | (400) | ||||||||||||||||||||||
Ending balance | $ | 400 | $ | 2,700 | $ | 800 | $ | 3,900 | ||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||
Allowance for loan commitments: | ||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASU No. 2016-13 | $ | 392 | $ | 931 | $ | 418 | $ | 1,741 | ||||||||||||||||||
Impact of adopting ASU No. 2016-13 | (92) | 1,745 | (94) | 1,559 | ||||||||||||||||||||||
Provision | — | 4,024 | 276 | 4,300 | ||||||||||||||||||||||
Ending balance | $ | 300 | $ | 6,700 | $ | 600 | $ | 7,600 |
(in thousands) | Residential 1-4 family | Commercial real estate | Home equity line of credit | Residential land | Commercial construction | Residential construction | Commercial loans | Consumer loans | Unallo-cated | Total | ||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,130 | $ | 18,840 | $ | 5,527 | $ | 1,264 | $ | 4,706 | $ | 9 | $ | 14,552 | $ | 8,328 | $ | — | $ | 56,356 | ||||||||||||||||||||
Charge-offs | (522 | ) | — | — | — | — | — | (1,215 | ) | (3,160 | ) | — | (4,897 | ) | ||||||||||||||||||||||||||
Recoveries | 33 | — | 164 | 259 | — | — | 326 | 316 | — | 1,098 | ||||||||||||||||||||||||||||||
Provision | 347 | (2,800 | ) | (36 | ) | (141 | ) | 370 | 2 | (595 | ) | 3,343 | — | 490 | ||||||||||||||||||||||||||
Ending balance | $ | 2,988 | $ | 16,040 | $ | 5,655 | $ | 1,382 | $ | 5,076 | $ | 11 | $ | 13,068 | $ | 8,827 | $ | — | $ | 53,047 | ||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,384 | $ | 13,561 | $ | 7,836 | $ | 1,689 | $ | 6,993 | $ | 12 | $ | 17,085 | $ | 3,771 | $ | — | $ | 55,331 | ||||||||||||||||||||
Charge-offs | (373 | ) | — | (108 | ) | — | — | — | (833 | ) | (1,879 | ) | — | (3,193 | ) | |||||||||||||||||||||||||
Recoveries | 92 | — | 15 | 187 | — | — | 347 | 211 | — | 852 | ||||||||||||||||||||||||||||||
Provision | 154 | 1,289 | (248 | ) | 23 | 179 | (2 | ) | 2,457 | 1,895 | — | 5,747 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,257 | $ | 14,850 | $ | 7,495 | $ | 1,899 | $ | 7,172 | $ | 10 | $ | 19,056 | $ | 3,998 | $ | — | $ | 58,737 | ||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,873 | $ | 16,004 | $ | 5,039 | $ | 1,738 | $ | 6,449 | $ | 12 | $ | 16,618 | $ | 6,800 | $ | — | $ | 55,533 | ||||||||||||||||||||
Charge-offs | (528 | ) | — | (14 | ) | (92 | ) | — | — | (3,477 | ) | (8,360 | ) | — | (12,471 | ) | ||||||||||||||||||||||||
Recoveries | 91 | — | 294 | 477 | — | — | 922 | 970 | — | 2,754 | ||||||||||||||||||||||||||||||
Provision | 552 | 36 | 336 | (741 | ) | (1,373 | ) | (1 | ) | (995 | ) | 9,417 | — | 7,231 | ||||||||||||||||||||||||||
Ending balance | $ | 2,988 | $ | 16,040 | $ | 5,655 | $ | 1,382 | $ | 5,076 | $ | 11 | $ | 13,068 | $ | 8,827 | $ | — | $ | 53,047 | ||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,317 | $ | 72 | $ | 409 | $ | 373 | $ | — | $ | — | $ | 667 | $ | 30 | $ | 2,868 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,671 | $ | 15,968 | $ | 5,246 | $ | 1,009 | $ | 5,076 | $ | 11 | $ | 12,401 | $ | 8,797 | $ | — | $ | 50,179 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,066,023 | $ | 745,583 | $ | 905,249 | $ | 18,611 | $ | 128,407 | $ | 13,031 | $ | 589,669 | $ | 211,571 | $ | 4,678,144 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 19,757 | $ | 1,281 | $ | 7,078 | $ | 2,385 | $ | — | $ | — | $ | 5,486 | $ | 67 | $ | 36,054 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,046,266 | $ | 744,302 | $ | 898,171 | $ | 16,226 | $ | 128,407 | $ | 13,031 | $ | 584,183 | $ | 211,504 | $ | 4,642,090 | ||||||||||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,186 | $ | 11,342 | $ | 7,260 | $ | 1,671 | $ | 4,461 | $ | 13 | $ | 17,208 | $ | 3,897 | $ | — | $ | 50,038 | ||||||||||||||||||||
Charge-offs | (433 | ) | — | (108 | ) | — | — | — | (3,138 | ) | (4,977 | ) | — | (8,656 | ) | |||||||||||||||||||||||||
Recoveries | 144 | — | 46 | 306 | — | — | 907 | 686 | — | 2,089 | ||||||||||||||||||||||||||||||
Provision | 360 | 3,508 | 297 | (78 | ) | 2,711 | (3 | ) | 4,079 | 4,392 | — | 15,266 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,257 | $ | 14,850 | $ | 7,495 | $ | 1,899 | $ | 7,172 | $ | 10 | $ | 19,056 | $ | 3,998 | $ | — | $ | 58,737 | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,352 | $ | 80 | $ | 215 | $ | 789 | $ | — | $ | — | $ | 1,641 | $ | 6 | $ | 4,083 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,521 | $ | 15,924 | $ | 4,824 | $ | 949 | $ | 6,449 | $ | 12 | $ | 14,977 | $ | 6,794 | $ | — | $ | 51,450 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,048,051 | $ | 800,395 | $ | 863,163 | $ | 18,889 | $ | 126,768 | $ | 16,080 | $ | 692,051 | $ | 178,222 | $ | 4,743,619 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 19,854 | $ | 1,569 | $ | 6,158 | $ | 3,629 | $ | — | $ | — | $ | 20,539 | $ | 10 | $ | 51,759 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,028,197 | $ | 798,826 | $ | 857,005 | $ | 15,260 | $ | 126,768 | $ | 16,080 | $ | 671,512 | $ | 178,212 | $ | 4,691,860 |
Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 541,140 | $ | 471,759 | $ | 150,704 | $ | 75,827 | $ | 142,235 | $ | 778,048 | $ | — | $ | — | $ | 2,159,713 | ||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | 2,224 | — | — | 2,224 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | 276 | — | — | — | 1,308 | — | — | 1,584 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | 3,949 | 424 | — | 4,179 | — | — | 8,552 | |||||||||||||||||||||||||||||||||||||||||||||||
541,140 | 472,035 | 154,653 | 76,251 | 142,235 | 785,759 | — | — | 2,172,073 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 809,566 | 39,932 | 849,498 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | — | 126 | 129 | 255 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | 107 | 101 | 208 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | — | 1,029 | 426 | 1,455 | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 810,828 | 40,588 | 851,416 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 8,905 | 7,341 | 1,659 | 647 | 268 | 182 | — | — | 19,002 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | 97 | — | — | 97 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | 300 | — | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||||
8,905 | 7,341 | 1,659 | 647 | 268 | 579 | — | — | 19,399 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 4,664 | 4,238 | — | — | 268 | — | — | — | 9,170 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
4,664 | 4,238 | — | — | 268 | — | — | — | 9,170 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 27,059 | 18,662 | 38,546 | 16,378 | 907 | 283 | 13,745 | 3,819 | 119,399 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 206 | 152 | 523 | 282 | 21 | — | 126 | 117 | 1,427 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 24 | 58 | 368 | 198 | 43 | — | 61 | 28 | 780 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | 29 | 140 | 396 | 158 | 44 | — | 149 | 134 | 1,050 | |||||||||||||||||||||||||||||||||||||||||||||||
27,318 | 19,012 | 39,833 | 17,016 | 1,015 | 283 | 14,081 | 4,098 | 122,656 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 142,977 | 278,941 | 62,907 | 60,174 | 55,824 | 257,110 | 11,288 | — | 869,221 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,360 | 4,237 | 34,617 | 46,447 | 23,027 | 42,850 | — | — | 152,538 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 14,021 | 1,872 | 1,838 | 51,326 | — | — | 69,057 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
144,337 | 283,178 | 111,545 | 108,493 | 80,689 | 351,286 | 11,288 | — | 1,090,816 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 11,225 | 39,137 | 25,913 | 11,342 | — | — | 22,099 | — | 109,716 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
11,225 | 39,137 | 25,913 | 11,342 | — | — | 22,099 | — | 109,716 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 218,541 | 112,545 | 78,076 | 53,829 | 19,043 | 60,661 | 93,979 | 16,334 | 653,008 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 52 | 27,498 | 11,810 | 279 | 2,682 | 19,495 | 20,459 | 21 | 82,296 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 427 | 214 | 4,273 | 1,824 | 5,318 | 3,188 | 5,845 | 1,945 | 23,034 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
219,020 | 140,257 | 94,159 | 55,932 | 27,043 | 83,344 | 120,283 | 18,300 | 758,338 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 956,609 | $ | 965,198 | $ | 427,762 | $ | 269,681 | $ | 251,518 | $ | 1,221,251 | $ | 978,579 | $ | 62,986 | $ | 5,133,584 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
(in thousands) | Commercial real estate | Commercial construction | Commercial | Commercial real estate | Commercial construction | Commercial | ||||||||||||||||||
Grade: | ||||||||||||||||||||||||
Pass | $ | 647,599 | $ | 103,892 | $ | 539,336 | $ | 701,657 | $ | 102,955 | $ | 614,139 | ||||||||||||
Special mention | 44,088 | 22,500 | 25,053 | 65,541 | — | 25,229 | ||||||||||||||||||
Substandard | 53,896 | 2,015 | 23,130 | 33,197 | 23,813 | 52,683 | ||||||||||||||||||
Doubtful | — | — | 2,150 | — | — | — | ||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 745,583 | $ | 128,407 | $ | 589,669 | $ | 800,395 | $ | 126,768 | $ | 692,051 |
Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 567,282 | $ | 218,988 | $ | 111,243 | $ | 203,916 | $ | 184,888 | $ | 849,788 | $ | — | $ | — | $ | 2,136,105 | ||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | 2,629 | — | — | 2,629 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | 476 | — | — | — | 2,314 | — | — | 2,790 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | 353 | — | 2,362 | — | — | 2,715 | |||||||||||||||||||||||||||||||||||||||||||||||
567,282 | 219,464 | 111,243 | 204,269 | 184,888 | 857,093 | — | — | 2,144,239 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 927,106 | 33,228 | 960,334 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | — | 552 | 298 | 850 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | 267 | 75 | 342 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | — | 1,463 | 589 | 2,052 | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 929,388 | 34,190 | 963,578 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 8,357 | 3,427 | 1,598 | 939 | 22 | 272 | — | — | 14,615 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | 702 | — | — | 702 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | 300 | — | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||||
8,357 | 3,427 | 1,598 | 939 | 22 | 1,274 | — | — | 15,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 6,919 | 3,093 | 385 | 625 | — | — | — | — | 11,022 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
6,919 | 3,093 | 385 | 625 | — | — | — | — | 11,022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 28,818 | 67,159 | 37,072 | 7,207 | 293 | 348 | 18,351 | 3,758 | 163,006 | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 406 | 1,085 | 727 | 155 | 4 | — | 138 | 90 | 2,605 | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 191 | 549 | 427 | 165 | 3 | — | 97 | 59 | 1,491 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | 131 | 532 | 409 | 119 | 7 | — | 262 | 171 | 1,631 | |||||||||||||||||||||||||||||||||||||||||||||||
29,546 | 69,325 | 38,635 | 7,646 | 307 | 348 | 18,848 | 4,078 | 168,733 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 270,603 | 63,301 | 62,168 | 28,432 | 55,089 | 155,654 | 11,000 | — | 646,247 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 10,261 | 36,405 | 57,952 | 33,763 | 68,287 | 48,094 | — | — | 254,762 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 14,720 | 4,181 | 1,892 | 4,423 | 57,640 | — | — | 82,856 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
280,864 | 114,426 | 124,301 | 64,087 | 127,799 | 261,388 | 11,000 | — | 983,865 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 14,480 | 31,965 | 26,990 | — | 5,562 | — | 22,517 | — | 101,514 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,910 | — | — | 18,000 | — | — | — | — | 19,910 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
16,390 | 31,965 | 26,990 | 18,000 | 5,562 | — | 22,517 | — | 121,424 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 392,088 | 117,791 | 75,533 | 29,211 | 12,520 | 35,770 | 74,520 | 11,004 | 748,437 | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 37,836 | 23,087 | 1,920 | 6,990 | 30,264 | 13,250 | 31,362 | 11,218 | 155,927 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 304 | 7,785 | 2,043 | 4,017 | 7,542 | 3,113 | 5,265 | 1,928 | 31,997 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | 387 | — | 387 | |||||||||||||||||||||||||||||||||||||||||||||||
430,228 | 148,663 | 79,496 | 40,218 | 50,326 | 52,133 | 111,534 | 24,150 | 936,748 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,339,586 | $ | 590,363 | $ | 382,648 | $ | 335,784 | $ | 368,904 | $ | 1,172,236 | $ | 1,093,287 | $ | 62,418 | $ | 5,345,226 |
(in thousands) | 30-59 days past due | 60-89 days past due | Greater than 90 days | Total past due | Current | Total financing receivables | Amortized cost> 90 days and accruing | |||||||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,224 | $ | 1,584 | $ | 8,552 | $ | 12,360 | $ | 2,159,713 | $ | 2,172,073 | $ | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 1,090,816 | 1,090,816 | — | |||||||||||||||||||||||||||||||||||||
Home equity line of credit | 255 | 208 | 1,455 | 1,918 | 849,498 | 851,416 | — | |||||||||||||||||||||||||||||||||||||
Residential land | 97 | — | 300 | 397 | 19,002 | 19,399 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 109,716 | 109,716 | — | |||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 9,170 | 9,170 | — | |||||||||||||||||||||||||||||||||||||
Commercial | 937 | 68 | 110 | 1,115 | 757,223 | 758,338 | — | |||||||||||||||||||||||||||||||||||||
Consumer | 1,427 | 780 | 1,050 | 3,257 | 119,399 | 122,656 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 4,940 | $ | 2,640 | $ | 11,467 | $ | 19,047 | $ | 5,114,537 | $ | 5,133,584 | $ | — | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,629 | $ | 2,790 | $ | 2,715 | $ | 8,134 | $ | 2,136,105 | $ | 2,144,239 | $ | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | 488 | — | 488 | 983,377 | 983,865 | — | |||||||||||||||||||||||||||||||||||||
Home equity line of credit | 850 | 342 | 2,052 | 3,244 | 960,334 | 963,578 | — | |||||||||||||||||||||||||||||||||||||
Residential land | 702 | — | 300 | 1,002 | 14,615 | 15,617 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 121,424 | 121,424 | — | |||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 11,022 | 11,022 | — | |||||||||||||||||||||||||||||||||||||
Commercial | 608 | 300 | 132 | 1,040 | 935,708 | 936,748 | — | |||||||||||||||||||||||||||||||||||||
Consumer | 2,605 | 1,491 | 1,631 | 5,727 | 163,006 | 168,733 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 7,394 | $ | 5,411 | $ | 6,830 | $ | 19,635 | $ | 5,325,591 | $ | 5,345,226 | $ | — |
(in thousands) | 30-59 days past due | 60-89 days past due | Greater than 90 days | Total past due | Current | Total financing receivables | Recorded investment> 90 days and accruing | |||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,905 | $ | 1,513 | $ | 4,452 | $ | 9,870 | $ | 2,056,153 | $ | 2,066,023 | $ | — | ||||||||||||||
Commercial real estate | 5,414 | — | — | 5,414 | 740,169 | 745,583 | — | |||||||||||||||||||||
Home equity line of credit | 1,936 | 177 | 1,367 | 3,480 | 901,769 | 905,249 | — | |||||||||||||||||||||
Residential land | 498 | 984 | 497 | 1,979 | 16,632 | 18,611 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 128,407 | 128,407 | — | |||||||||||||||||||||
Residential construction | — | — | — | — | 13,031 | 13,031 | — | |||||||||||||||||||||
Commercial | 1,095 | 218 | 648 | 1,961 | 587,708 | 589,669 | — | |||||||||||||||||||||
Consumer | 2,508 | 1,465 | 1,178 | 5,151 | 206,420 | 211,571 | — | |||||||||||||||||||||
Total loans | $ | 15,356 | $ | 4,357 | $ | 8,142 | $ | 27,855 | $ | 4,650,289 | $ | 4,678,144 | $ | — | ||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,467 | $ | 2,338 | $ | 3,505 | $ | 11,310 | $ | 2,036,741 | $ | 2,048,051 | $ | — | ||||||||||||||
Commercial real estate | 2,416 | — | — | 2,416 | 797,979 | 800,395 | — | |||||||||||||||||||||
Home equity line of credit | 1,263 | 381 | 1,342 | 2,986 | 860,177 | 863,163 | — | |||||||||||||||||||||
Residential land | — | — | 255 | 255 | 18,634 | 18,889 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 126,768 | 126,768 | — | |||||||||||||||||||||
Residential construction | — | — | — | — | 16,080 | 16,080 | — | |||||||||||||||||||||
Commercial | 413 | 510 | 1,303 | 2,226 | 689,825 | 692,051 | — | |||||||||||||||||||||
Consumer | 1,945 | 1,001 | 963 | 3,909 | 174,313 | 178,222 | — | |||||||||||||||||||||
Total loans | $ | 11,504 | $ | 4,230 | $ | 7,368 | $ | 23,102 | $ | 4,720,517 | $ | 4,743,619 | $ | — |
(in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||
With a Related ACL | Without a Related ACL | Total | With a Related ACL | Without a Related ACL | Total | |||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 13,307 | $ | 7,997 | $ | 21,304 | $ | 8,991 | $ | 2,835 | $ | 11,826 | ||||||||||||||||||||||||||
Commercial real estate | 15,062 | 1,251 | 16,313 | 15,847 | 2,875 | 18,722 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 4,564 | 1,364 | 5,928 | 5,791 | 1,567 | 7,358 | ||||||||||||||||||||||||||||||||
Residential land | 97 | 300 | 397 | 108 | 300 | 408 | ||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 1,573 | 2,080 | 3,653 | 1,819 | 3,328 | 5,147 | ||||||||||||||||||||||||||||||||
Consumer | 2,198 | — | 2,198 | 3,935 | — | 3,935 | ||||||||||||||||||||||||||||||||
Total | $ | 36,801 | $ | 12,992 | $ | 49,793 | $ | 36,491 | $ | 10,905 | $ | 47,396 | ||||||||||||||||||||||||||
(in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Real estate: | ||||||||
Residential 1-4 family | $ | 12,853 | $ | 11,154 | ||||
Commercial real estate | — | 223 | ||||||
Home equity line of credit | 4,000 | 3,080 | ||||||
Residential land | 1,022 | 878 | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | 3,691 | 6,708 | ||||||
Consumer | 1,791 | 1,282 | ||||||
Total nonaccrual loans | $ | 23,357 | $ | 23,325 | ||||
Real estate: | ||||||||
Residential 1-4 family | $ | — | $ | — | ||||
Commercial real estate | — | — | ||||||
Home equity line of credit | — | — | ||||||
Residential land | — | — | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | — | — | ||||||
Consumer | — | — | ||||||
Total accruing loans 90 days or more past due | $ | — | $ | — | ||||
Real estate: | ||||||||
Residential 1-4 family | $ | 11,592 | $ | 14,450 | ||||
Commercial real estate | 1,281 | 1,346 | ||||||
Home equity line of credit | 5,250 | 4,934 | ||||||
Residential land | 1,555 | 2,751 | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | 2,052 | 14,146 | ||||||
Consumer | 67 | 10 | ||||||
Total troubled debt restructured loans not included above | $ | 21,797 | $ | 37,637 |
(in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Real estate: | ||||||||||||||
Residential 1-4 family | $ | 7,545 | $ | 7,932 | ||||||||||
Commercial real estate | 3,136 | 3,281 | ||||||||||||
Home equity line of credit | 6,986 | 8,148 | ||||||||||||
Residential land | 985 | 1,555 | ||||||||||||
Commercial construction | — | — | ||||||||||||
Residential construction | — | — | ||||||||||||
Commercial | 7,251 | 6,108 | ||||||||||||
Consumer | 52 | 54 | ||||||||||||
Total troubled debt restructured loans accruing interest | $ | 25,955 | $ | 27,078 |
September 30, 2017 | Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||||
(in thousands) | Recorded investment | Unpaid principal balance | Related Allowance | Average recorded investment | Interest income recognized* | Average recorded investment | Interest income recognized* | |||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,987 | $ | 10,541 | $ | — | $ | 9,650 | $ | 70 | $ | 9,503 | $ | 230 | ||||||||||||||
Commercial real estate | — | — | — | — | — | 121 | 11 | |||||||||||||||||||||
Home equity line of credit | 1,565 | 1,889 | — | 1,918 | 32 | 2,108 | 97 | |||||||||||||||||||||
Residential land | 1,134 | 1,425 | — | 1,209 | 73 | 1,080 | 107 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 2,901 | 6,257 | — | 1,808 | 29 | 2,888 | 37 | |||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||
$ | 15,587 | $ | 20,112 | $ | — | $ | 14,585 | $ | 204 | $ | 15,700 | $ | 482 | |||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,770 | $ | 9,972 | $ | 1,317 | $ | 9,788 | $ | 97 | $ | 9,963 | $ | 333 | ||||||||||||||
Commercial real estate | 1,281 | 1,281 | 72 | 1,284 | 13 | 1,292 | 41 | |||||||||||||||||||||
Home equity line of credit | 5,513 | 5,543 | 409 | 5,076 | 68 | 4,670 | 164 | |||||||||||||||||||||
Residential land | 1,251 | 1,251 | 373 | 1,251 | 12 | 1,620 | 73 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 2,585 | 2,595 | 667 | 2,482 | 225 | 4,104 | 694 | |||||||||||||||||||||
Consumer | 67 | 67 | 30 | 67 | 1 | 55 | 2 | |||||||||||||||||||||
$ | 20,467 | $ | 20,709 | $ | 2,868 | $ | 19,948 | $ | 416 | $ | 21,704 | $ | 1,307 | |||||||||||||||
Total | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 19,757 | $ | 20,513 | $ | 1,317 | $ | 19,438 | $ | 167 | $ | 19,466 | $ | 563 | ||||||||||||||
Commercial real estate | 1,281 | 1,281 | 72 | 1,284 | 13 | 1,413 | 52 | |||||||||||||||||||||
Home equity line of credit | 7,078 | 7,432 | 409 | 6,994 | 100 | 6,778 | 261 | |||||||||||||||||||||
Residential land | 2,385 | 2,676 | 373 | 2,460 | 85 | 2,700 | 180 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 5,486 | 8,852 | 667 | 4,290 | 254 | 6,992 | 731 | |||||||||||||||||||||
Consumer | 67 | 67 | 30 | 67 | 1 | 55 | 2 | |||||||||||||||||||||
$ | 36,054 | $ | 40,821 | $ | 2,868 | $ | 34,533 | $ | 620 | $ | 37,404 | $ | 1,789 |
December 31, 2016 | Three months ended September 30, 2016 | Nine months ended September 30, 2016 | ||||||||||||||||||||||||||
(in thousands) | Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized* | Average recorded investment | Interest income recognized* | |||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,571 | $ | 10,400 | $ | — | $ | 10,069 | $ | 65 | $ | 10,378 | $ | 268 | ||||||||||||||
Commercial real estate | 223 | 228 | — | 1,206 | — | 1,177 | — | |||||||||||||||||||||
Home equity line of credit | 1,500 | 1,900 | — | 1,220 | 6 | 1,035 | 15 | |||||||||||||||||||||
Residential land | 1,218 | 1,803 | — | 1,521 | 16 | 1,532 | 47 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 6,299 | 8,869 | — | 14,352 | 141 | 9,240 | 154 | |||||||||||||||||||||
Consumer | — | — | — | 10 | — | 3 | — | |||||||||||||||||||||
$ | 18,811 | $ | 23,200 | $ | — | $ | 28,378 | $ | 228 | $ | 23,365 | $ | 484 | |||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 10,283 | $ | 10,486 | $ | 1,352 | $ | 11,800 | $ | 119 | $ | 11,933 | $ | 356 | ||||||||||||||
Commercial real estate | 1,346 | 1,346 | 80 | 2,444 | — | 1,939 | — | |||||||||||||||||||||
Home equity line of credit | 4,658 | 4,712 | 215 | 4,165 | 36 | 3,470 | 91 | |||||||||||||||||||||
Residential land | 2,411 | 2,411 | 789 | 2,915 | 44 | 3,090 | 165 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 14,240 | 14,240 | 1,641 | 11,433 | 65 | 15,075 | 275 | |||||||||||||||||||||
Consumer | 10 | 10 | 6 | 11 | — | 12 | — | |||||||||||||||||||||
$ | 32,948 | $ | 33,205 | $ | 4,083 | $ | 32,768 | $ | 264 | $ | 35,519 | $ | 887 | |||||||||||||||
Total | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 19,854 | $ | 20,886 | $ | 1,352 | $ | 21,869 | $ | 184 | $ | 22,311 | $ | 624 | ||||||||||||||
Commercial real estate | 1,569 | 1,574 | 80 | 3,650 | — | 3,116 | — | |||||||||||||||||||||
Home equity line of credit | 6,158 | 6,612 | 215 | 5,385 | 42 | 4,505 | 106 | |||||||||||||||||||||
Residential land | 3,629 | 4,214 | 789 | 4,436 | 60 | 4,622 | 212 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 20,539 | 23,109 | 1,641 | 25,785 | 206 | 24,315 | 429 | |||||||||||||||||||||
Consumer | 10 | 10 | 6 | 21 | — | 15 | — | |||||||||||||||||||||
$ | 51,759 | $ | 56,405 | $ | 4,083 | $ | 61,146 | $ | 492 | $ | 58,884 | $ | 1,371 |
Loans modified as a TDR | Three months ended September 30, 2021 | Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | ||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 442 | $ | 81 | 16 | $ | 10,363 | $ | 309 | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential land | 1 | 247 | 11 | 3 | 802 | 37 | ||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 1 | 2,386 | 212 | 7 | 2,678 | 242 | ||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
3 | $ | 3,075 | $ | 304 | 26 | $ | 13,843 | $ | 588 |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||
Number of contracts | Outstanding recorded investment1 | Net increase in allowance | Number of contracts | Outstanding recorded investment1 | Net increase in allowance | |||||||||||||||||||||||||
(dollars in thousands) | Pre-modification | Post-modification | (as of period end) | Pre-modification | Post-modification | (as of period end) | ||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 83 | $ | 83 | $ | — | 7 | $ | 955 | $ | 963 | $ | 45 | ||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity line of credit | 15 | 862 | 862 | 184 | 28 | 1,386 | 1,372 | 277 | ||||||||||||||||||||||
Residential land | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 1 | 330 | 330 | 38 | 2 | 672 | 672 | 38 | ||||||||||||||||||||||
Consumer | — | — | — | — | 1 | 59 | 59 | 27 | ||||||||||||||||||||||
18 | $ | 1,275 | $ | 1,275 | $ | 222 | 38 | $ | 3,072 | $ | 3,066 | $ | 387 |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | |||||||||||||||||||||||||||||
Number of contracts | Outstanding recorded investment1 | Net increase in allowance | Number of contracts | Outstanding recorded investment1 | Net increase in allowance | |||||||||||||||||||||||||
(dollars in thousands) | Pre-modification | Post-modification | (as of period end) | Pre-modification | Post-modification | (as of period end) | ||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 251 | $ | 251 | $ | 46 | 11 | $ | 2,239 | $ | 2,351 | $ | 305 | ||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity line of credit | 12 | 1,268 | 1,268 | 237 | 30 | 2,705 | 2,705 | 492 | ||||||||||||||||||||||
Residential land | — | — | — | — | 1 | 120 | 121 | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 6 | 3,462 | 3,462 | 53 | 14 | 20,119 | 20,119 | 723 | ||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
20 | $ | 4,981 | $ | 4,981 | $ | 336 | 56 | $ | 25,183 | $ | 25,296 | $ | 1,520 |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | ||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | 1 | $ | 146 | $ | 7 | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 2 | 16,149 | 4,019 | ||||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | 2 | 22 | 1 | ||||||||||||||||||||||||||||||||
Residential land | — | — | — | 2 | 228 | 15 | ||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 2 | 52 | 45 | 5 | 207 | 180 | ||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2 | $ | 52 | $ | 45 | 12 | $ | 16,752 | $ | 4,222 |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | |||||||||||
(dollars in thousands) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||
Real estate: | ||||||||||||
Residential 1-4 family | — | $ | — | 1 | $ | 222 | ||||||
Commercial real estate | — | — | — | — | ||||||||
Home equity line of credit | — | — | — | — | ||||||||
Residential land | — | — | — | — | ||||||||
Commercial construction | — | — | — | — | ||||||||
Residential construction | — | — | — | — | ||||||||
Commercial | — | — | — | — | ||||||||
Consumer | — | — | — | — | ||||||||
— | $ | — | 1 | $ | 222 |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | |||||||||||
(dollars in thousands) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||
Real estate: | ||||||||||||
Residential 1-4 family | 1 | $ | 239 | 1 | $ | 239 | ||||||
Commercial real estate | — | — | — | — | ||||||||
Home equity line of credit | — | — | — | — | ||||||||
Residential land | — | — | — | — | ||||||||
Commercial construction | — | — | — | — | ||||||||
Residential construction | — | — | — | — | ||||||||
Commercial | — | — | 1 | 25 | ||||||||
Consumer | — | — | — | — | ||||||||
1 | $ | 239 | 2 | $ | 264 |
Amortized cost | ||||||||||||||||||||
(in thousands) | September 30, 2021 | December 31, 2020 | Collateral type | |||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 5,268 | $ | 2,541 | Residential real estate property | |||||||||||||||
Commercial real estate | 1,251 | 2,875 | Commercial real estate property | |||||||||||||||||
Home equity line of credit | 1,364 | 1,567 | Residential real estate property | |||||||||||||||||
Residential land | 300 | 300 | Residential real estate property | |||||||||||||||||
Total real estate | 8,183 | 7,283 | ||||||||||||||||||
Commercial | 780 | 934 | Business assets | |||||||||||||||||
Total | $ | 8,963 | $ | 8,217 |
(in thousands) | Gross carrying amount1 | Accumulated amortization | Valuation allowance | Net carrying amount | ||||||||||||||||||||||
September 30, 2021 | $ | 22,182 | $ | (11,910) | $ | — | $ | 10,272 | ||||||||||||||||||
December 31, 2020 | 22,950 | (12,670) | (260) | 10,020 |
(in thousands) | Gross carrying amount1 | Accumulated amortization1 | Valuation allowance | Net carrying amount | ||||||||||||
September 30, 2017 | $ | 18,463 | $ | (9,393 | ) | $ | — | $ | 9,070 | |||||||
December 31, 2016 | 17,271 | (7,898 | ) | — | 9,373 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Mortgage servicing rights | ||||||||||||||||
Beginning balance | $ | 9,181 | $ | 9,016 | $ | 9,373 | $ | 8,884 | ||||||||
Amount capitalized | 394 | 824 | 1,192 | 1,944 | ||||||||||||
Amortization | (505 | ) | (649 | ) | (1,495 | ) | (1,637 | ) | ||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||
Carrying amount before valuation allowance | 9,070 | 9,191 | 9,070 | 9,191 | ||||||||||||
Valuation allowance for mortgage servicing rights | ||||||||||||||||
Beginning balance | — | — | — | — | ||||||||||||
Provision (recovery) | — | — | — | — | ||||||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||
Ending balance | — | — | — | — | ||||||||||||
Net carrying value of mortgage servicing rights | $ | 9,070 | $ | 9,191 | $ | 9,070 | $ | 9,191 |
Three months ended September 30, | Nine months ended September 30 | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||||||||
Beginning balance | $ | 10,754 | $ | 9,911 | $ | 10,280 | $ | 9,101 | ||||||||||||||||||
Amount capitalized | 315 | 1,119 | 2,885 | 3,481 | ||||||||||||||||||||||
Amortization | (797) | (1,095) | (2,893) | (2,647) | ||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||||||||||||
Carrying amount before valuation allowance | 10,272 | 9,935 | 10,272 | 9,935 | ||||||||||||||||||||||
Valuation allowance for mortgage servicing rights | ||||||||||||||||||||||||||
Beginning balance | — | 264 | 260 | — | ||||||||||||||||||||||
Provision | — | 118 | (260) | 382 | ||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||||||||||||
Ending balance | — | 382 | — | 382 | ||||||||||||||||||||||
Net carrying value of mortgage servicing rights | $ | 10,272 | $ | 9,553 | $ | 10,272 | $ | 9,553 |
(dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Unpaid principal balance | $ | 1,521,966 | $ | 1,450,312 | ||||||||||
Weighted average note rate | 3.42 | % | 3.68 | % | ||||||||||
Weighted average discount rate | 9.25 | % | 9.25 | % | ||||||||||
Weighted average prepayment speed | 11.7 | % | 17.7 | % |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Unpaid principal balance | $ | 1,212,730 | $ | 1,188,380 | ||||
Weighted average note rate | 3.94 | % | 3.96 | % | ||||
Weighted average discount rate | 10.0 | % | 9.4 | % | ||||
Weighted average prepayment speed | 9.2 | % | 8.5 | % |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Prepayment rate: | ||||||||
25 basis points adverse rate change | $ | (878 | ) | $ | (567 | ) | ||
50 basis points adverse rate change | (1,847 | ) | (1,154 | ) | ||||
Discount rate: | ||||||||
25 basis points adverse rate change | (111 | ) | (128 | ) | ||||
50 basis points adverse rate change | (220 | ) | (254 | ) |
(dollars in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Prepayment rate: | ||||||||||||||
25 basis points adverse rate change | $ | (1,045) | $ | (738) | ||||||||||
50 basis points adverse rate change | (2,209) | (1,445) | ||||||||||||
Discount rate: | ||||||||||||||
25 basis points adverse rate change | (115) | (68) | ||||||||||||
50 basis points adverse rate change | (229) | (135) |
(in millions) | Gross amount of recognized liabilities | Gross amount offset in the Balance Sheets | Net amount of liabilities presented in the Balance Sheets | |||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
September 30, 2021 | $ | 129 | $ | — | $ | 129 | ||||||||||||||
December 31, 2020 | 90 | — | 90 |
(in millions) | Gross amount of recognized liabilities | Gross amount offset in the Balance Sheet | Net amount of liabilities presented in the Balance Sheet | |||
Repurchase agreements | ||||||
September 30, 2017 | $104 | $— | $104 | |||
December 31, 2016 | 93 | — | 93 |
Gross amount not offset in the Balance Sheet | ||||||||||||
(in millions) | Net amount of liabilities presented in the Balance Sheet | Financial instruments | Cash collateral pledged | |||||||||
September 30, 2017 | ||||||||||||
Financial institution | $ | — | $ | — | $ | — | ||||||
Government entities | — | — | — | |||||||||
Commercial account holders | 104 | 165 | — | |||||||||
Total | $ | 104 | $ | 165 | $ | — | ||||||
December 31, 2016 | ||||||||||||
Financial institution | $ | — | $ | — | $ | — | ||||||
Government entities | 14 | 15 | — | |||||||||
Commercial account holders | 79 | 101 | — | |||||||||
Total | $ | 93 | $ | 116 | $ | — |
Gross amount not offset in the Balance Sheets | ||||||||||||||||||||
(in millions) | Net amount of liabilities presented in the Balance Sheets | Financial instruments | Cash collateral pledged | |||||||||||||||||
Commercial account holders | ||||||||||||||||||||
September 30, 2021 | $ | 129 | $ | 146 | $ | — | ||||||||||||||
December 31, 2020 | 90 | 92 | — | |||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||||
Interest rate lock commitments | $ | 22,289 | $ | 308 | $ | 120,980 | $ | 4,536 | ||||||||||||||||||
Forward commitments | 21,750 | 109 | 100,500 | (500) |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||
Interest rate lock commitments | $ | 385 | $ | 7 | $ | 25,883 | $ | 421 | ||||||||
Forward commitments | 500 | (2 | ) | 30,813 | (177 | ) |
Derivative Financial Instruments Not Designated as Hedging Instruments 1 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
(in thousands) | Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||||||||||||
Interest rate lock commitments | $ | 308 | $ | — | $ | 4,536 | $ | — | ||||||||||||||||||
Forward commitments | 121 | 12 | — | 500 | ||||||||||||||||||||||
$ | 429 | $ | 12 | $ | 4,536 | $ | 500 |
Derivative Financial Instruments Not Designated as Hedging Instruments 1 | September 30, 2017 | December 31, 2016 | ||||||||||||||
(in thousands) | Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||
Interest rate lock commitments | $ | 7 | $ | — | $ | 445 | $ | 24 | ||||||||
Forward commitments | — | 2 | 8 | 185 | ||||||||||||
$ | 7 | $ | 2 | $ | 453 | $ | 209 |
Derivative Financial Instruments Not Designated as Hedging Instruments | Location of net gains (losses) recognized in the Statements of Income | Three months ended September 30, | Nine months ended September 30 | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | (63) | $ | 2,930 | $ | (4,228) | $ | 4,974 | |||||||||||||||||||||||
Forward commitments | Mortgage banking income | 150 | 44 | 609 | (201) | |||||||||||||||||||||||||||
$ | 87 | $ | 2,974 | $ | (3,619) | $ | 4,773 |
Derivative Financial Instruments Not Designated as Hedging Instruments | Location of net gains (losses) recognized in the Statement of Income | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | (119 | ) | $ | 48 | $ | (414 | ) | $ | 459 | |||||||
Forward commitments | Mortgage banking income | (90 | ) | 103 | 175 | (134 | ) | |||||||||||
$ | (209 | ) | $ | 151 | $ | (239 | ) | $ | 325 |
Refunding Series 2017A Special Purpose Revenue Bonds | Refunding Series 2017B Special Purpose Revenue Bonds | |
Aggregate principal amount | $125 million | $140 million |
Fixed coupon interest rate | 3.10% | 4.00% |
Maturity date | May 1, 2026 | March 1, 2037 |
Department loaned the proceeds to: | ||
Hawaiian Electric | $62 million | $100 million |
Hawaii Electric Light | $8 million | $20 million |
Maui Electric | $55 million | $20 million |
HEI Series 2021A | HEI Series 2021B | HEI Series 2021C | HEI Series 2022A | HEI Series 2022B | ||||||||||||||||||||||||||||
Aggregate principal amount | $30 million | $25 million | $20 million | $30 million | $20 million | |||||||||||||||||||||||||||
Fixed coupon interest rate | 2.48% | 2.78% | 3.74% | 2.98% | 3.94% | |||||||||||||||||||||||||||
Maturity date | 12/29/2028 | 12/29/2031 | 12/29/2051 | 11/15/2032 | 11/15/2052 | |||||||||||||||||||||||||||
Final draw date | 12/29/2021 | 12/29/2021 | 12/29/2021 | 11/15/2022 | 11/15/2022 |
Refunding Series 2007B Special Purpose Revenue Bonds | Series 2007A Special Purpose Revenue Bonds | |
Aggregate principal amount | $125 million | $140 million |
Fixed coupon interest rate | 4.60% | 4.65% |
Maturity date | May 1, 2026 | March 1, 2037 |
HEI Consolidated | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Net unrealized gains (losses) on securities | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | AOCI-Retirement benefit plans | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 19,986 | $ | (3,363) | $ | (17,887) | $ | (1,264) | $ | (2,919) | |||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | (40,308) | 1,009 | 450 | (38,849) | 175 | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | (20,322) | $ | (2,354) | $ | (17,437) | $ | (40,113) | $ | (2,744) | |||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 2,481 | $ | (1,613) | $ | (20,907) | $ | (20,039) | $ | (1,279) | |||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | 19,767 | (2,129) | 1,682 | 19,320 | 99 | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 22,248 | $ | (3,742) | $ | (19,225) | $ | (719) | $ | (1,180) |
HEI Consolidated | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||
(in thousands) | Net unrealized gains (losses) on securities | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | ||||||||||||||||||||
Balance, December 31, 2016 | $ | (7,931 | ) | $ | (454 | ) | $ | (24,744 | ) | $ | (33,129 | ) | $ | (454 | ) | $ | 132 | $ | (322 | ) | |||||||
Current period other comprehensive income | 2,452 | 454 | 1,003 | 3,909 | 454 | 67 | 521 | ||||||||||||||||||||
Balance, September 30, 2017 | $ | (5,479 | ) | $ | — | $ | (23,741 | ) | $ | (29,220 | ) | $ | — | $ | 199 | $ | 199 | ||||||||||
Balance, December 31, 2015 | $ | (1,872 | ) | $ | (54 | ) | $ | (24,336 | ) | $ | (26,262 | ) | $ | — | $ | 925 | $ | 925 | |||||||||
Current period other comprehensive income | 7,837 | 459 | 943 | 9,239 | 405 | 7 | 412 | ||||||||||||||||||||
Balance, September 30, 2016 | $ | 5,965 | $ | 405 | $ | (23,393 | ) | $ | (17,023 | ) | $ | 405 | $ | 932 | $ | 1,337 |
Amount reclassified from AOCI | Affected line item in the Statements of Income / Balance Sheets | |||||||||||||||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Net realized gains on securities included in net income | $ | — | $ | — | $ | (387) | $ | (1,638) | Gain on sale of investment securities, net | |||||||||||||||||||||||
Net realized losses on derivatives qualifying as cash flow hedges | 9 | — | 9 | — | Interest expense | |||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 2,853 | 6,324 | 14,871 | 17,720 | See Note 8 for additional details | |||||||||||||||||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (2,799) | (5,721) | (14,421) | (16,038) | See Note 8 for additional details | |||||||||||||||||||||||||||
Total reclassifications | $ | 63 | $ | 603 | $ | 72 | $ | 44 | ||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | $ | 2,905 | $ | 5,769 | $ | 14,596 | $ | 16,137 | See Note 8 for additional details | |||||||||||||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (2,799) | (5,721) | (14,421) | (16,038) | See Note 8 for additional details | |||||||||||||||||||||||||||
Total reclassifications | $ | 106 | $ | 48 | $ | 175 | $ | 99 |
Amount reclassified from AOCI | ||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | Affected line item in the | ||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | Statements of Income / Balance Sheets | |||||||||||||
HEI consolidated | ||||||||||||||||||
Net realized gains on securities included in net income | $ | — | $ | — | $ | — | $ | (360 | ) | Revenues-bank (net gains on sales of securities) | ||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||
Window forward contracts | — | (173 | ) | 454 | (173 | ) | Property, plant and equipment-electric utilities | |||||||||||
Interest rate contracts (settled in 2011) | — | — | — | 54 | Interest expense | |||||||||||||
Retirement benefit plans: | ||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 3,942 | 3,641 | 11,793 | 10,877 | See Note 7 for additional details | |||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | See Note 7 for additional details | |||||||||
Total reclassifications | $ | 346 | $ | 157 | $ | 1,457 | $ | 464 | ||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||
Window forward contracts | $ | — | $ | (173 | ) | $ | 454 | $ | (173 | ) | Construction in progress | |||||||
Retirement benefit plans: | ||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 3,618 | 3,314 | 10,857 | 9,941 | See Note 7 for additional details | |||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | See Note 7 for additional details | |||||||||
Total reclassifications | $ | 22 | $ | (170 | ) | $ | 521 | $ | (166 | ) |
Three months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | Electric utility | Bank | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - residential | $ | 228,878 | $ | — | $ | — | $ | 228,878 | $ | 606,435 | $ | — | $ | — | $ | 606,435 | ||||||||||||||||||||||||||||||||||
Electric energy sales - commercial | 217,468 | — | — | 217,468 | 578,036 | — | — | 578,036 | ||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - large light and power | 229,129 | — | — | 229,129 | 607,480 | — | — | 607,480 | ||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - other | 2,779 | — | — | 2,779 | 7,470 | — | — | 7,470 | ||||||||||||||||||||||||||||||||||||||||||
Bank fees | — | 11,186 | — | 11,186 | — | 34,133 | — | 34,133 | ||||||||||||||||||||||||||||||||||||||||||
Other sales | — | — | 1,178 | 1,178 | — | — | 3,191 | 3,191 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 678,254 | 11,186 | 1,178 | 690,618 | 1,799,421 | 34,133 | 3,191 | 1,836,745 | ||||||||||||||||||||||||||||||||||||||||||
Revenues from other sources | ||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory revenue | $ | (5,717) | $ | — | $ | — | $ | (5,717) | $ | 25,566 | $ | — | $ | — | $ | 25,566 | ||||||||||||||||||||||||||||||||||
Bank interest and dividend income | — | 61,441 | — | 61,441 | — | 182,127 | — | 182,127 | ||||||||||||||||||||||||||||||||||||||||||
Other bank noninterest income | — | 3,581 | — | 3,581 | — | 14,339 | — | 14,339 | ||||||||||||||||||||||||||||||||||||||||||
Other | 6,962 | — | 19 | 6,981 | 21,255 | — | 75 | 21,330 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from other sources | 1,245 | 65,022 | 19 | 66,286 | 46,821 | 196,466 | 75 | 243,362 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 679,499 | $ | 76,208 | $ | 1,197 | $ | 756,904 | $ | 1,846,242 | $ | 230,599 | $ | 3,266 | $ | 2,080,107 | ||||||||||||||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred at a point in time | $ | — | $ | 11,186 | $ | — | $ | 11,186 | $ | — | $ | 34,133 | $ | — | $ | 34,133 | ||||||||||||||||||||||||||||||||||
Services/goods transferred over time | 678,254 | — | 1,178 | 679,432 | 1,799,421 | — | 3,191 | 1,802,612 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 678,254 | $ | 11,186 | $ | 1,178 | $ | 690,618 | $ | 1,799,421 | $ | 34,133 | $ | 3,191 | $ | 1,836,745 |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | Electric utility | Bank | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - residential | $ | 191,321 | $ | — | $ | — | $ | 191,321 | $ | 569,177 | $ | — | $ | — | $ | 569,177 | ||||||||||||||||||||||||||||||||||
Electric energy sales - commercial | 171,156 | — | — | 171,156 | 528,135 | — | — | 528,135 | ||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - large light and power | 176,200 | — | — | 176,200 | 568,887 | — | — | 568,887 | ||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - other | 1,935 | — | — | 1,935 | 7,172 | — | — | 7,172 | ||||||||||||||||||||||||||||||||||||||||||
Bank fees | — | 9,589 | — | 9,589 | — | 28,356 | — | 28,356 | ||||||||||||||||||||||||||||||||||||||||||
Other sales | — | — | 211 | 211 | — | — | 240 | 240 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 540,612 | 9,589 | 211 | 550,412 | 1,673,371 | 28,356 | 240 | 1,701,967 | ||||||||||||||||||||||||||||||||||||||||||
Revenues from other sources | ||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory revenue | 15,457 | — | — | 15,457 | 2,979 | — | — | 2,979 | ||||||||||||||||||||||||||||||||||||||||||
Bank interest and dividend income | — | 59,640 | — | 59,640 | — | 184,444 | — | 184,444 | ||||||||||||||||||||||||||||||||||||||||||
Other bank noninterest income | — | 9,415 | — | 9,415 | — | 20,296 | — | 20,296 | ||||||||||||||||||||||||||||||||||||||||||
Other | 6,499 | — | 4 | 6,503 | 17,875 | — | (3) | 17,872 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from other sources | 21,956 | 69,055 | 4 | 91,015 | 20,854 | 204,740 | (3) | 225,591 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 562,568 | $ | 78,644 | $ | 215 | $ | 641,427 | $ | 1,694,225 | $ | 233,096 | $ | 237 | $ | 1,927,558 | ||||||||||||||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred at a point in time | $ | — | $ | 9,589 | $ | — | $ | 9,589 | $ | — | $ | 28,356 | $ | — | $ | 28,356 | ||||||||||||||||||||||||||||||||||
Services/goods transferred over time | 540,612 | — | 211 | 540,823 | 1,673,371 | — | 240 | 1,673,611 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 540,612 | $ | 9,589 | $ | 211 | $ | 550,412 | $ | 1,673,371 | $ | 28,356 | $ | 240 | $ | 1,701,967 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other benefits | Pension benefits | Other benefits | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 20,102 | $ | 18,341 | $ | 711 | $ | 641 | $ | 61,031 | $ | 55,066 | $ | 2,121 | $ | 1,903 | ||||||||||||||||||||||||||||||||||
Interest cost | 18,896 | 20,660 | 1,459 | 1,842 | 56,497 | 60,987 | 4,597 | 5,553 | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (33,022) | (28,422) | (3,252) | (3,023) | (99,157) | (85,353) | (9,717) | (9,100) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior period (gain)/cost | — | 2 | (383) | (474) | — | 7 | (1,150) | (1,355) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gain)/losses1 | 10,112 | 8,944 | (140) | 53 | 20,099 | 25,059 | 158 | 154 | ||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (return) | 16,088 | 19,525 | (1,605) | (961) | 38,470 | 55,766 | (3,991) | (2,845) | ||||||||||||||||||||||||||||||||||||||||||
Impact of PUC D&Os | 4,292 | 4,976 | 1,483 | 835 | 20,972 | 17,499 | 3,629 | 2,389 | ||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 20,380 | $ | 24,501 | $ | (122) | $ | (126) | $ | 59,442 | $ | 73,265 | $ | (362) | $ | (456) | ||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 19,610 | $ | 17,921 | $ | 704 | $ | 635 | $ | 59,597 | $ | 53,703 | $ | 2,101 | $ | 1,886 | ||||||||||||||||||||||||||||||||||
Interest cost | 17,614 | 19,183 | 1,398 | 1,764 | 52,676 | 56,613 | 4,406 | 5,327 | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (31,318) | (26,815) | (3,202) | (2,986) | (94,053) | (80,527) | (9,566) | (8,966) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior period (gain)/cost | — | 1 | (383) | (474) | — | 6 | (1,148) | (1,353) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gain)/losses1 | 9,880 | 8,188 | (138) | 53 | 20,651 | 22,925 | 155 | 155 | ||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (return) | 15,786 | 18,478 | (1,621) | (1,008) | 38,871 | 52,720 | (4,052) | (2,951) | ||||||||||||||||||||||||||||||||||||||||||
Impact of PUC D&Os | 4,292 | 4,976 | 1,483 | 835 | 20,972 | 17,499 | 3,629 | 2,389 | ||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 20,078 | $ | 23,454 | $ | (138) | $ | (173) | $ | 59,843 | $ | 70,219 | $ | (423) | $ | (562) |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
Pension benefits | Other benefits | Pension benefits | Other benefits | |||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Service cost | $ | 16,271 | $ | 15,126 | $ | 843 | $ | 831 | $ | 48,635 | $ | 45,430 | $ | 2,530 | $ | 2,499 | ||||||||||||||||
Interest cost | 20,304 | 20,396 | 2,363 | 2,417 | 60,881 | 61,154 | 7,089 | 7,254 | ||||||||||||||||||||||||
Expected return on plan assets | (25,689 | ) | (24,640 | ) | (3,078 | ) | (3,064 | ) | (77,056 | ) | (73,920 | ) | (9,248 | ) | (9,207 | ) | ||||||||||||||||
Amortization of net prior service gain | (14 | ) | (15 | ) | (448 | ) | (449 | ) | (41 | ) | (43 | ) | (1,345 | ) | (1,345 | ) | ||||||||||||||||
Amortization of net actuarial loss | 6,638 | 6,228 | 283 | 200 | 19,858 | 18,605 | 848 | 603 | ||||||||||||||||||||||||
Net periodic pension/benefit cost | 17,510 | 17,095 | (37 | ) | (65 | ) | 52,277 | 51,226 | (126 | ) | (196 | ) | ||||||||||||||||||||
Impact of PUC D&Os | (4,534 | ) | (4,653 | ) | 346 | 336 | (14,557 | ) | (13,464 | ) | 1,019 | 1,008 | ||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 12,976 | $ | 12,442 | $ | 309 | $ | 271 | $ | 37,720 | $ | 37,762 | $ | 893 | $ | 812 | ||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||
Service cost | $ | 15,764 | $ | 14,699 | $ | 839 | $ | 821 | $ | 47,294 | $ | 44,097 | $ | 2,515 | $ | 2,463 | ||||||||||||||||
Interest cost | 18,659 | 18,702 | 2,279 | 2,334 | 55,974 | 56,106 | 6,837 | 7,003 | ||||||||||||||||||||||||
Expected return on plan assets | (23,973 | ) | (22,908 | ) | (3,037 | ) | (3,023 | ) | (71,919 | ) | (68,725 | ) | (9,110 | ) | (9,072 | ) | ||||||||||||||||
Amortization of net prior service loss (gain) | 2 | 3 | (451 | ) | (451 | ) | 6 | 10 | (1,353 | ) | (1,353 | ) | ||||||||||||||||||||
Amortization of net actuarial loss | 6,098 | 5,674 | 275 | 198 | 18,294 | 17,020 | 826 | 595 | ||||||||||||||||||||||||
Net periodic pension/benefit cost | 16,550 | 16,170 | (95 | ) | (121 | ) | 49,649 | 48,508 | (285 | ) | (364 | ) | ||||||||||||||||||||
Impact of PUC D&Os | (4,534 | ) | (4,653 | ) | 346 | 336 | (14,557 | ) | (13,464 | ) | 1,019 | 1,008 | ||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 12,016 | $ | 11,517 | $ | 251 | $ | 215 | $ | 35,092 | $ | 35,044 | $ | 734 | $ | 644 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||
Share-based compensation expense 1 | $ | 1.3 | $ | 1.4 | $ | 6.7 | $ | 5.4 | ||||||||||||||||||
Income tax benefit | 0.1 | 0.2 | 1.0 | 0.9 | ||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||
Share-based compensation expense 1 | 0.1 | — | 2.1 | 1.2 | ||||||||||||||||||||||
Income tax benefit | — | — | 0.4 | 0.3 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
HEI consolidated | ||||||||||||||||
Share-based compensation expense 1 | $ | 1.1 | $ | 1.6 | $ | 4.4 | $ | 3.6 | ||||||||
Income tax benefit | 0.4 | 0.5 | 1.5 | 1.2 | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||
Share-based compensation expense 1 | 0.4 | 0.5 | 1.6 | 1.0 | ||||||||||||
Income tax benefit | 0.2 | 0.2 | 0.6 | 0.4 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Shares granted | — | 19,846 | 35,770 | 19,846 | ||||||||||||
Fair value | $ | — | $ | 0.6 | $ | 1.2 | $ | 0.6 | ||||||||
Income tax benefit | — | 0.2 | 0.5 | 0.2 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Shares granted | — | — | 29,320 | 36,100 | ||||||||||||||||||||||
Fair value | $ | — | $ | — | $ | 1.2 | $ | 1.3 | ||||||||||||||||||
Income tax benefit | — | — | 0.3 | 0.3 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 229,775 | $ | 38.02 | 204,357 | $ | 40.65 | 193,939 | $ | 40.89 | 207,641 | $ | 35.36 | |||||||||||||||||||||||||||||||||||
Granted | 1,432 | 45.09 | — | — | 133,924 | 34.49 | 78,595 | 47.99 | |||||||||||||||||||||||||||||||||||||||
Vested | (343) | 37.83 | — | — | (79,623) | 38.51 | (77,719) | 34.19 | |||||||||||||||||||||||||||||||||||||||
Forfeited | (1,074) | 38.52 | — | — | (18,450) | 39.92 | (4,160) | 35.81 | |||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 229,790 | $ | 38.06 | 204,357 | $ | 40.65 | 229,790 | $ | 38.06 | 204,357 | $ | 40.65 | |||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (in millions) | $ | 0.1 | $ | — | $ | 4.6 | $ | 3.8 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||
Outstanding, beginning of period | 206,483 | $ | 31.50 | 225,752 | $ | 29.59 | 220,683 | $ | 29.57 | 210,634 | $ | 28.82 | |||||||||||||||||||
Granted | — | — | 766 | 30.65 | 97,873 | 33.47 | 95,048 | 29.91 | |||||||||||||||||||||||
Vested | (687 | ) | 24.48 | (4,419 | ) | 27.26 | (89,681 | ) | 28.84 | (83,583 | ) | 27.88 | |||||||||||||||||||
Forfeited | — | — | (2,352 | ) | 29.69 | (23,079 | ) | 31.50 | (2,352 | ) | 29.69 | ||||||||||||||||||||
Outstanding, end of period | 205,796 | $ | 31.53 | 219,747 | $ | 29.64 | 205,796 | $ | 31.53 | 219,747 | $ | 29.64 | |||||||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | — | $ | — | $ | 3.3 | $ | 2.8 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 91,159 | $ | 42.87 | 90,616 | $ | 42.08 | 89,222 | $ | 42.10 | 96,402 | $ | 39.62 | |||||||||||||||||||||||||||||||||||
Granted | 281 | 41.12 | — | — | 46,024 | 41.12 | 24,630 | 48.62 | |||||||||||||||||||||||||||||||||||||||
Vested (issued or unissued and cancelled) | — | — | — | — | (32,355) | 38.20 | (29,409) | 39.51 | |||||||||||||||||||||||||||||||||||||||
Forfeited | (466) | 42.49 | — | — | (11,917) | 43.07 | (1,007) | 41.72 | |||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 90,974 | $ | 42.86 | 90,616 | $ | 42.08 | 90,974 | $ | 42.86 | 90,616 | $ | 42.08 | |||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (in millions) | $ | — | $ | — | $ | 1.9 | $ | 1.2 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||
Outstanding, beginning of period | 33,770 | $ | 39.51 | 83,947 | $ | 22.95 | 83,106 | $ | 22.95 | 162,500 | $ | 27.66 | |||||||||||||||||||
Granted (target level) | — | — | — | — | 37,204 | 39.51 | — | — | |||||||||||||||||||||||
Vested (issued or unissued and cancelled) | — | — | — | — | (83,106 | ) | 22.95 | (78,553 | ) | 32.69 | |||||||||||||||||||||
Forfeited | — | — | (175 | ) | 22.95 | (3,434 | ) | 39.51 | (175 | ) | 22.95 | ||||||||||||||||||||
Outstanding, end of period | 33,770 | $ | 39.51 | 83,772 | $ | 22.95 | 33,770 | $ | 39.51 | 83,772 | $ | 22.95 | |||||||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | — | $ | — | $ | 1.5 | $ | — |
2021 | 2020 | |||||||||||||
Risk-free interest rate | 0.19 | % | 1.39 | % | ||||||||||
Expected life in years | 3 | 3 | ||||||||||||
Expected volatility | 29.9 | % | 13.1 | % | ||||||||||
Range of expected volatility for Peer Group | 25.6% to 102.9% | 13.6% to 95.4% | ||||||||||||
Grant date fair value (per share) | $41.12 | $48.62 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 316,005 | $ | 38.38 | 297,523 | $ | 40.37 | 220,715 | $ | 41.03 | 403,768 | $ | 35.15 | |||||||||||||||||||||||||||||||||||
Granted | 1,125 | 41.12 | — | — | 184,102 | 34.37 | 98,522 | 48.10 | |||||||||||||||||||||||||||||||||||||||
Vested | — | — | — | — | (43,155) | 34.12 | (135,804) | 33.48 | |||||||||||||||||||||||||||||||||||||||
Increase above target (cancelled) | (22,354) | 37.81 | (21,807) | 34.11 | (21,077) | 38.18 | (86,739) | 34.12 | |||||||||||||||||||||||||||||||||||||||
Forfeited | (1,865) | 36.77 | — | — | (47,674) | 38.74 | (4,031) | 39.67 | |||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 292,911 | $ | 38.45 | 275,716 | $ | 40.86 | 292,911 | $ | 38.45 | 275,716 | $ | 40.86 | |||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | $ | — | $ | — | $ | 6.3 | $ | 4.7 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||
Outstanding, beginning of period | 135,078 | $ | 33.47 | 113,550 | $ | 25.18 | 109,816 | $ | 25.18 | 222,647 | $ | 26.02 | |||||||||||||||||||
Granted (target level) | — | — | — | — | 148,818 | 33.47 | — | — | |||||||||||||||||||||||
Vested (issued) | — | — | — | — | (109,816 | ) | 25.18 | (109,097 | ) | 26.89 | |||||||||||||||||||||
Forfeited | — | — | (699 | ) | 25.19 | (13,740 | ) | 33.48 | (699 | ) | 25.19 | ||||||||||||||||||||
Outstanding, end of period | 135,078 | $ | 33.47 | 112,851 | $ | 25.18 | 135,078 | $ | 33.47 | 112,851 | $ | 25.18 | |||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | — | $ | — | $ | 5.0 | $ | — |
Nine months ended September 30 | 2021 | 2020 | ||||||||||||
(in millions) | ||||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
HEI consolidated | ||||||||||||||
Interest paid to non-affiliates, net of amounts capitalized | $ | 61 | $ | 64 | ||||||||||
Income taxes paid (including refundable credits) | 34 | 23 | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||
Interest paid to non-affiliates | 43 | 39 | ||||||||||||
Income taxes paid (including refundable credits) | 20 | 29 | ||||||||||||
Supplemental disclosures of noncash activities | ||||||||||||||
HEI consolidated | ||||||||||||||
Property, plant and equipment | ||||||||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 5 | 9 | ||||||||||||
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) | 30 | 32 | ||||||||||||
Reduction of long-term debt from funds previously transferred for repayment (financing) | — | 82 | ||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations (investing) | 44 | 22 | ||||||||||||
Common stock issued (gross) for director and executive/management compensation (financing)1 | 7 | 16 | ||||||||||||
Obligations to fund low income housing investments (investing) | 9 | 10 | ||||||||||||
Loans transferred from held for investment to held for sale (investing) | 62 | — | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||
Electric utility property, plant and equipment | ||||||||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 5 | 9 | ||||||||||||
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) | 27 | 28 | ||||||||||||
Reduction of long-term debt from funds previously transferred for repayment (financing) | — | 82 | ||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations (investing) | 44 | 16 |
Nine months ended September 30 | 2017 | 2016 | ||||||
(in millions) | ||||||||
Supplemental disclosures of cash flow information | ||||||||
HEI consolidated | ||||||||
Interest paid to non-affiliates | $ | 62 | $ | 61 | ||||
Income taxes paid (including refundable credits) | 32 | 19 | ||||||
Income taxes refunded (including refundable credits) | — | 45 | ||||||
Hawaiian Electric consolidated | ||||||||
Interest paid to non-affiliates | 45 | 43 | ||||||
Income taxes paid (including refundable credits) | 9 | — | ||||||
Income taxes refunded (including refundable credits) | — | 20 | ||||||
Supplemental disclosures of noncash activities | ||||||||
HEI consolidated | ||||||||
Property, plant and equipment | ||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 12 | ||||||
Unpaid invoices and accruals for capital expenditures (investing) | ||||||||
Change during the period | 31 | (6 | ) | |||||
Balance, end of period | 116 | 64 | ||||||
Common stock dividends reinvested in HEI common stock (financing)1 | — | 17 | ||||||
Loans transferred from held for investment to held for sale (investing) | 41 | 14 | ||||||
Common stock issued (gross) for director and executive/management compensation (financing)2 | 11 | 7 | ||||||
Obligations to fund low income housing investments (investing) | 10 | — | ||||||
Hawaiian Electric consolidated | ||||||||
Electric utility property, plant and equipment | ||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 12 | ||||||
Unpaid invoices and accruals for capital expenditures (investing) | ||||||||
Change during the period | 29 | (7 | ) | |||||
Balance, end of period | 113 | 63 |
Estimated fair value | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying or notional amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Available-for-sale investment securities | $ | 2,580,830 | $ | — | $ | 2,565,403 | $ | 15,427 | $ | 2,580,830 | ||||||||||||||||||||||
Held-to-maturity investment securities | 491,871 | — | 484,654 | — | 484,654 | |||||||||||||||||||||||||||
Loans, net | 5,100,178 | — | 54,537 | 5,167,221 | 5,221,758 | |||||||||||||||||||||||||||
Mortgage servicing rights | 10,272 | — | — | 13,712 | 13,712 | |||||||||||||||||||||||||||
Derivative assets | 53,789 | 121 | 494 | — | 615 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Deposit liabilities | 444,897 | — | 445,401 | — | 445,401 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 92,246 | — | 92,246 | — | 92,246 | |||||||||||||||||||||||||||
Other bank borrowings | 129,305 | — | 129,304 | — | 129,304 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 2,244,795 | — | 2,588,972 | — | 2,588,972 | |||||||||||||||||||||||||||
Derivative liabilities | 27,250 | 12 | 3,456 | — | 3,468 | |||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||
Short-term borrowings | — | — | — | — | — | |||||||||||||||||||||||||||
Long-term debt, net | 1,676,223 | — | 1,987,933 | — | 1,987,933 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Available-for-sale investment securities | $ | 1,970,417 | $ | — | $ | 1,943,232 | $ | 27,185 | $ | 1,970,417 | ||||||||||||||||||||||
Held-to-maturity investment securities | 226,947 | — | 229,963 | — | 229,963 | |||||||||||||||||||||||||||
Loans, net | 5,260,917 | — | 28,354 | 5,410,976 | 5,439,330 | |||||||||||||||||||||||||||
Mortgage servicing rights | 10,020 | — | — | 10,705 | 10,705 | |||||||||||||||||||||||||||
Derivative assets | 120,980 | — | 4,536 | — | 4,536 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Deposit liabilities | 548,830 | — | 552,800 | — | 552,800 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 129,379 | — | 129,379 | — | 129,379 | |||||||||||||||||||||||||||
Other bank borrowings | 89,670 | — | 89,669 | — | 89,669 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 2,119,129 | — | 2,487,790 | — | 2,487,790 | |||||||||||||||||||||||||||
Derivative liabilities | 137,500 | 500 | 4,530 | — | 5,030 | |||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||
Short-term borrowings | 49,979 | — | 49,979 | — | 49,979 | |||||||||||||||||||||||||||
Long-term debt, net | 1,561,302 | — | 1,890,490 | — | 1,890,490 | |||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||
Carrying or notional amount | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Available-for-sale investment securities | $ | 1,320,110 | $ | — | $ | 1,304,683 | $ | 15,427 | $ | 1,320,110 | ||||||||||
Stock in Federal Home Loan Bank | 9,706 | — | 9,706 | — | 9,706 | |||||||||||||||
Loans receivable, net | 4,638,962 | 13,260 | 2,468 | 4,791,209 | 4,806,937 | |||||||||||||||
Mortgage servicing rights | 9,070 | — | — | 12,091 | 12,091 | |||||||||||||||
Bank-owned life insurance | 147,391 | — | 147,391 | — | 147,391 | |||||||||||||||
Derivative assets | 8,399 | — | 591 | — | 591 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Derivative assets-window forward contracts | 8,014 | — | 584 | — | 584 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Deposit liabilities | 5,752,326 | — | 5,748,858 | — | 5,748,858 | |||||||||||||||
Short-term borrowings—other than bank | 24,498 | — | 24,498 | — | 24,498 | |||||||||||||||
Other bank borrowings | 153,552 | — | 153,717 | — | 153,717 | |||||||||||||||
Long-term debt, net—other than bank | 1,618,446 | — | 1,747,972 | — | 1,747,972 | |||||||||||||||
Derivative liabilities | 500 | 2 | — | — | 2 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Short-term borrowings | 6,000 | — | 6,000 | — | 6,000 | |||||||||||||||
Long-term debt, net | 1,318,623 | — | 1,441,855 | — | 1,441,855 | |||||||||||||||
December 31, 2016 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Money market funds | $ | 13,085 | $ | — | $ | 13,085 | $ | — | $ | 13,085 | ||||||||||
Available-for-sale investment securities | 1,105,182 | — | 1,089,755 | 15,427 | 1,105,182 | |||||||||||||||
Stock in Federal Home Loan Bank | 11,218 | — | 11,218 | — | 11,218 | |||||||||||||||
Loans receivable, net | 4,701,977 | — | 13,333 | 4,839,493 | 4,852,826 | |||||||||||||||
Mortgage servicing rights | 9,373 | — | — | 13,216 | 13,216 | |||||||||||||||
Bank-owned life insurance | 143,197 | — | 143,197 | — | 143,197 | |||||||||||||||
Derivative assets | 23,578 | — | 453 | — | 453 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Deposit liabilities | 5,548,929 | — | 5,546,644 | — | 5,546,644 | |||||||||||||||
Other bank borrowings | 192,618 | — | 193,991 | — | 193,991 | |||||||||||||||
Long-term debt, net—other than bank | 1,619,019 | — | 1,704,717 | — | 1,704,717 | |||||||||||||||
Derivative liabilities | 53,852 | 129 | 823 | — | 952 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Long-term debt, net | 1,319,260 | — | 1,399,490 | — | 1,399,490 | |||||||||||||||
Derivative liabilities-window forward contracts | 20,734 | — | 743 | — | 743 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Available-for-sale investment securities (bank segment) | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | $ | — | $ | 2,441,683 | $ | — | $ | — | $ | 1,849,559 | $ | — | ||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | — | 92,075 | — | — | 62,322 | — | ||||||||||||||||||||||||||||||||
Corporate bonds | — | 31,645 | — | — | 31,351 | — | ||||||||||||||||||||||||||||||||
Mortgage revenue bonds | — | — | 15,427 | — | — | 27,185 | ||||||||||||||||||||||||||||||||
$ | — | $ | 2,565,403 | $ | 15,427 | $ | — | $ | 1,943,232 | $ | 27,185 | |||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments (bank segment)1 | $ | — | $ | 308 | $ | — | $ | — | $ | 4,536 | $ | — | ||||||||||||||||||||||||||
Forward commitments (bank segment)1 | 121 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest rate swap (Other segment)2 | — | 186 | — | — | — | — | ||||||||||||||||||||||||||||||||
$ | 121 | $ | 494 | $ | — | $ | — | $ | 4,536 | $ | — | |||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||
Forward commitments (bank segment)1 | $ | 12 | $ | — | $ | — | $ | 500 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rate swap (Other segment)2 | — | 3,456 | — | — | 4,530 | — | ||||||||||||||||||||||||||||||||
$ | 12 | $ | 3,456 | $ | — | $ | 500 | $ | 4,530 | $ | — |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (“other” segment) | $ | — | $ | — | $ | — | $ | — | $ | 13,085 | $ | — | ||||||||||||
Available-for-sale investment securities (bank segment) | ||||||||||||||||||||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | $ | — | $ | 1,122,565 | $ | — | $ | — | $ | 897,474 | $ | — | ||||||||||||
U.S. Treasury and federal agency obligations | — | 182,118 | — | — | 192,281 | — | ||||||||||||||||||
Mortgage revenue bond | — | — | 15,427 | — | — | 15,427 | ||||||||||||||||||
$ | — | $ | 1,304,683 | $ | 15,427 | $ | — | $ | 1,089,755 | $ | 15,427 | |||||||||||||
Derivative assets | ||||||||||||||||||||||||
Interest rate lock commitments (bank segment) 1 | $ | — | $ | 7 | $ | — | $ | — | $ | 445 | $ | — | ||||||||||||
Forward commitments (bank segment) 1 | — | — | — | — | 8 | — | ||||||||||||||||||
Window forward contracts (electric utility segment)2 | — | 584 | — | — | — | — | ||||||||||||||||||
$ | — | $ | 591 | $ | — | $ | — | $ | 453 | $ | — | |||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest rate lock commitments (bank segment) 1 | $ | — | $ | — | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Forward commitments (bank segment) 1 | 2 | — | — | 129 | 56 | — | ||||||||||||||||||
Window forward contracts (electric utility segment)2 | — | — | — | — | 743 | — | ||||||||||||||||||
$ | 2 | $ | — | $ | — | $ | 129 | $ | 823 | $ | — |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
Mortgage revenue bonds | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Beginning balance | $ | 15,427 | $ | 28,827 | $ | 27,185 | $ | 28,597 | ||||||||||||||||||
Principal payments received | — | (1,642) | (11,758) | (1,642) | ||||||||||||||||||||||
Purchases | — | — | — | 230 | ||||||||||||||||||||||
Unrealized gain (loss) included in other comprehensive income | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 15,427 | $ | 27,185 | $ | 15,427 | $ | 27,185 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||
Mortgage revenue bond | 2017 | 2016 | 2017 | 2016 | ||||||||||
(in thousands) | ||||||||||||||
Beginning balance | $ | 15,427 | $ | — | $ | 15,427 | $ | — | ||||||
Principal payments received | — | — | — | — | ||||||||||
Purchases | — | — | — | — | ||||||||||
Unrealized gain (loss) included in other comprehensive income | — | — | — | — | ||||||||||
Ending balance | $ | 15,427 | $ | — | $ | 15,427 | $ | — |
Fair value measurements using | ||||||||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||
Loans | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Loans | 387 | — | — | 387 | ||||||||||||||||||||||
Mortgage servicing rights | 3,001 | — | — | 3,001 | ||||||||||||||||||||||
Fair value measurements | ||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2017 | ||||||||||||||||
Loans | $ | 2,881 | $ | — | $ | — | $ | 2,881 | ||||||||
Real estate acquired in settlement of loans | 93 | — | — | 93 | ||||||||||||
December 31, 2016 | ||||||||||||||||
Loans | 2,767 | — | — | 2,767 | ||||||||||||
Real estate acquired in settlement of loans | 1,189 | — | — | 1,189 |
Significant unobservable input value (1) | ||||||||||||
($ in thousands) | Fair value | Valuation technique | Significant unobservable input | Range | Weighted Average | |||||||
September 30, 2017 | ||||||||||||
Residential loans | $ | 731 | Fair value of collateral | Appraised value less 7% selling cost | 50-91% | 69% | ||||||
Commercial loans | 2,150 | Fair value of collateral | Appraised value | 72-76% | 76% | |||||||
Total loans | $ | 2,881 | ||||||||||
Real estate acquired in settlement of loans | $ | 93 | Sales price | Sales price less 7% selling cost | N/A (2) | |||||||
December 31, 2016 | ||||||||||||
Residential loans | $ | 2,468 | Sales price | Sales price | 95-100% | 97% | ||||||
Residential loans | 287 | Fair value of property or collateral | Appraised value less 7% selling cost | 42-65% | 61% | |||||||
Home equity lines of credit | 12 | Fair value of property or collateral | Appraised value less 7% selling cost | N/A (2) | ||||||||
Total loans | $ | 2,767 | ||||||||||
Real estate acquired in settlement of loans | $ | 1,189 | Fair value of property or collateral | Appraised value less 7% selling cost | 100% | 100% |
Significant unobservable input value (1) | ||||||||||||||||||||||||||||||||
($ in thousands) | Fair value | Valuation technique | Significant unobservable input | Range | Weighted Average | |||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||
Residential | $ | 125 | Fair value of property or collateral | Appraised value less selling cost | N/A (2) | N/A (2) | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Commercial loan | $ | 387 | Fair value of collateral | Appraised value less selling cost | N/A (2) | N/A (2) | ||||||||||||||||||||||||||
Mortgage servicing rights | 3,001 | Discounted cash flow | Prepayment speed | 15% - 22% | 22 | % | ||||||||||||||||||||||||||
Discount rate | 9.3 | % |
(in thousands, except per | Three months ended September 30 | % | |||||||||||
share amounts) | 2017 | 2016 | change | Primary reason(s)* | |||||||||
Revenues | $ | 673,185 | $ | 646,055 | 4 | Increases for the electric utility and bank segments | |||||||
Operating income | 109,545 | 105,442 | 4 | Increase for the bank segment and lower losses for the “other” segment, partly offset by a decrease at the electric utility segment | |||||||||
Merger termination fee | — | 90,000 | (100 | ) | See Note 12 of the Condensed Consolidated Financial Statements | ||||||||
Net income for common stock | 60,073 | 127,142 | (53 | ) | Merger termination fee at corporate in 2016 (in the “other” segment), partly offset by higher bank net income in 2017 | ||||||||
Basic earnings per common share | $ | 0.55 | $ | 1.17 | (53 | ) | Lower net income | ||||||
Weighted-average number of common shares outstanding | 108,786 | 108,268 | — | Issuances of shares under the HEI Dividend Reinvestment and Stock Purchase Plan and other plans |
Three months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 756,904 | $ | 641,427 | 18 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 97,316 | 99,561 | (2) | Primarily decrease for electric utility segment due to higher operating expenses, partly offset by increase for bank segment | ||||||||||||||||||||||
Net income for common stock | 63,415 | 65,032 | (2) | Primarily lower net income for electric utility segment, partly offset by higher net income at bank segment. |
Nine months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 2,080,107 | $ | 1,927,558 | 8 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 297,203 | 230,819 | 29 | Primarily increase for the electric utility and bank segments | ||||||||||||||||||||||
Net income for common stock | 191,645 | 147,339 | 30 | Primarily higher net income at the electric utility and bank segments. See below for effective tax rate explanation. | ||||||||||||||||||||||
(in thousands, except per | Nine months ended September 30 | % | |||||||||||
share amounts) | 2017 | 2016 | change | Primary reason(s)* | |||||||||
Revenues | $ | 1,897,028 | $ | 1,763,259 | 8 | Increases for the electric utility and bank segments | |||||||
Operating income | 253,303 | 259,748 | (2 | ) | Decrease for the electric utility segment, partly offset by an increase at the bank segment and lower losses for the “other” segment | ||||||||
Merger termination fee | — | 90,000 | (100 | ) | See Note 12 of the Condensed Consolidated Financial Statements | ||||||||
Net income for common stock | 132,927 | 203,622 | (35 | ) | Merger termination fee at corporate in 2016 (in the “other” segment) and lower net income at the electric utility segment, partly offset by higher net income at the bank segment | ||||||||
Basic earnings per common share | $ | 1.22 | $ | 1.89 | (35 | ) | Lower net income | ||||||
Weighted-average number of common shares outstanding | 108,737 | 107,951 | 1 | Issuances of shares under the HEI Dividend Reinvestment and Stock Purchase Plan and other plans |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | Primary reason(s) | |||||||||||||||||||||||||||
Revenues | $ | 1,197 | $ | 215 | $ | 3,266 | $ | 237 | Increase in other sales at Pacific Current subsidiaries. | |||||||||||||||||||||||
Operating loss | (2,933) | (4,457) | (14,946) | (12,854) | The third quarters of 2021 and 2020 include $1.3 million and $0.2 million, respectively, of operating income from Pacific Current1. Third quarter 2021 corporate expense was $0.4 million lower than the same period of 2020, primarily due to a decrease in administrative and general expenses. The first nine months of 2021 and 2020 include $2.6 million and $2.0 million, respectively, of operating income from Pacific Current1. Corporate expenses for the first nine months of 2021 was $2.7 million higher than the same period in 2020, primarily due to higher incentive compensation, higher charitable contribution expense related to an obligation to make matching contributions under a settlement agreement with the former President and Chief Executive Officer of the Bank and higher charitable donations, due to timing of contributions. | |||||||||||||||||||||||||||
Net loss | (6,192) | (7,183) | (23,061) | (20,885) | The net loss for the third quarter of 2021 was lower than the net loss for the third quarter of 2020 and net loss for the first nine months of 2021 was higher than the net loss for the first nine months of 2020 due to the same factors cited for the change in operating loss. |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | Primary reason(s) | |||||||||||||
Revenues | $ | 127 | $ | 94 | $ | 299 | $ | 262 | ||||||||||
Operating loss | (4,295 | ) | (7,097 | ) | (13,478 | ) | (18,621 | ) | Third quarter and first nine months of 2016 merger and spin-off-related expenses (see below) and lower other administrative and general expenses in the third quarter and first nine months of 2017 | |||||||||
Merger termination fee | — | 90,000 | — | 90,000 | See Note 12 of the Condensed Consolidated Financial Statements | |||||||||||||
Net income (loss) | (5,006 | ) | 65,064 | (11,807 | ) | 54,362 | Third quarter of 2016 merger termination fee and $8 million of tax benefits on previously non-deductible expenses related to the previously proposed merger with NEE and spin-off of ASBH and tax benefits recognized for the Domestic Production Activities Deduction in 2016 (see Note 9 of the Condensed Consolidated Financial Statements) |
Three months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 756,904 | $ | 641,427 | 18 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 97,316 | 99,561 | (2) | Primarily decrease for electric utility segment due to higher operating expenses, partly offset by increase for bank segment | ||||||||||||||||||||||
Net income for common stock | 63,415 | 65,032 | (2) | Primarily lower net income for electric utility segment, partly offset by higher net income at bank segment. |
Nine months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 2,080,107 | $ | 1,927,558 | 8 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 297,203 | 230,819 | 29 | Primarily increase for the electric utility and bank segments | ||||||||||||||||||||||
Net income for common stock | 191,645 | 147,339 | 30 | Primarily higher net income at the electric utility and bank segments. See below for effective tax rate explanation. | ||||||||||||||||||||||
(dollars in millions) | September 30, 2017 | December 31, 2016 | ||||||||||||
Short-term borrowings—other than bank | $ | 25 | — | % | $ | — | — | % | ||||||
Long-term debt, net—other than bank | 1,618 | 43 | 1,619 | 43 | ||||||||||
Preferred stock of subsidiaries | 34 | 1 | 34 | 1 | ||||||||||
Common stock equity | 2,103 | 56 | 2,067 | 56 | ||||||||||
$ | 3,780 | 100 | % | $ | 3,720 | 100 | % |
Average balance | Balance | |||||||||||
(in millions) | Nine months ended September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Short-term borrowings 1 | ||||||||||||
Commercial paper | $ | 3 | $ | 19 | $ | — | ||||||
Line of credit draws | — | — | — | |||||||||
Undrawn capacity under HEI’s line of credit facility | 150 | 150 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | Primary reason(s) | |||||||||||||||||||||||||||
Revenues | $ | 1,197 | $ | 215 | $ | 3,266 | $ | 237 | Increase in other sales at Pacific Current subsidiaries. | |||||||||||||||||||||||
Operating loss | (2,933) | (4,457) | (14,946) | (12,854) | The third quarters of 2021 and 2020 include $1.3 million and $0.2 million, respectively, of operating income from Pacific Current1. Third quarter 2021 corporate expense was $0.4 million lower than the same period of 2020, primarily due to a decrease in administrative and general expenses. The first nine months of 2021 and 2020 include $2.6 million and $2.0 million, respectively, of operating income from Pacific Current1. Corporate expenses for the first nine months of 2021 was $2.7 million higher than the same period in 2020, primarily due to higher incentive compensation, higher charitable contribution expense related to an obligation to make matching contributions under a settlement agreement with the former President and Chief Executive Officer of the Bank and higher charitable donations, due to timing of contributions. | |||||||||||||||||||||||||||
Net loss | (6,192) | (7,183) | (23,061) | (20,885) | The net loss for the third quarter of 2021 was lower than the net loss for the third quarter of 2020 and net loss for the first nine months of 2021 was higher than the net loss for the first nine months of 2020 due to the same factors cited for the change in operating loss. |
Three months ended September 30 | Increase | |||||||||||||||
2017 | 2016 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||
$ | 599 | $ | 572 | $ | 27 | Revenues. Net increase largely due to: | ||||||||||
$ | 25 | higher fuel oil prices1 | ||||||||||||||
5 | higher RAM revenues | |||||||||||||||
2 | higher purchased power energy costs2 | |||||||||||||||
(5 | ) | lower KWH generated | ||||||||||||||
146 | 129 | 17 | Fuel oil expense. Increase due to higher fuel oil prices, partially offset by lower KWH generated | |||||||||||||
160 | 158 | 2 | Purchased power expense. Increase due to higher fuel oil prices | |||||||||||||
100 | 95 | 5 | Operation and maintenance expenses. Net increase due to: | |||||||||||||
6 | higher overhaul costs due to more overhauls being performed in 2017 | |||||||||||||||
2 | ERP project costs commencing in 2017 | |||||||||||||||
(1 | ) | lower production operating and maintenance cost | ||||||||||||||
(1 | ) | PSIP consulting costs incurred in 2016 | ||||||||||||||
105 | 101 | 4 | Other expenses. Increase due to higher revenue taxes from higher revenue, coupled with higher depreciation expense for plant investments in 2016 | |||||||||||||
87 | 90 | (3 | ) | Operating income. Decrease due to higher O&M and other expenses | ||||||||||||
47 | 47 | — | Net income for common stock. Lower operating income, offset by higher AFUDC in 2017 due to larger capital projects, primarily Schofield generating station | |||||||||||||
2,340 | 2,372 | (32 | ) | Kilowatthour sales (millions)4 | ||||||||||||
$ | 66.73 | $ | 57.72 | $ | 9.01 | Average fuel oil cost per barrel1 |
Three months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 756,904 | $ | 641,427 | 18 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 97,316 | 99,561 | (2) | Primarily decrease for electric utility segment due to higher operating expenses, partly offset by increase for bank segment | ||||||||||||||||||||||
Net income for common stock | 63,415 | 65,032 | (2) | Primarily lower net income for electric utility segment, partly offset by higher net income at bank segment. |
Nine months ended September 30 | % | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | change | Primary reason(s)* | ||||||||||||||||||||||
Revenues | $ | 2,080,107 | $ | 1,927,558 | 8 | Primarily increase for the electric utility segment | ||||||||||||||||||||
Operating income | 297,203 | 230,819 | 29 | Primarily increase for the electric utility and bank segments | ||||||||||||||||||||||
Net income for common stock | 191,645 | 147,339 | 30 | Primarily higher net income at the electric utility and bank segments. See below for effective tax rate explanation. | ||||||||||||||||||||||
Nine months ended September 30 | Increase | |||||||||||||||
2017 | 2016 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||
$ | 1,674 | $ | 1,550 | $ | 124 | Revenues. Net increase largely due to: | ||||||||||
$ | 114 | higher fuel oil prices1 | ||||||||||||||
35 | higher purchased power energy costs2 | |||||||||||||||
(20 | ) | lower RAM revenues due to expiration of 2013 settlement agreement that allowed the accrual of RAM revenues on January 1 (vs. June 1) for years 2014 to 2016 at Hawaiian Electric | ||||||||||||||
(7 | ) | lower KWH generated | ||||||||||||||
432 | 334 | 98 | Fuel oil expense. Increase due to higher fuel oil prices, partially offset by lower KWH generated | |||||||||||||
441 | 413 | 28 | Purchased power expense. Increase due to higher fuel oil prices | |||||||||||||
307 | 298 | 9 | Operation and maintenance expenses. Net increase due to: | |||||||||||||
6 | higher overhaul costs due to more overhauls being performed in 2017 | |||||||||||||||
4 | ERP project costs commencing in 2017 | |||||||||||||||
2 | higher transmission and distribution operating and maintenance costs | |||||||||||||||
1 | Grid modernization consultant costs | |||||||||||||||
1 | write off of portion of deferred Geothermal RFP costs | |||||||||||||||
1 | additional reserves for environmental costs in 20173 | |||||||||||||||
(4 | ) | PSIP consulting costs incurred in 2016 | ||||||||||||||
(3 | ) | LNG consulting costs incurred in 2016 to negotiate an LNG contract that was subsequently terminated following HEI/NextEra merger termination | ||||||||||||||
304 | 289 | 15 | Other expenses. Increase due to higher revenue taxes from higher revenue, coupled with higher depreciation expense for plant investments in 2016 | |||||||||||||
191 | 216 | (25 | ) | Operating income. Decrease due to lower RAM revenues and higher O&M and other expenses | ||||||||||||
95 | 108 | (13 | ) | Net income for common stock. Decrease due to lower operating income, partially offset by resulting lower income taxes | ||||||||||||
6,528 | 6,613 | (85 | ) | Kilowatthour sales (millions)4 | ||||||||||||
$ | 67.42 | $ | 52.06 | $ | 15.36 | Average fuel oil cost per barrel1 | ||||||||||
461,408 | 459,590 | 1,818 | Customer accounts (end of period) |
% | Rate-making Return on rate base (RORB)* | ROACE** | Rate-making ROACE*** | ||||||||||||||||||||||||
Twelve months ended September 30, 2017 | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||||||||||||
Utility returns | 6.77 | 6.71 | 6.83 | 7.35 | 6.54 | 6.99 | 7.99 | 7.54 | 7.96 | ||||||||||||||||||
PUC-allowed returns | 8.11 | 7.80 | 7.34 | 10.00 | 9.50 | 9.00 | 10.00 | 9.50 | 9.00 | ||||||||||||||||||
Difference | (1.34 | ) | (1.09 | ) | (0.51 | ) | (2.65 | ) | (2.96 | ) | (2.01 | ) | (2.01 | ) | (1.96 | ) | (1.04 | ) |
Test year (dollars in millions) | Date (filed/ implemented) | Amount | % over rates in effect | ROACE (%) | RORB (%) | Rate base | Common equity % | Stipulated agreement reached with Consumer Advocate | ||||||||||||||||
Hawaiian Electric | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Request | 6/27/14 | |||||||||||||||||||||||
2017 | ||||||||||||||||||||||||
Request | 12/16/16 | $ | 106.4 | 6.9 | 10.60 | 8.28 | $ | 2,002 | 57.36 | |||||||||||||||
Hawaii Electric Light | ||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
Request | 9/19/16 | $ | 19.3 | 6.5 | 10.60 | 8.44 | $ | 479 | 57.12 | Yes | ||||||||||||||
Interim increase | 8/31/17 | 9.9 | 3.4 | 9.50 | 7.80 | 482 | 56.69 | |||||||||||||||||
Maui Electric | ||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Request | 12/30/14 | |||||||||||||||||||||||
2018 | ||||||||||||||||||||||||
Request | 10/12/17 | $ | 30.1 | 9.3 | 10.60 | 8.05 | $ | 473 | 56.94 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | Primary reason(s) | |||||||||||||||||||||||||||
Revenues | $ | 1,197 | $ | 215 | $ | 3,266 | $ | 237 | Increase in other sales at Pacific Current subsidiaries. | |||||||||||||||||||||||
Operating loss | (2,933) | (4,457) | (14,946) | (12,854) | The third quarters of 2021 and 2020 include $1.3 million and $0.2 million, respectively, of operating income from Pacific Current1. Third quarter 2021 corporate expense was $0.4 million lower than the same period of 2020, primarily due to a decrease in administrative and general expenses. The first nine months of 2021 and 2020 include $2.6 million and $2.0 million, respectively, of operating income from Pacific Current1. Corporate expenses for the first nine months of 2021 was $2.7 million higher than the same period in 2020, primarily due to higher incentive compensation, higher charitable contribution expense related to an obligation to make matching contributions under a settlement agreement with the former President and Chief Executive Officer of the Bank and higher charitable donations, due to timing of contributions. | |||||||||||||||||||||||||||
Net loss | (6,192) | (7,183) | (23,061) | (20,885) | The net loss for the third quarter of 2021 was lower than the net loss for the third quarter of 2020 and net loss for the first nine months of 2021 was higher than the net loss for the first nine months of 2020 due to the same factors cited for the change in operating loss. |
(dollars in millions) | September 30, 2017 | December 31, 2016 | ||||||||||||
Short-term borrowings | $ | 6 | — | % | $ | — | — | % | ||||||
Long-term debt, net | 1,319 | 41 | 1,319 | 42 | ||||||||||
Preferred stock | 34 | 1 | 34 | 1 | ||||||||||
Common stock equity | 1,829 | 58 | 1,800 | 57 | ||||||||||
$ | 3,188 | 100 | % | $ | 3,153 | 100 | % |
Average balance | Balance | |||||||||||
(in millions) | Nine months ended September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Short-term borrowings 1 | ||||||||||||
Commercial paper | $ | 6 | $ | 6 | $ | — | ||||||
Line of credit draws | — | — | — | |||||||||
Borrowings from HEI | 2 | — | — | |||||||||
Undrawn capacity under line of credit facility | 200 | 200 |
Nine months ended September 30, | |||||||||||
(in thousands) | 2017 | 2016 | Change | ||||||||
Net cash provided by operating activities | $ | 229,902 | $ | 275,271 | $ | (45,369 | ) | ||||
Net cash used in investing activities | (229,287 | ) | (226,036 | ) | (3,251 | ) | |||||
Net cash used in financing activities | (64,914 | ) | (50,707 | ) | (14,207 | ) |
Three months ended September 30 | Increase | |||||||||||||
(in millions) | 2017 | 2016 | (decrease) | Primary reason(s) | ||||||||||
Interest income | $ | 59 | $ | 55 | $ | 4 | The increase in interest income was the result of a higher average investment securities portfolio balance and an increase in yields on earning assets. ASB’s average loan portfolio balance for the three months ended September 30, 2017 decreased by $68 million compared to the same period in 2016 as increases in average consumer and home equity lines of credit balances of $54 million and $31 million, respectively, were more than offset by a decrease in commercial loan balances of $132 million. The decrease in the average commercial loan balance was primarily due to a decrease in the syndicated national credit loan portfolio and paydowns in the commercial loan portfolio. The yield on earning assets increased by 8 basis points due to the repricing of the adjustable rate loans with the increase in the interest rate environment and a shift in the mix of the loan portfolio with the growth in the consumer loan portfolio, which resulted in an increase in the loan portfolio yield of 20 basis points. The average investment securities portfolio balance increased by $378 million due to the use of excess liquidity to purchase investments. The yield on the investment securities portfolio increased by 8 basis points as new investment purchase yields were higher due to the increase in short-term interest rates. | |||||||
Noninterest income | 15 | 19 | (4 | ) | Noninterest income decreased for the three months ended September 30, 2017 compared to noninterest income for the three months ended September 30, 2016 due to lower mortgage banking income. Prior year’s noninterest income included a gain on sale of real estate with no similar sale in 2017. | |||||||||
Revenues | 74 | 74 | — | |||||||||||
Interest expense | 3 | 3 | — | Interest expense was flat for the three months ended September 30, 2017 compared to the same period in 2016 as higher interest expense from the growth in term certificates was offset by lower interest expense on other borrowings as a result of lower repurchase agreements and FHLB advances. Average deposit balances for the three months ended September 30, 2017 increased by $392 million compared to the same period in 2016 due to an increase in core deposits and term certificates of $303 million and $89 million, respectively. Other borrowings decreased by $105 million primarily due to a decrease in repurchase agreements and FHLB advances of $72 million and $33 million, respectively. The interest-bearing liability rate for the three months ended September 30, 2017 decreased by 5 basis points compared to the same period in 2016. | ||||||||||
Provision for loan losses | 1 | 6 | (5 | ) | The provision for loan losses decreased by $5.3 million for the three months ended September 30, 2017 compared to the provision for loan losses for the three months ended September 30, 2016. The provision for loan losses for 2017 was primarily due to increased loan loss reserves for the consumer loan portfolio partly offset by the release of reserves for the commercial real estate and syndicated national credit loan portfolios due to loan paydowns and sales as the Bank strategically worked to improve commercial asset quality. The provision for loan losses for 2016 was primarily due to increased reserves for growth in the loan portfolio, additional loan loss reserves for the consumer loan portfolio and loan loss reserves for commercial loans due to downgrades of specific commercial credits. Delinquency rates have increased from 0.51% at September 30, 2016 to 0.60% at September 30, 2017. The annualized net charge-off ratio for the three months ended September 30, 2017 was 0.32% compared to an annualized net charge-off ratio of 0.20% for the same period in 2016. The increase in net charge-offs were due to an increase in consumer loan portfolio charge-offs as a result of ASB’s strategic expansion of its unsecured consumer loan product offering with risk-based pricing. | |||||||||
Noninterest expense | 44 | 42 | 2 | The increase in noninterest expense for the three months ended September 30, 2017 compared to the same period in 2016 was primarily due to higher compensation and employee benefits expenses as a result of higher performance-based compensation costs and higher employee benefit costs. | ||||||||||
Expenses | 48 | 51 | (3 | ) | ||||||||||
Operating income | 26 | 23 | 3 | Higher net interest income and lower provision for loan losses was partly offset by higher noninterest expenses and lower noninterest income. | ||||||||||
Net income | 18 | 15 | 3 |
Nine months ended September 30 | Increase | |||||||||||||
(in millions) | 2017 | 2016 | (decrease) | Primary reason(s) | ||||||||||
Interest income | $ | 176 | $ | 163 | $ | 13 | The increase in interest income was the result of higher average earning asset balances and an increase in yields on earning assets. ASB’s average loan portfolio balance for the nine months ended September 30, 2017 increased by $17 million compared to the same period in 2016 as average consumer, commercial real estate and home equity lines of credit balances increased by $58 million, $48 million and $23 million, respectively. The growth in these loan portfolios was reflective of ASB’s portfolio mix target and loan growth strategy. The average commercial loan balance decreased by $103 million primarily due to a decrease in the syndicated national credit loan portfolio. The yield on earning assets increased by 7 basis points due to a shift in the mix of the loan portfolio with the growth in the commercial real estate and consumer loan portfolios and repricing of the adjustable rate loans with the increase in the interest rate environment, which resulted in an increase in loan portfolio yields of 17 basis points. The average investment securities portfolio balance increased by $358 million due to the use of excess liquidity to purchase investments. The yield on the investment securities portfolio increased by 9 basis points as new investment purchase yields were higher due to the increase in short-term interest rates. | |||||||
Noninterest income | 47 | 50 | (3 | ) | Noninterest income decreased slightly for the nine months ended September 30, 2017 compared to noninterest income for the nine months ended September 30, 2016 due to lower mortgage banking income. Prior year’s noninterest income included gains on sales of securities and a gain on sale of real estate with no similar sales in 2017. | |||||||||
Revenues | 223 | 213 | 10 | |||||||||||
Interest expense | 9 | 10 | (1 | ) | Interest expense was lower for the nine months ended September 30, 2017 compared to the same period in 2016 as higher interest expense from the growth in term certificates was more than offset by lower interest expense on other borrowings as a result of lower repurchase agreements and FHLB advances. Average deposit balances for the nine months ended September 30, 2017 increased by $471 million compared to the same period in 2016 due to an increase in core deposits and term certificates of $334 million and $137 million, respectively. Other borrowings decreased by $102 million primarily due to a decrease in repurchase agreements. The interest-bearing liability rate for the nine months ended September 30, 2017 decreased by 3 basis points compared to the same period in 2016. | |||||||||
Provision for loan losses | 7 | 15 | (8 | ) | The provision for loan losses decreased by $8.0 million for the nine months ended September 30, 2017 compared to the provision for loan losses for the nine months ended September 30, 2016. The provision for loan losses for the first nine months of 2017 was primarily due to increased loan loss reserves for the consumer loan portfolio partly offset by the release of reserves for the commercial real estate and syndicated national credit loan portfolios due to lower outstanding balances and improved credit quality. The provision for loan losses for the first nine months of 2016 was primarily due to increased reserves for growth in the loan portfolio, additional loan loss reserves for the consumer loan portfolio and loan loss reserves for commercial loans due to downgrades of specific commercial credits. Delinquency rates have increased from 0.51% at September 30, 2016 to 0.60% at September 30, 2017. The annualized net charge-off ratio for the nine months ended September 30, 2017 was 0.27% compared to an annualized net charge-off ratio of 0.19% for the same period in 2016. The increase in net charge-offs for the first nine months of 2017 was due to an increase in consumer loan portfolio charge-offs as a result of ASB’s strategic expansion of its unsecured consumer loan product offering with risk-based pricing. | |||||||||
Noninterest expense | 131 | 126 | 5 | The increase in noninterest expense for the nine months ended September 30, 2017 compared to the same period in 2016 was primarily due to higher compensation and employee benefits expenses as a result of higher performance-based compensation costs and higher employee benefit costs. Prior year’s noninterest expense included costs related to the replacement and upgrade of the electronic banking platform. | ||||||||||
Expenses | 147 | 151 | (4 | ) | ||||||||||
Operating income | 76 | 62 | 14 | Higher net interest income and lower provision for loan losses was partly offset by higher noninterest expenses and lower noninterest income. | ||||||||||
Net income | 50 | 41 | 9 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||
(percent) | 2017 | 2016 | 2017 | 2016 | ||||||||
Return on average assets | 1.07 | 0.97 | 1.02 | 0.89 | ||||||||
Return on average equity | 11.64 | 10.36 | 11.24 | 9.50 | ||||||||
Net interest margin | 3.69 | 3.57 | 3.68 | 3.59 |
Three months ended September 30 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(dollars in thousands) | Average balance | Interest1 income/ expense | Yield/ rate (%) | Average balance | Interest1 income/ expense | Yield/ rate (%) | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest-earning deposits | $ | 54,598 | $ | 172 | 1.23 | $ | 97,885 | $ | 124 | 0.50 | ||||||||||||
FHLB stock | 10,401 | 45 | 1.70 | 11,218 | 54 | 1.89 | ||||||||||||||||
Available-for-sale investment securities | ||||||||||||||||||||||
Taxable | 1,291,604 | 6,521 | 2.02 | 928,698 | 4,581 | 1.97 | ||||||||||||||||
Non-taxable | 15,427 | 171 | 4.33 | — | — | — | ||||||||||||||||
Total available-for-sale investment securities | 1,307,031 | 6,692 | 2.05 | 928,698 | 4,581 | 1.97 | ||||||||||||||||
Loans | ||||||||||||||||||||||
Residential 1-4 family | 2,066,648 | 21,383 | 4.14 | 2,077,135 | 22,044 | 4.24 | ||||||||||||||||
Commercial real estate | 880,304 | 9,542 | 4.26 | 888,886 | 9,113 | 4.08 | ||||||||||||||||
Home equity line of credit | 895,224 | 7,714 | 3.42 | 864,589 | 7,204 | 3.31 | ||||||||||||||||
Residential land | 16,340 | 296 | 7.26 | 18,764 | 282 | 6.00 | ||||||||||||||||
Commercial | 618,708 | 6,863 | 4.39 | 750,366 | 7,327 | 3.87 | ||||||||||||||||
Consumer | 213,619 | 6,412 | 11.91 | 159,226 | 4,474 | 11.18 | ||||||||||||||||
Total loans 2,3 | 4,690,843 | 52,210 | 4.42 | 4,758,966 | 50,444 | 4.22 | ||||||||||||||||
Total interest-earning assets 2 | 6,062,873 | 59,119 | 3.88 | 5,796,767 | 55,203 | 3.80 | ||||||||||||||||
Allowance for loan losses | (55,881 | ) | (55,480 | ) | ||||||||||||||||||
Non-interest-earning assets | 558,736 | 514,120 | ||||||||||||||||||||
Total assets | $ | 6,565,728 | $ | 6,255,407 | ||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||
Savings | $ | 2,292,341 | $ | 400 | 0.07 | $ | 2,139,863 | $ | 358 | 0.07 | ||||||||||||
Interest-bearing checking | 901,645 | 61 | 0.03 | 837,480 | 43 | 0.02 | ||||||||||||||||
Money market | 138,151 | 41 | 0.12 | 161,149 | 52 | 0.13 | ||||||||||||||||
Time certificates | 686,638 | 1,942 | 1.12 | 597,537 | 1,418 | 0.94 | ||||||||||||||||
Total interest-bearing deposits | 4,018,775 | 2,444 | 0.24 | 3,736,029 | 1,871 | 0.20 | ||||||||||||||||
Advances from Federal Home Loan Bank | 66,848 | 436 | 2.59 | 100,000 | 792 | 3.10 | ||||||||||||||||
Securities sold under agreements to repurchase | 90,011 | 34 | 0.15 | 161,652 | 672 | 1.63 | ||||||||||||||||
Total interest-bearing liabilities | 4,175,634 | 2,914 | 0.28 | 3,997,681 | 3,335 | 0.33 | ||||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||
Deposits | 1,681,774 | 1,572,821 | ||||||||||||||||||||
Other | 103,695 | 101,759 | ||||||||||||||||||||
Shareholder’s equity | 604,625 | 583,146 | ||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,565,728 | $ | 6,255,407 | ||||||||||||||||||
Net interest income | $ | 56,205 | $ | 51,868 | ||||||||||||||||||
Net interest margin (%) 4 | 3.69 | 3.57 |
Nine months ended September 30 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(dollars in thousands) | Average balance | Interest1 income/ expense | Yield/ rate (%) | Average balance | Interest1 income/ expense | Yield/ rate (%) | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest-earning deposits | $ | 64,426 | $ | 479 | 0.98 | $ | 80,738 | $ | 304 | 0.50 | ||||||||||||
FHLB stock | 11,128 | 150 | 1.80 | 11,094 | 142 | 1.71 | ||||||||||||||||
Available-for-sale investment securities | ||||||||||||||||||||||
Taxable | 1,235,029 | 19,651 | 2.12 | 892,726 | 13,773 | 2.06 | ||||||||||||||||
Non-taxable | 15,427 | 481 | 4.11 | — | — | — | ||||||||||||||||
Total available-for-sale investment securities | 1,250,456 | 20,132 | 2.15 | 892,726 | 13,773 | 2.06 | ||||||||||||||||
Loans | ||||||||||||||||||||||
Residential 1-4 family | 2,070,150 | 65,172 | 4.20 | 2,076,308 | 66,565 | 4.27 | ||||||||||||||||
Commercial real estate | 902,605 | 28,676 | 4.20 | 854,977 | 25,993 | 4.04 | ||||||||||||||||
Home equity line of credit | 880,472 | 22,078 | 3.35 | 857,652 | 21,058 | 3.28 | ||||||||||||||||
Residential land | 16,816 | 791 | 6.28 | 18,577 | 843 | 6.05 | ||||||||||||||||
Commercial | 650,554 | 21,108 | 4.32 | 753,783 | 22,294 | 3.93 | ||||||||||||||||
Consumer | 201,379 | 17,444 | 11.58 | 143,514 | 11,818 | 11.00 | ||||||||||||||||
Total loans 2,3 | 4,721,976 | 155,269 | 4.38 | 4,704,811 | 148,571 | 4.21 | ||||||||||||||||
Total interest-earning assets 2 | 6,047,986 | 176,030 | 3.88 | 5,689,369 | 162,790 | 3.81 | ||||||||||||||||
Allowance for loan losses | (56,276 | ) | (52,902 | ) | ||||||||||||||||||
Non-interest-earning assets | 537,894 | 505,014 | ||||||||||||||||||||
Total assets | $ | 6,529,604 | $ | 6,141,481 | ||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||
Savings | $ | 2,271,926 | $ | 1,160 | 0.07 | $ | 2,095,975 | $ | 1,034 | 0.07 | ||||||||||||
Interest-bearing checking | 898,794 | 175 | 0.03 | 831,412 | 127 | 0.02 | ||||||||||||||||
Money market | 146,864 | 133 | 0.12 | 164,596 | 157 | 0.13 | ||||||||||||||||
Time certificates | 676,083 | 5,390 | 1.07 | 539,314 | 3,836 | 0.95 | ||||||||||||||||
Total interest-bearing deposits | 3,993,667 | 6,858 | 0.23 | 3,631,297 | 5,154 | 0.19 | ||||||||||||||||
Advances from Federal Home Loan Bank | 89,273 | 1,999 | 2.99 | 101,232 | 2,363 | 3.07 | ||||||||||||||||
Securities sold under agreements to repurchase | 93,128 | 111 | 0.16 | 182,671 | 2,053 | 1.48 | ||||||||||||||||
Total interest-bearing liabilities | 4,176,068 | 8,968 | 0.29 | 3,915,200 | 9,570 | 0.32 | ||||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||
Deposits | 1,658,238 | 1,549,467 | ||||||||||||||||||||
Other | 100,499 | 100,210 | ||||||||||||||||||||
Shareholder’s equity | 594,799 | 576,604 | ||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,529,604 | $ | 6,141,481 | ||||||||||||||||||
Net interest income | $ | 167,062 | $ | 153,220 | ||||||||||||||||||
Net interest margin (%) 4 | 3.68 | 3.59 |
September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||
Real estate: | ||||||||||||||
Residential 1-4 family | $ | 2,066,023 | 44.2 | $ | 2,048,051 | 43.2 | ||||||||
Commercial real estate | 745,583 | 15.9 | 800,395 | 16.9 | ||||||||||
Home equity line of credit | 905,249 | 19.4 | 863,163 | 18.2 | ||||||||||
Residential land | 18,611 | 0.4 | 18,889 | 0.4 | ||||||||||
Commercial construction | 128,407 | 2.7 | 126,768 | 2.7 | ||||||||||
Residential construction | 13,031 | 0.3 | 16,080 | 0.3 | ||||||||||
Total real estate | 3,876,904 | 82.9 | 3,873,346 | 81.7 | ||||||||||
Commercial | 589,669 | 12.6 | 692,051 | 14.6 | ||||||||||
Consumer | 211,571 | 4.5 | 178,222 | 3.7 | ||||||||||
4,678,144 | 100.0 | 4,743,619 | 100.0 | |||||||||||
Less: Deferred fees and discounts | (1,863 | ) | (4,926 | ) | ||||||||||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | ||||||||||
Total loans, net | $ | 4,623,234 | $ | 4,683,160 |
September 30, 2017 | December 31, 2016 | |||||||
Outstanding balance of home equity loans (in thousands) | $ | 905,249 | $ | 863,163 | ||||
Percent of portfolio in first lien position | 47.2 | % | 45.1 | % | ||||
Annualized net charge-off (recovery) ratio | (0.04 | )% | 0.01 | % | ||||
Delinquency ratio | 0.38 | % | 0.35 | % |
End of draw period – interest only | Current | |||||||||||||||||||||||
September 30, 2017 | Total | Interest only | 2017-2018 | 2019-2021 | Thereafter | amortizing | ||||||||||||||||||
Outstanding balance (in thousands) | $ | 905,249 | $ | 718,843 | $ | 55,842 | $ | 97,061 | $ | 565,940 | $ | 186,406 | ||||||||||||
% of total | 100 | % | 79 | % | 6 | % | 11 | % | 62 | % | 21 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||
U.S. Treasury and federal agency obligations | $ | 182,118 | 14 | % | $ | 192,281 | 18 | % | ||||||
Mortgage-related securities — FNMA, FHLMC and GNMA | 1,122,565 | 85 | 897,474 | 81 | ||||||||||
Mortgage revenue bond | 15,427 | 1 | 15,427 | 1 | ||||||||||
Total available-for-sale investment securities | $ | 1,320,110 | 100 | % | $ | 1,105,182 | 100 | % |
Nine months ended September 30 | Year ended December 31, | |||||||||||
(in thousands) | 2017 | 2016 | 2016 | |||||||||
Allowance for loan losses, January 1 | $ | 55,533 | $ | 50,038 | $ | 50,038 | ||||||
Provision for loan losses | 7,231 | 15,266 | 16,763 | |||||||||
Less: net charge-offs | 9,717 | 6,567 | 11,268 | |||||||||
Allowance for loan losses, end of period | $ | 53,047 | $ | 58,737 | $ | 55,533 | ||||||
Ratio of net charge-offs during the period to average loans outstanding (annualized) | 0.27 | % | 0.19 | % | 0.24 | % |
Effective dates | 1/1/2015 | 1/1/2016 | 1/1/2017 | 1/1/2018 | 1/1/2019 | ||||||||||
Capital conservation buffer | 0.625 | % | 1.25 | % | 1.875 | % | 2.50 | % | |||||||
Common equity Tier-1 ratio + conservation buffer | 4.50 | % | 5.125 | % | 5.75 | % | 6.375 | % | 7.00 | % | |||||
Tier-1 capital ratio + conservation buffer | 6.00 | % | 6.625 | % | 7.25 | % | 7.875 | % | 8.50 | % | |||||
Total capital ratio + conservation buffer | 8.00 | % | 8.625 | % | 9.25 | % | 9.875 | % | 10.50 | % | |||||
Tier-1 leverage ratio | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | |||||
Countercyclical capital buffer — not applicable to ASB | 0.625 | % | 1.25 | % | 1.875 | % | 2.50 | % |
(dollars in millions) | September 30, 2017 | December 31, 2016 | % change | ||||||||
Total assets | $ | 6,619 | $ | 6,421 | 3 | ||||||
Available-for-sale investment securities | 1,320 | 1,105 | 19 | ||||||||
Loans receivable held for investment, net | 4,623 | 4,683 | (1 | ) | |||||||
Deposit liabilities | 5,752 | 5,549 | 4 | ||||||||
Other bank borrowings | 154 | 193 | (20 | ) |
(dollars in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Short-term borrowings—other than bank | $ | 92 | 2 | % | $ | 129 | 3 | % | ||||||||||||||||||
Long-term debt, net—other than bank | 2,245 | 47 | 2,119 | 46 | ||||||||||||||||||||||
Preferred stock of subsidiaries | 34 | 1 | 34 | 1 | ||||||||||||||||||||||
Common stock equity | 2,384 | 50 | 2,338 | 50 | ||||||||||||||||||||||
$ | 4,755 | 100 | % | $ | 4,620 | 100 | % |
Average balance | Balance | |||||||||||||||||||
(in millions) | Nine months ended September 30, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||||||
Commercial paper | $ | 53 | $ | 92 | $ | 65 | ||||||||||||||
Line of credit draws | — | — | — | |||||||||||||||||
Undrawn capacity under HEI’s line of credit facility | 175 | 150 |
Three months ended September 30 | Increase | |||||||||||||||||||||||||
2021 | 2020 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||||||||||||
$ | 679 | $ | 563 | $ | 117 | Revenues. Net increase largely due to: | ||||||||||||||||||||
$ | 83 | net of higher fuel oil prices and lower kWh generated1 | ||||||||||||||||||||||||
39 | higher purchased power energy prices and higher kWh purchased2 | |||||||||||||||||||||||||
2 | lower ERP system implementation benefits to be passed on to the customers in future rates | |||||||||||||||||||||||||
1 | higher PPAC revenue2 | |||||||||||||||||||||||||
(8) | decrease related solely to a change in the timing for revenue recognition within the year, which eliminates seasonality in recognizing target revenues and results in recognizing revenues evenly throughout the year with target revenues recognized on an annual basis remaining unchanged | |||||||||||||||||||||||||
181 | 105 | 76 | Fuel oil expense1. Net increase largely due to higher fuel oil prices and lower fuel efficiency due to planned maintenance outages of certain generating units, partially offset by lower kWh generated | |||||||||||||||||||||||
186 | 149 | 37 | Purchased power expense1, 2. Increase largely due to higher purchased power energy prices and higher kWh purchased | |||||||||||||||||||||||
116 | 111 | 5 | Operation and maintenance expenses. Net increase largely due to: | |||||||||||||||||||||||
3 | more generating facility overhauls and maintenance work performed | |||||||||||||||||||||||||
1 | higher outside service costs for Emergency Management System | |||||||||||||||||||||||||
1 | ERP system costs amortization, which started for Hawaiian Electric in November 2020 | |||||||||||||||||||||||||
1 | higher medical premium costs due to a one-time credit in 2020 | |||||||||||||||||||||||||
(1) | lower labor expense | |||||||||||||||||||||||||
121 | 109 | 13 | Other expenses. Increase due to higher revenue taxes, coupled with higher depreciation expense in 2021 for plant investments in 2020 | |||||||||||||||||||||||
75 | 89 | (15) | Operating income. Decrease due to change in timing for revenue recognition within the year, higher operation and maintenance expenses, coupled with higher depreciation expense | |||||||||||||||||||||||
61 | 74 | (13) | Income before income taxes. Decrease due to change in timing for revenue recognition within the year, higher operation and maintenance expense, higher interest expense related to new long term debt issued in January 2021, coupled with higher depreciation expense, partially offset by lower pension non-service costs | |||||||||||||||||||||||
50 | 60 | (10) | Net income for common stock. Decrease due to change in timing for revenue within the year, coupled with higher operating expense. See below for effective tax rate explanation | |||||||||||||||||||||||
2,191 | 2,099 | 92 | Kilowatthour sales (millions)3 | |||||||||||||||||||||||
$ | 86.77 | $ | 49.71 | $ | 37.06 | Average fuel oil cost per barrel |
Nine months ended September 30 | Increase | |||||||||||||||||||||||||
2021 | 2020 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||||||||||||
$ | 1,846 | $ | 1,694 | $ | 152 | Revenues. Net increase largely due to: | ||||||||||||||||||||
$ | 64 | higher purchased power energy prices and higher kWh purchased2 | ||||||||||||||||||||||||
61 | net of higher fuel oil prices and lower kWh generated1 | |||||||||||||||||||||||||
12 | higher revenues from 2020 RAM adjustments | |||||||||||||||||||||||||
8 | lower ERP system implementation benefits to be passed on to the customers in future rates | |||||||||||||||||||||||||
6 | higher PPAC revenue2 | |||||||||||||||||||||||||
1 | increase related solely to a change in the timing for revenue recognition within the year, which eliminates seasonality in recognizing target revenues and results in recognizing revenues evenly throughout the year with target revenues recognized on an annual basis remaining unchanged | |||||||||||||||||||||||||
447 | 391 | 57 | Fuel oil expense1. Net increase largely due to higher fuel oil prices and lower fuel efficiency due to planned maintenance outages of certain generating units, partially offset by lower kWh generated | |||||||||||||||||||||||
491 | 426 | 65 | Purchased power expense1 ,2. Increase largely due to higher purchased power energy prices, higher kWh purchased and higher capacity and non-fuel O&M charges | |||||||||||||||||||||||
349 | 349 | — | Operation and maintenance expenses. | |||||||||||||||||||||||
4 | more generating facility overhauls and maintenance work performed | |||||||||||||||||||||||||
3 | ERP system costs amortization, which started for Hawaiian Electric in November 2020 | |||||||||||||||||||||||||
1 | expense due to decommissioning of combined heat and power unit on Lanai | |||||||||||||||||||||||||
(4) | lower labor due to lower staffing and reduction in overtime | |||||||||||||||||||||||||
(4) | lower pension service cost due to reset of pension cost included in rates as part of Hawaiian Electric final rate case decision | |||||||||||||||||||||||||
347 | 329 | 19 | Other expenses. Increase due to higher revenue taxes, coupled with higher depreciation expense in 2021 for plant investment in 2020 | |||||||||||||||||||||||
212 | 200 | 12 | Operating income. Increase due to higher RAM revenues, offset in part by higher depreciation expense | |||||||||||||||||||||||
170 | 157 | 13 | Income before income taxes. Increase higher RAM revenues and lower pension non-service costs, partially offset by higher interest expense related to new long term debt issued in May 2020 and January 2021 and higher depreciation expense | |||||||||||||||||||||||
136 | 126 | 9 | Net income for common stock. Increase due to higher RAM revenues and lower pension non-service costs, partially offset by higher operating expense. | |||||||||||||||||||||||
6,126 | 5,979 | 147 | Kilowatthour sales (millions)3 | |||||||||||||||||||||||
$ | 74.93 | $ | 64.70 | $ | 10.23 | Average fuel oil cost per barrel | ||||||||||||||||||||
470,013 | 466,943 | 3,070 | Customer accounts (end of period) |
% | Rate-making Return on rate base (RORB)* | ROACE** | Rate-making ROACE*** | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended September 30, 2021 | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | |||||||||||||||||||||||||||||||||||||||||||||||
Utility returns | 7.40 | 6.34 | 6.24 | 8.77 | 7.40 | 7.14 | 9.65 | 7.85 | 7.75 | |||||||||||||||||||||||||||||||||||||||||||||||
PUC-allowed returns | 7.37 | 7.52 | 7.43 | 9.50 | 9.50 | 9.50 | 9.50 | 9.50 | 9.50 | |||||||||||||||||||||||||||||||||||||||||||||||
Difference | 0.03 | (1.18) | (1.19) | (0.73) | (2.10) | (2.36) | 0.15 | (1.65) | (1.75) |
Test year (dollars in millions) | Date | Amount | % over rates in effect | ROACE (%) | RORB (%) | Rate base | Common equity % | Stipulated agreement reached with Consumer Advocate | ||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Request | 8/21/19 | $ | 77.6 | 4.1 | 10.50 | 7.97 | $ | 2,477 | 57.15 | Yes | ||||||||||||||||||||||||||||||||||||||||
Final Decision and Order | 10/22/20 | 0.0 | 0.0 | 9.50 | 7.37 | NA | 57.15 | |||||||||||||||||||||||||||||||||||||||||||
Hawaii Electric Light | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Request | 12/14/18 | $ | 13.4 | 3.4 | 10.50 | 8.30 | $ | 537 | 56.91 | Yes | ||||||||||||||||||||||||||||||||||||||||
Interim Decision and Order | 11/13/19 | 0.0 | 0.0 | 9.50 | 7.52 | 534 | 56.83 | |||||||||||||||||||||||||||||||||||||||||||
Final Decision and Order | 7/28/20 | 0.0 | 0.0 | 9.50 | 7.52 | 534 | 56.83 | |||||||||||||||||||||||||||||||||||||||||||
Utilities | Number of contracts | Total photovoltaic size (MW) | BESS Size (MW/MWh) | Guaranteed commercial operation dates | Contract term (years) | Total projected annual payment (in millions) | ||||||||||||||||||||||||||||||||
Hawaiian Electric | 4 | 139.5 | 139.5/558 | 7/31/22, 9/7/22, 9/30/22 & 8/31/23 | 20 & 25 | $ | 30.9 | |||||||||||||||||||||||||||||||
Hawaii Electric Light | 2 | 60 | 60/240 | 11/3/22 & 12/2/22 | 25 | 14.1 | ||||||||||||||||||||||||||||||||
Maui Electric | 2 | 75 | 75/300 | 4/28/23 & 10/27/23 | 25 | 17.6 | ||||||||||||||||||||||||||||||||
Total | 8 | 274.5 | 274.5/1,098 | $ | 62.6 |
Utilities | Number of contracts | Total photovoltaic size (MW) | BESS Size (MW/MWh) | Guaranteed commercial operation dates | Contract term (years) | Total projected annual payment (in millions) | |||||||||||||||||||||||||||||||||||
Hawaiian Electric | 5 | 232 | 232/1,055 | 5/17/23, 7/1/23, 10/30/23, 12/29/23 & 12/31/23 | 20 & 25 | $ | 62.0 | ||||||||||||||||||||||||||||||||||
Hawaiian Electric | 1 | * | N/A | 185/565 | 12/30/22 | 20 | 24.0 | ||||||||||||||||||||||||||||||||||
Maui Electric | 3 | 100 | 100/400 | 4/30/23 & 12/31/23 | 25 | 28.2 | |||||||||||||||||||||||||||||||||||
Total | 9 | 332 | 517/2,020 | $ | 114.2 |
Utilities | Fast Frequency Response - 1 (MW) | Fast Frequency Response - 2 (MW) | Capacity - Load Build (MW) | Capacity - Load Reduction (MW) | ||||||||||||||||||||||||||||
Hawaiian Electric | — | 26.7 | 14.5 | 19.4 | ||||||||||||||||||||||||||||
Hawaii Electric Light | 6.0 | — | 3.2 | 4.0 | ||||||||||||||||||||||||||||
Maui Electric | 6.1 | — | 1.9 | 4.7 | ||||||||||||||||||||||||||||
Total | 12.1 | 26.7 | 19.6 | 28.1 |
Utilities | Number of contracts | BESS Size (MW/MWh) | Guaranteed commercial operation dates | |||||||||||||||||
Hawaii Electric Light | 1 | 12/12 | 12/30/22 | |||||||||||||||||
Maui Electric | 1 | 40/160 | 4/28/23 | |||||||||||||||||
Total | 2 | 52/172 |
(dollars in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Short-term borrowings | $ | — | — | % | $ | 50 | 1 | % | ||||||||||||||||||
Long-term debt, net | 1,676 | 43 | 1,561 | 41 | ||||||||||||||||||||||
Preferred stock | 34 | 1 | 34 | 1 | ||||||||||||||||||||||
Common stock equity | 2,194 | 56 | 2,142 | 57 | ||||||||||||||||||||||
$ | 3,904 | 100 | % | $ | 3,787 | 100 | % |
Average balance | Balance | |||||||||||||||||||
(in millions) | Nine months ended September 30, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||||||
Short-term borrowings1 | ||||||||||||||||||||
Commercial paper | $ | 8 | $ | — | $ | — | ||||||||||||||
Borrowings from HEI | — | — | — | |||||||||||||||||
Line of credit draws | — | — | — | |||||||||||||||||
Undrawn capacity under line of credit facility/facilities | — | 200 | 275 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||
Total “up to” amounts of taxable debt authorized through 2022 | $ | 410 | $ | 150 | $ | 130 | |||||
Less: | |||||||||||
Taxable debt authorized and issued in 2018 under April 2018 Approval | 75 | 15 | 10 | ||||||||
Taxable debt issuance to refinance the 2004 QUIDS in 2019 | 30 | 10 | 10 | ||||||||
Taxable debt issuance in May 2020 | 110 | 10 | 40 | ||||||||
Taxable debt executed in October 2020, but issued on January 14, 2021 | 60 | 30 | 25 | ||||||||
Remaining authorized amounts | $ | 135 | $ | 85 | $ | 45 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||
Total “up to” amounts of common stock authorized to issue and sell through 2021 | $ | 150.0 | $ | 10.0 | $ | 10.0 | |||||
Supplemental increase authorized | 280.0 | 100.0 | 100.0 | ||||||||
Total “up to” amounts of common stock authorized to issue and sell through 2022 | 430.0 | 110.0 | 110.0 | ||||||||
Common stock authorized and issued in 2017, 2018, 2019 and 2020 | 154.2 | 7.5 | 22.2 | ||||||||
Remaining authorized amounts | $ | 275.8 | $ | 102.5 | $ | 87.8 |
Nine months ended September 30 | |||||||||||||||||
(in thousands) | 2021 | 2020 | Change | ||||||||||||||
Net cash provided by operating activities | $ | 198,256 | $ | 244,955 | $ | (46,699) | |||||||||||
Net cash used in investing activities | (197,589) | (260,187) | 62,598 | ||||||||||||||
Net cash provided by (used in) financing activities | (21,213) | 23,596 | (44,809) |
Three months ended September 30 | Increase | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | (decrease) | Primary reason(s) | ||||||||||||||||||||||
Interest and dividend income | $ | 61 | $ | 60 | $ | 1 | ||||||||||||||||||||
Average loan portfolio yields 4 basis points lower—impacted by the continued low interest rate environment as adjustable rate loans have repriced lower during the past year and new loan production yields continue to originate below their portfolio yields. PPP loan fees as a result of portfolio repayments partially offset the impact of low interest rate environment. | ||||||||||||||||||||||||||
Average loan portfolio balances decreased $251 million - commercial, home equity lines of credit and consumer loan portfolio balances decreased by $282 million, $186 million and $76 million, respectively. The decrease in the commercial loan portfolio was primarily due to the repayments of the PPP loan portfolio. The decrease in the home equity line of credit and consumer loan portfolios were due to ASB’s strategic decision to reduce production of these loans in the economic environment during the COVID-19 pandemic. Average commercial real estate loan portfolio balance increased $247 million due to demand for this loan type. Residential loan portfolio balance increased $40 million due to ASB’s decision to portfolio a larger portion of its residential loan production. | ||||||||||||||||||||||||||
Average investment securities portfolio balance increased $1.4 billion—excess liquidity from strong deposit growth invested in agency securities. | ||||||||||||||||||||||||||
Average investment securities yields 17 basis points lower—impacted by the continued low interest rate environment as new investment security purchase yields were lower than the investment security portfolio yields. | ||||||||||||||||||||||||||
Noninterest income | 15 | 19 | (4) | |||||||||||||||||||||||
Lower mortgage banking income - lower residential loan sale volume due to ASB’s decision to portfolio a larger portion of the residential loan production and lower residential loan profit margin in 2021 compared to 2020. | ||||||||||||||||||||||||||
Higher customer fee income - lower fee income in 2020 was primarily due to ASB’s decision to waive overdraft and other deposit account fees to accommodate the hardships customers were experiencing during the COVID-19 pandemic. | ||||||||||||||||||||||||||
Revenues | 76 | 79 | (3) | The decrease in revenues for the three months ended September 30, 2021 compared to the same period in 2020 was primarily due to lower noninterest income partly offset by higher interest income. | ||||||||||||||||||||||
Interest expense | 1 | 2 | (1) | |||||||||||||||||||||||
Lower interest expense on deposits—lower term certificate balances due to runoff of government term certificates and lower deposit yields as a result of the continued low interest rate environment.. | ||||||||||||||||||||||||||
Average core deposit balances increased $1 billion; average term certificate balances decreased $130 million. | ||||||||||||||||||||||||||
Average deposit yields decreased from 13 basis points to 6 basis points. | ||||||||||||||||||||||||||
Lower interest expense on other borrowings—primarily due to lower repurchase agreement yields as a result of the continued low interest rate environment. | ||||||||||||||||||||||||||
Provision for credit losses | (2) | 14 | (16) |
Three months ended September 30 | Increase | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | (decrease) | Primary reason(s) | ||||||||||||||||||||||
Negative provision for credit losses reflects credit upgrades in the commercial real estate and commercial loan portfolios. | ||||||||||||||||||||||||||
Negative provision for credit losses also due to a shift in mix - lower personal unsecured loan portfolio balances which had higher credit loss rates replaced with residential and commercial real estate loan portfolios with lower credit loss rates. | ||||||||||||||||||||||||||
Additional provision for credit losses for the retail loan portfolios based on the recent surge in COVID-19 infections and a delay in Hawaii’s economic recovery. | ||||||||||||||||||||||||||
Delinquency rates have increased—from 0.31% at September 30, 2020 to 0.37% at September 30, 2021 due to higher residential 1-4 family loan delinquencies, partly offset by lower personal unsecured and home equity lines of credit loan delinquencies. | ||||||||||||||||||||||||||
Net charge-off to average loans have decreased—from 0.32% at September 30, 2020 to 0.03% at September 30, 2021 due to lower personal unsecured loan portfolio net charge-offs. | ||||||||||||||||||||||||||
Noninterest expense | 52 | 47 | 5 | Higher compensation and benefits expenses—increase in performance-based compensation. | ||||||||||||||||||||||
Expenses | 51 | 63 | (12) | The decrease in expenses for the three months ended September 30, 2021 compared to the same period in 2020 was due to lower provision for credit losses and lower interest expense partly offset by higher noninterest expenses. | ||||||||||||||||||||||
Operating income | 25 | 16 | 9 | The increase in operating income for the three months ended September 30, 2021 compared to the same period in 2020 was primarily due to higher interest income, lower provision for credit losses and lower interest expense, partly offset by lower noninterest income and higher noninterest expenses. | ||||||||||||||||||||||
Net income | 19 | 12 | 7 | The increase in net income for the three months ended September 30, 2021 compared to the same period in 2020 was primarily due to higher operating income, partly offset by higher income tax expense. |
Nine months ended September 30 | Increase | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | (decrease) | Primary reason(s) | ||||||||||||||||||||||
Interest and dividend income | $ | 182 | $ | 184 | $ | (2) | ||||||||||||||||||||
Average loan portfolio yields 22 basis points lower—impacted by the continued low interest rate environment as adjustable rate loans have repriced lower during the past year and new loan production yields continue to originate below their portfolio yields. PPP loan fees as a result of portfolio repayments partially offset the impact of low interest rate environment. | ||||||||||||||||||||||||||
Average loan portfolio balances decreased $68 million - home equity lines of credit and consumer loan average loan portfolio balances decreased $183 million and $86 million, respectively - ASB’s strategic decision to reduce production of these loans in the economic environment during the COVID-19 pandemic. Commercial loan portfolio average balance decreased $22 million primarily due to repayments in the commercial markets loan portfolio. Commercial real estate loan portfolio average balance increased $225 million due to demand for this loan type. | ||||||||||||||||||||||||||
Average investment securities portfolio balance increased $1.3 billion—excess liquidity from strong deposit growth invested in agency securities. | ||||||||||||||||||||||||||
Average investment securities yields 51 basis points lower—impacted by the continued low interest rate environment as new investment security purchase yields were lower than the investment security portfolio yields. | ||||||||||||||||||||||||||
Noninterest income | 49 | 58 | (9) | |||||||||||||||||||||||
Lower gain on sale of investment securities - in 2020, ASB sold all of its Visa Class B restricted shares and $160 million of investment securities with no similar sales in 2021. | ||||||||||||||||||||||||||
Lower mortgage banking income - lower residential loan sale volume due to ASB’s decision to portfolio a larger portion of the residential loan production and lower residential loan sale profit margin in 2021 compared to 2020. | ||||||||||||||||||||||||||
Higher customer fee income - lower fee income in 2020 was primarily due to ASB’s decision to waive overdraft and other deposit account fees to accommodate the hardships customers were experiencing during the COVID-19 pandemic. |
Nine months ended September 30 | Increase | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | (decrease) | Primary reason(s) | ||||||||||||||||||||||
Less: gain on sale of investment securities, net | (1) | (9) | 8 | Gain on sale of investment securities, net, which is included in Noninterest income above and in the Bank’s statements of income and comprehensive income in Note 4, is classified as gain on sale of investment securities, net in the condensed consolidated statements of income, and accordingly, is reflected after operating income as a separate line item and excluded from Revenues. | ||||||||||||||||||||||
Revenues | 230 | 233 | (3) | The decrease in revenues for the nine months ended September 30, 2021 compared to the same period in 2020 was primarily due to lower interest and noninterest income, partly offset by lower reclassification of gain on sale of investment securities. | ||||||||||||||||||||||
Interest expense | 4 | 9 | (5) | |||||||||||||||||||||||
Lower interest expense on deposits—lower term certificate balances due to runoff of government term certificates and lower deposit yields as a result of the continued low interest rate environment. | ||||||||||||||||||||||||||
Average core deposit balances increased $1.2 billion; average term certificate balances decreased $202 million. | ||||||||||||||||||||||||||
Average deposit yields decreased from 18 basis points to 7 basis points. | ||||||||||||||||||||||||||
Lower interest expense on other borrowings—primarily due to lower repurchase agreement yields as a result of the continued low interest rate environment. | ||||||||||||||||||||||||||
Provision for credit losses | (22) | 40 | (62) | |||||||||||||||||||||||
Negative provision for credit losses reflects improvement in economic outlook, strong credit results including lower net charge-offs and improved credit loss rates which included credit upgrades in the commercial real estate and commercial loan portfolios. | ||||||||||||||||||||||||||
Negative provision for credit losses also due to lower personal unsecured loan portfolio balances which had higher credit loss rates and improving net charge-off trends in the portfolio. | ||||||||||||||||||||||||||
2020 provision for credit losses included $23 million COVID-19 related reserves and loss reserves for $17 million for net charge-offs as well as other changes in loan portfolio composition and asset quality metrics. | ||||||||||||||||||||||||||
Delinquency rates have increased—from 0.31% at September 30, 2020 to 0.37% at September 30, 2021 due to higher residential 1-4 family loan delinquencies, partly offset by lower personal unsecured and home equity line of credit loan delinquencies. | ||||||||||||||||||||||||||
Net charge-off to average loans have decreased—from 0.41% at September 30, 2020 to 0.08% at September 30, 2021 due to lower personal unsecured loan portfolio net charge-offs. | ||||||||||||||||||||||||||
Noninterest expense | 147 | 142 | 5 | |||||||||||||||||||||||
Higher compensation and benefits expenses—increase in incentive compensation payout for commission based employees, higher performance-based compensation and payment of the separation and release agreement with the former President and Chief Executive Officer. | ||||||||||||||||||||||||||
Current year noninterest expense benefited from a one-time credit adjustment for a change in accounting for the ASB retirement plan. | ||||||||||||||||||||||||||
Lower other expenses - 2020 expenses included higher direct and incremental COVID-19 related costs1 to enhance cleaning and sanitation of ASB’s facilities as well as incremental compensation expense. | ||||||||||||||||||||||||||
Expenses | 129 | 191 | (62) | The decrease in expenses for the nine months ended September 30, 2021 compared to the same period in 2020 was due to lower provision for credit losses and lower interest expense, partly offset by higher noninterest expenses. | ||||||||||||||||||||||
Operating income | 101 | 42 | 59 | The increase in operating income for the nine months ended September 30, 2021 compared to the same period in 2020 was primarily due to lower provision for credit losses and lower interest expense, partly offset by lower interest and noninterest income and higher noninterest expenses. | ||||||||||||||||||||||
Gain on sale of investment securities, net | 1 | 9 | (8) | The decrease in gain on sale of investment securities - primarily due to the sale of ASB’s Visa Class B restricted shares in 2020 with no similar sales in 2021. | ||||||||||||||||||||||
Net income | 79 | 42 | 37 | Net income for the nine months ended September 30, 2021 was higher than the same period in 2020 due to higher operating income, partly offset by lower gain on sale of investment securities and higher income tax expense. |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||
(%) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Return on average assets | 0.86 | 0.61 | 1.21 | 0.73 | ||||||||||||||||||||||
Return on average equity | 10.26 | 6.75 | 14.31 | 7.95 | ||||||||||||||||||||||
Net interest margin | 2.90 | 3.12 | 2.94 | 3.34 |
Three months ended September 30 | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average balance | Interest income/ expense | Yield/ rate (%) | Average balance | Interest income/ expense | Yield/ rate (%) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 77,991 | $ | 30 | 0.15 | $ | 252,738 | $ | 64 | 0.10 | ||||||||||||||||||||||||||||
FHLB stock | 10,002 | 76 | 3.01 | 9,891 | 83 | 3.31 | ||||||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||||||||||||
Taxable | 2,959,102 | 11,625 | 1.57 | 1,598,389 | 6,922 | 1.73 | ||||||||||||||||||||||||||||||||
Non-taxable | 63,823 | 336 | 2.10 | 27,917 | 193 | 2.70 | ||||||||||||||||||||||||||||||||
Total investment securities | 3,022,925 | 11,961 | 1.58 | 1,626,306 | 7,115 | 1.75 | ||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,198,089 | 19,531 | 3.55 | 2,158,258 | 21,085 | 3.91 | ||||||||||||||||||||||||||||||||
Commercial real estate | 1,194,776 | 9,846 | 3.24 | 947,337 | 8,207 | 3.41 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 866,755 | 6,791 | 3.11 | 1,052,607 | 8,201 | 3.10 | ||||||||||||||||||||||||||||||||
Residential land | 19,020 | 269 | 5.66 | 13,574 | 187 | 5.51 | ||||||||||||||||||||||||||||||||
Commercial | 773,548 | 8,988 | 4.62 | 1,055,190 | 8,119 | 3.06 | ||||||||||||||||||||||||||||||||
Consumer | 126,821 | 4,078 | 12.76 | 202,844 | 6,642 | 13.03 | ||||||||||||||||||||||||||||||||
Total loans 1,2 | 5,179,009 | 49,503 | 3.80 | 5,429,810 | 52,441 | 3.84 | ||||||||||||||||||||||||||||||||
Total interest-earning assets 3 | 8,289,927 | 61,570 | 2.96 | 7,318,745 | 59,703 | 3.25 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (78,258) | (81,055) | ||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 739,522 | 764,504 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,951,191 | $ | 8,002,194 | ||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||
Savings | $ | 3,129,166 | $ | 204 | 0.03 | $ | 2,715,445 | $ | 424 | 0.06 | ||||||||||||||||||||||||||||
Interest-bearing checking | 1,240,159 | 61 | 0.02 | 1,130,053 | 92 | 0.03 | ||||||||||||||||||||||||||||||||
Money market | 202,073 | 31 | 0.06 | 165,330 | 86 | 0.21 | ||||||||||||||||||||||||||||||||
Time certificates | 466,343 | 880 | 0.75 | 596,601 | 1,685 | 1.12 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,037,741 | 1,176 | 0.09 | 4,607,429 | 2,287 | 0.20 | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 54 | — | 0.30 | 30,283 | 27 | 0.36 | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 89,540 | 5 | 0.02 | 65,988 | 34 | 0.20 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,127,335 | 1,181 | 0.09 | 4,703,700 | 2,348 | 0.20 | ||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | 2,899,005 | 2,421,842 | ||||||||||||||||||||||||||||||||||||
Other | 173,842 | 156,687 | ||||||||||||||||||||||||||||||||||||
Shareholder’s equity | 751,009 | 719,965 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 8,951,191 | $ | 8,002,194 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 60,389 | $ | 57,355 | ||||||||||||||||||||||||||||||||||
Net interest margin (%) 4 | 2.90 | 3.12 |
Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average balance | Interest income/ expense | Yield/ rate (%) | Average balance | Interest income/ expense | Yield/ rate (%) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 65,133 | $ | 61 | 0.12 | $ | 173,151 | $ | 216 | 0.16 | ||||||||||||||||||||||||||||
FHLB stock | 10,398 | 251 | 3.23 | 9,639 | 236 | 3.27 | ||||||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||||||||||||
Taxable | 2,688,906 | 30,761 | 1.53 | 1,444,895 | 21,919 | 2.02 | ||||||||||||||||||||||||||||||||
Non-taxable | 49,520 | 805 | 2.16 | 28,463 | 719 | 3.32 | ||||||||||||||||||||||||||||||||
Total investment securities | 2,738,426 | 31,566 | 1.54 | 1,473,358 | 22,638 | 2.05 | ||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,164,829 | 58,592 | 3.61 | 2,170,785 | 64,642 | 3.97 | ||||||||||||||||||||||||||||||||
Commercial real estate | 1,152,716 | 28,392 | 3.26 | 927,901 | 26,014 | 3.70 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 898,304 | 21,118 | 3.14 | 1,080,914 | 25,894 | 3.20 | ||||||||||||||||||||||||||||||||
Residential land | 17,782 | 683 | 5.12 | 13,650 | 568 | 5.55 | ||||||||||||||||||||||||||||||||
Commercial | 892,181 | 28,179 | 4.21 | 914,431 | 22,535 | 3.28 | ||||||||||||||||||||||||||||||||
Consumer | 141,800 | 13,569 | 12.79 | 228,280 | 21,917 | 12.82 | ||||||||||||||||||||||||||||||||
Total loans 1,2 | 5,267,612 | 150,533 | 3.81 | 5,335,961 | 161,570 | 4.03 | ||||||||||||||||||||||||||||||||
Total interest-earning assets 3 | 8,081,569 | 182,411 | 3.01 | 6,992,109 | 184,660 | 3.52 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (90,347) | (77,891) | ||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 743,611 | 756,882 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,734,833 | $ | 7,671,100 | ||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||
Savings | $ | 3,029,335 | $ | 594 | 0.03 | $ | 2,554,376 | $ | 1,583 | 0.08 | ||||||||||||||||||||||||||||
Interest-bearing checking | 1,214,136 | 178 | 0.02 | 1,091,944 | 415 | 0.05 | ||||||||||||||||||||||||||||||||
Money market | 191,092 | 99 | 0.07 | 157,689 | 425 | 0.36 | ||||||||||||||||||||||||||||||||
Time certificates | 500,278 | 3,048 | 0.81 | 702,030 | 6,522 | 1.24 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,934,841 | 3,919 | 0.11 | 4,506,039 | 8,945 | 0.26 | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 20,474 | 42 | 0.27 | 25,918 | 138 | 0.71 | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 83,453 | 13 | 0.02 | 83,148 | 311 | 0.50 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,038,768 | 3,974 | 0.11 | 4,615,105 | 9,394 | 0.27 | ||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | 2,792,899 | 2,204,221 | ||||||||||||||||||||||||||||||||||||
Other | 166,285 | 148,547 | ||||||||||||||||||||||||||||||||||||
Shareholder’s equity | 736,881 | 703,227 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 8,734,833 | $ | 7,671,100 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 178,437 | $ | 175,266 | ||||||||||||||||||||||||||||||||||
Net interest margin (%) 4 | 2.94 | 3.34 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 132,139 | 4 | % | $ | 62,322 | 3 | % | ||||||||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 2,893,490 | 94 | 2,076,506 | 95 | ||||||||||||||||||||||
Corporate bonds | 31,645 | 1 | 31,351 | 1 | ||||||||||||||||||||||
Mortgage revenue bonds | 15,427 | 1 | 27,185 | 1 | ||||||||||||||||||||||
Total investment securities | $ | 3,072,701 | 100 | % | $ | 2,197,364 | 100 | % |
Nine months ended September 30 | Year ended December 31, 2020 | |||||||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||||||||
Allowance for credit losses, beginning of period | $ | 101,201 | $ | 53,355 | $ | 53,355 | ||||||||||||||
Impact of adopting ASU No. 2016-13 | — | 19,441 | 19,441 | |||||||||||||||||
Provision for credit losses | (21,967) | 35,204 | 49,811 | |||||||||||||||||
Less: net charge-offs | 3,290 | 16,541 | 21,406 | |||||||||||||||||
Allowance for credit losses, end of period | $ | 75,944 | $ | 91,459 | $ | 101,201 | ||||||||||||||
Ratio of net charge-offs during the period to average loans outstanding (annualized) | 0.08 | % | 0.41 | % | 0.40 | % |
(dollars in millions) | September 30, 2021 | December 31, 2020 | % change | |||||||||||||||||
Total assets | $ | 9,010 | $ | 8,397 | 7 | |||||||||||||||
Investment securities | 3,073 | 2,197 | 40 | |||||||||||||||||
Loans held for investment, net | 5,046 | 5,233 | (4) | |||||||||||||||||
Deposit liabilities | 7,977 | 7,387 | 8 | |||||||||||||||||
Other bank borrowings | 129 | 90 | 44 |
Change in interest rates | Change in NII (gradual change in interest rates) | Change in EVE (instantaneous change in interest rates) | ||||||||||||||||||||||||
(basis points) | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
+300 | 5.6 | % | 7.0 | % | 15.1 | % | 31.4 | % | ||||||||||||||||||
+200 | 4.0 | 5.0 | 11.5 | 23.9 | ||||||||||||||||||||||
+100 | 2.3 | 2.7 | 6.9 | 14.0 | ||||||||||||||||||||||
-100 | (2.3) | (1.9) | (14.4) | (25.2) |
Change in interest rates | Change in NII (gradual change in interest rates) | Change in EVE (instantaneous change in interest rates) | ||||||||||
(basis points) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||
+300 | 3.4 | % | 1.9 | % | (6.0 | )% | (8.0 | )% | ||||
+200 | 2.5 | 0.8 | (2.7 | ) | (4.6 | ) | ||||||
+100 | 1.4 | — | — | (1.6 | ) | |||||||
-100 | (2.6 | ) | (0.5 | ) | (6.1 | ) | (1.6 | ) |
Period* | Total Number of Shares Purchased ** | Average Price Paid per Share ** | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||
July 1 to 31, 2017 | 33,787 | $32.51 | — | NA | |||||
August 1 to 31, 2017 | 25,972 | $33.23 | — | NA | |||||
September 1 to 30, 2017 | 181,072 | $34.33 | — | NA |
Period* | Total Number of Shares Purchased ** | Average Price Paid per Share ** | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 to 31, 2021 | 26,173 | $42.87 | — | NA | ||||||||||||||||||||||
August 1 to 31, 2021 | 18,443 | $43.91 | — | NA | ||||||||||||||||||||||
September 1 to 30, 2021 | 154,393 | $42.87 | — | NA |
Nine months ended September 30 | Years ended December 31 | ||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
HEI and Subsidiaries | |||||||||||||||||||||
Excluding interest on ASB deposits | 3.92 | 5.34 | 5.05 | 3.68 | 3.80 | 3.55 | 3.30 | ||||||||||||||
Including interest on ASB deposits | 3.66 | 5.04 | 4.75 | 3.54 | 3.65 | 3.42 | 3.15 | ||||||||||||||
Hawaiian Electric and Subsidiaries | 3.58 | 4.18 | 4.11 | 3.97 | 4.04 | 3.72 | 3.37 |
Letter Amendment effective | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Constance H. Lau (HEI Chief Executive Officer) | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Gregory C. Hazelton (HEI Chief Financial Officer) | ||||||||
HEI Certification Pursuant to 18 U.S.C. Section 1350 | ||||||||
HEI Exhibit 101.INS | XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
HEI Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
HEI Exhibit 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
HEI Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
HEI Exhibit 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
HEI Exhibit 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
HEI Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Tayne S. Y. Sekimura (Hawaiian Electric Chief Financial Officer) | ||||||||
Hawaiian Electric Certification Pursuant to 18 U.S.C. Section 1350 |
HAWAIIAN ELECTRIC INDUSTRIES, INC. | HAWAIIAN ELECTRIC COMPANY, INC. | ||||||||||||||||
(Registrant) | (Registrant) | ||||||||||||||||
By | /s/ Constance H. Lau | By | /s/ | ||||||||||||||
Constance H. Lau | |||||||||||||||||
President and Chief Executive Officer | President and Chief Executive Officer | ||||||||||||||||
(Principal Executive Officer of HEI) | (Principal Executive Officer of Hawaiian Electric) | ||||||||||||||||
By | /s/ Gregory C. Hazelton | By | /s/ Tayne S. Y. Sekimura | ||||||||||||||
Gregory C. Hazelton | Tayne S. Y. Sekimura | ||||||||||||||||
Executive Vice President | Senior Vice President, | ||||||||||||||||
and Chief Financial Officer | Chief Financial Officer and Treasurer | ||||||||||||||||
(Principal Financial | (Principal Financial Officer of Hawaiian Electric) | ||||||||||||||||
Date: November | Date: November |