Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


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

State of Hawaii

(State or other jurisdiction of incorporation or organization)

Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813

Hawaiian Electric Company, Inc. – 1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813

(Address of principal executive offices and zip code)

Hawaiian Electric Industries, Inc. – (808) 543-5662

Hawaiian Electric Company, Inc. – (808) 543-7771

(Registrant’s telephone number, including area code)

1001 Bishop Street, Suite 2500, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Former name, former address and former fiscal year, if changed since last report)


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Hawaiian Electric Industries, Inc.

Yes

☒

☐

Hawaiian Electric Company, Inc.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Hawaiian Electric Industries, Inc.

Yes

☒

☐

Hawaiian Electric Company, Inc.

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

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

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc.

☐

Hawaiian Electric Company, Inc.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Hawaiian Electric Industries, Inc.

Yes

☐

☒

Hawaiian Electric Company, Inc.

Yes

☐

☒

Securities registered pursuant to 12(b) of the Act:

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.


Class of Common Stock	Outstanding October 25, 2022
Hawaiian Electric Industries, Inc. (Without Par Value)	109,470,439	Shares
Hawaiian Electric Company, Inc. ($6-2/3 Par Value)	17,753,533	Shares (not publicly traded)

Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock.

This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed to HEI.

Hawaiian Electric Industries, Inc. and Subsidiaries

Hawaiian Electric Company, Inc. and Subsidiaries

Form 10-Q—Quarter ended September 30, 2022

TABLE OF CONTENTS


Page No.
ii	Glossary of Terms
iv	Cautionary Note Regarding Forward-Looking Statements

	PART I. FINANCIAL INFORMATION
1	Item 1.	Financial Statements
		Hawaiian Electric Industries, Inc. and Subsidiaries
1		Condensed Consolidated Statements of Income (unaudited) - three and nine months ended September 30, 2022 and 2021
2		Condensed Consolidated Statements of Comprehensive Income (unaudited) - three and nine months ended September 30, 2022 and 2021
3		Condensed Consolidated Balance Sheets (unaudited) - September 30, 2022 and December 31, 2021
4		Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - three and nine months ended September 30, 2022 and 2021
5		Condensed Consolidated Statements of Cash Flows (unaudited) - nine months ended September 30, 2022 and 2021
		Hawaiian Electric Company, Inc. and Subsidiaries
7		Condensed Consolidated Statements of Income (unaudited) - three and nine months ended September 30, 2022 and 2021
7		Condensed Consolidated Statements of Comprehensive Income (unaudited) - three and nine months ended September 30, 2022 and 2021
8		Condensed Consolidated Balance Sheets (unaudited) - September 30, 2022 and December 31, 2021
10		Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited) - three and nine months ended September 30, 2022 and 2021
11		Condensed Consolidated Statements of Cash Flows (unaudited) - nine months ended September 30, 2022 and 2021
11		Notes to Condensed Consolidated Financial Statements (unaudited)
63	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
63		HEI consolidated
68		Electric Utilities
85		Bank
94	Item 3.	Quantitative and Qualitative Disclosures About Market Risk
95	Item 4.	Controls and Procedures

	PART II.	OTHER INFORMATION
96	Item 1.	Legal Proceedings
96	Item 1A.	Risk Factors
96	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
97	Item 5.	Other Information
97	Item 6.	Exhibits
98	Signatures

Hawaiian Electric Industries, Inc. and Subsidiaries

Hawaiian Electric Company, Inc. and Subsidiaries

Form 10-Q—Quarter ended September 30, 2022

GLOSSARY OF TERMS


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.



AOCI						Accumulated other comprehensive income/(loss)
ARA						Annual revenue adjustment
ASB						American Savings Bank, F.S.B., a wholly owned subsidiary of ASB Hawaii, Inc.
ASB Hawaii						ASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B.

ASU						Accounting Standards Update
CARES Act						The Coronavirus Aid, Relief, and Economic Security Act enacted March 27, 2020
CBRE						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. and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). The Old Oahu Tug Service, Inc. was dissolved in March 2022.
Consumer Advocate						Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii
CSSM						Collective Shared Savings Mechanism
D&O						Decision and order from the PUC

DER						Distributed energy resources

DRIP						HEI Dividend Reinvestment and Stock Purchase Plan


ECRC						Energy cost recovery clause
EIP						2010 Equity and Incentive Plan, as amended and restated
EPA						Environmental Protection Agency — federal
EPRM						Exceptional Project Recovery Mechanism
EPS						Earnings per share


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						Fitch Ratings, Inc.
FNMA						Federal National Mortgage Association
FRB						Federal Reserve Board
GAAP						Accounting principles generally accepted in the United States of America
GHG						Greenhouse gas
GNMA						Government National Mortgage Association
GSPA						Grid Services Purchase Agreement
Hamakua Energy						Hamakua Energy, LLC, an indirect subsidiary of Pacific Current
Hawaii Electric Light						Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc.

GLOSSARY OF TERMS, continued


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 and Renewable Hawaii, Inc.
HEI						Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc. and Pacific Current, LLC. The Old Oahu Tug Service, Inc. was dissolved in March 2022.
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
IRLCs						Interest rate lock commitments
Kalaeloa						Kalaeloa Partners, L.P.
kWh						Kilowatthour/s (as applicable)
LMI						Low-to-moderate income
LTIP						Long-term incentive plan
Mahipapa						Mahipapa, LLC, a subsidiary of Pacific Current
Maui Electric						Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc.
Mauo						Mauo, LLC, a subsidiary of Pacific Current

MPIR						Major Project Interim Recovery

MRP						Multi-year rate period
MSRs						Mortgage servicing rights
MW						Megawatt/s (as applicable)
NII						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						Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC, Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC, Kaʻaipuaʻa, LLC, Upena, LLC and Mahipapa, LLC
PBR						Performance-based regulation

PIMs						Performance incentive mechanisms
PPA						Power purchase agreement
PPAC						Purchased power adjustment clause
PUC						Public Utilities Commission of the State of Hawaii
PV						Photovoltaic
RAM						Revenue adjustment mechanism
RBA						Revenue balancing account

RFP						Request for proposals
ROACE						Return on average common equity
RORB						Return on rate base
RPS						Renewable portfolio standards

SBA						Small Business Administration
SEC						Securities and Exchange Commission
See						Means the referenced material is incorporated by reference

SOFR						Secured Overnight Financing Rate
TDR						Troubled debt restructuring

Utilities						Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited
VIEs						Variable interest entities

iii

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance and actual results and financial condition may differ materially from those indicated in the forward-looking statements.

Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:

•international, national and local economic and political conditions—including the state of the Hawaii tourism, defense and construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by ASB, which could result in higher loan loss provisions and write-offs); decisions concerning the extent of the presence of the federal government and military in Hawaii; the implications and potential impacts of future Federal government shutdowns, including the impact to our customers’ ability to pay their electric bills and/or bank loans and the impact on the state of Hawaii economy; the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars (such as the Russia-Ukraine war), conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; and pandemics;

•the extent of the impact of the COVID-19 pandemic, including the duration, spread, severity and any recurrence of the COVID-19 pandemic due to new variants or insufficient vaccinations, the duration and scope of related government orders and restrictions, the impact on our employees, customers and suppliers, and the impact of the COVID-19 pandemic on the overall demand or ability to pay for the Company’s goods and services, all of which could be affected by the pace of distribution, administration, and efficacy of COVID-19 vaccines over the short- and long-term, as well as the proportion of the population vaccinated;

•ability to adequately address risks and capitalize on opportunities related to our environmental, social and governance priority areas, which currently include decarbonization, economic health and affordability, reliability and resilience, secure digitalization, diversity, equity and inclusion, employee engagement, and climate-related risks and opportunities;

•citizen activism, including civil unrest, especially in times of severe economic depression and social divisiveness, which could negatively impact customers and employees, impair the ability of the Company and the Utilities to operate and maintain their facilities in an effective and safe manner, and citizen or stakeholder activism that could delay the construction, increase project costs or preclude the completion, of third-party or Utility projects that are required to meet electricity demand, resilience and reliability objectives and renewable portfolio standards (RPS) and other climate-related goals;

•the effects of future actions or inaction of the U.S. government or related agencies, including those related to the U.S. debt ceiling or budget funding, monetary policy, trade policy and tariffs, energy and environmental policy, and other policy and regulatory changes advanced or proposed by President Biden and his administration;

•weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the increasing effects of climate change, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wildfires, including their impact on the resilience and reliability and cost of the Company’s and Utilities’ operations and the economy;

•the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in lower portfolio yields and net interest margin, or higher borrowing costs;

•the ability of the Company and the Utilities to access the credit and capital markets (e.g., to obtain commercial paper and other short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the potential higher cost of such financings, if available;

•the risks inherent in changes in the value of the Company’s pension and other retirement plan assets and ASB’s securities available for sale, and the risks inherent in changes in the value of the Company’s pension liabilities, including changes driven by interest rates and mortality improvements;

•changes in laws, regulations (including tax regulations), market conditions, interest rates and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;

•increasing competition in the banking industry from traditional financial institutions as well as from non-traditional providers of financial services, including financial service subsidiaries of commercial and manufacturing companies (e.g., increased price competition for loans and deposits, or an outflow of deposits to alternative investments or platforms, which may have an adverse impact on ASB’s net interest margin and portfolio growth);

•the potential delay by the Public Utilities Commission of the State of Hawaii (PUC) in considering (and potential disapproval of actual or proposed) renewable energy proposals and related costs; reliance by the Utilities on outside parties such as the state, independent power producers (IPPs) and developers; supply-chain challenges; and uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet RPS and other climate-related goals; the impacts of implementation of the renewable energy proposals on future costs of electricity and potential penalties imposed by the PUC for delays in the commercial operations of renewable energy projects;

•the ability of the Utilities to develop, implement and recover the costs of implementing the Utilities’ action plans included in their updated Power Supply Improvement Plans, Demand Response Portfolio Plan, Distributed Generation Interconnection Plan, Grid Modernization Plans, and business model changes, which have been and are continuing to be developed and updated in response to the orders issued by the PUC, the PUC’s April 2014 statement of its inclinations on the future of Hawaii’s electric utilities and the vision, business strategies and regulatory policy changes required to align the Utilities’ business model with customer interests and the state’s public policy goals, and subsequent orders of the PUC;

•the ability of the Utilities to recover undepreciated cost of fossil fuel generating units, if they are required to be retired before the end of their expected useful life;

•capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;

•high and/or volatile fuel prices, which increases working capital requirements and customer bills, or delivery of adequate fuel by suppliers (including as a result of the Russia-Ukraine war), which could affect the reliability of utility operations, and the continued availability to the electric utilities of their energy cost recovery clauses (ECRCs);

•the continued availability to the electric utilities or modifications of other cost recovery mechanisms, including the purchased power adjustment clauses (PPACs), annual revenue adjustment (ARA) and pension and postretirement benefits other than pensions (OPEB) tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatt-hour sales;

•the ability of the Utilities to recover increasing costs and earn a reasonable return on capital investments not covered by the ARA, while providing the customer dividend required by performance-based regulation (PBR);

•the ability of the Utilities to achieve performance incentive goals currently in place;

•the impact from the PUC’s implementation of PBR for the Utilities pursuant to Act 005, Session Laws 2018, including the potential addition of new performance incentive mechanisms (PIMs), third-party proposals adopted by the PUC in its implementation of PBR, and the implications of not achieving performance incentive goals;

•the impact of fuel price levels and volatility on customer satisfaction and political and regulatory support for the Utilities;

•unfavorable changes in economic conditions, such as sustained inflation, higher interest rates or recession, may negatively impact the ability of the Company’s customers to pay their utility bills or loan payments, reduce loan production, and increase operating costs of the Utilities or Bank that cannot be passed on to, or recovered, from customers;

•the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;

•the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources will be constrained as more generating resources are added to the Utilities’ electric systems and as customers reduce their energy usage;

•the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);

•the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in their units to ensure the availability of their units;

•the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and collective bargaining agreements and avoid or mitigate labor disputes and work stoppages;

•new technological developments that could affect the operations and prospects of the Utilities and ASB or their competitors such as the commercial development of energy storage and microgrids and banking through alternative channels, including use of digital currencies, which could include a central bank digital currency;

•cybersecurity risks and the potential for cyber incidents, including potential incidents at HEI, its subsidiaries (including at ASB branches and electric utility plants), its third-party service providers, contractors and customers with whom they have shared data (IPPs, distributed energy resources (DER) aggregators and customers enrolled under DER programs) and incidents at data processing centers used, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general IT controls;

•failure to achieve remaining cost savings commitment related to the management audit committed savings of $33 million over the 2021 to 2025 multi-year rate period (MRP);

•federal, state, county and international governmental and regulatory actions, such as existing, new and changes in laws, rules and regulations applicable to HEI, the Utilities and ASB (including changes in taxation and tax rates, increases in capital requirements, regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions, governmental fees and assessments (such as

Federal Deposit Insurance Corporation assessments), and potential carbon pricing or “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);

•developments in laws, regulations and policies governing protections for historic, archaeological and cultural sites, and plant and animal species and habitats, as well as developments in the implementation and enforcement of such laws, regulations and policies;

•discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and any associated enforcement, litigation or regulatory oversight;

•decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);

•decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions, restrictions and penalties that may arise, such as with respect to environmental conditions or RPS);

•potential enforcement actions by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);

•the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);

•changes in accounting principles applicable to HEI and its subsidiaries, including the adoption of new U.S. accounting standards, the potential discontinuance of regulatory accounting related to PBR or other regulatory changes, the effects of potentially required consolidation of variable interest entities (VIEs), or required finance lease or on-balance-sheet operating lease accounting for PPAs with IPPs;

•downgrades by securities rating agencies in their ratings of the securities of HEI and Hawaiian Electric and their impact on results of financing efforts;

•faster than expected loan prepayments that can cause a decrease in net interest income and portfolio yields, an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;

•changes in ASB’s loan portfolio credit profile and asset quality and/or mix, which may increase or decrease the required level of provision for credit losses, allowance for credit losses (ACL) and charge-offs;

•changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;

•unanticipated changes from the expected discontinuance of LIBOR and the transition to an alternative reference rate, which may include adverse impacts to the Company’s cost of capital, loan portfolio and interest income on loans;

•the final outcome of tax positions taken by HEI and its subsidiaries;

•the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the Utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits), and the risks associated with the operation of transmission and distribution assets and power generation facilities, including public and employee safety issues, and assets causing or contributing to wildfires;

•the ability of the Company’s non-regulated subsidiary, Pacific Current, LLC (Pacific Current), to achieve its performance and growth objectives, which in turn could affect its ability to service its non-recourse debt;

•the Company’s reliance on third parties and the risk of their non-performance, which has increased due to the impact from the COVID-19 pandemic; and

•other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or Hawaiian Electric with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB, Pacific Current and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral and whether as a result of new information, future events or otherwise.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (unaudited)


	Three months ended September 30				Nine months ended September 30
(in thousands, except per share amounts)	2022		2021		2022		2021
Revenues
Electric utility	$	955,971	$	679,499	$	2,483,636	$	1,846,242
Bank	81,411		76,208		231,850		230,599
Other	4,815		1,197		7,386		3,266
Total revenues	1,042,197		756,904		2,722,872		2,080,107
Expenses
Electric utility	876,922		604,307		2,259,838		1,634,252
Bank	54,311		51,151		152,797		130,440
Other	8,849		4,130		22,178		18,212
Total expenses	940,082		659,588		2,434,813		1,782,904
Operating income (loss)
Electric utility	79,049		75,192		223,798		211,990
Bank	27,100		25,057		79,053		100,159
Other	(4,034)		(2,933)		(14,792)		(14,946)
Total operating income	102,115		97,316		288,059		297,203
Retirement defined benefits credit—other than service costs	1,039		1,058		3,528		4,709
Interest expense, net—other than on deposit liabilities and other bank borrowings	(26,626)		(23,477)		(75,940)		(70,530)
Allowance for borrowed funds used during construction	825		827		2,401		2,386
Allowance for equity funds used during construction	2,552		2,427		7,431		6,995
Gain on sales of investment securities, net and equity-method investment	—		—		8,123		528
Income before income taxes	79,905		78,151		233,602		241,291
Income taxes	17,352		14,265		48,395		48,229
Net income	62,553		63,886		185,207		193,062
Preferred stock dividends of subsidiaries	471		471		1,417		1,417
Net income for common stock	$	62,082	$	63,415	$	183,790	$	191,645
Basic earnings per common share	$	0.57	$	0.58	$	1.68	$	1.75
Diluted earnings per common share	$	0.57	$	0.58	$	1.68	$	1.75

Weighted-average number of common shares outstanding	109,470		109,311		109,421		109,272
Net effect of potentially dilutive shares	235		264		291		316
Weighted-average shares assuming dilution	109,705		109,575		109,712		109,588

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (unaudited)


	Three months ended September 30				Nine months ended September 30
(in thousands)	2022		2021		2022		2021
Net income for common stock	$	62,082	$	63,415	$	183,790	$	191,645
Other comprehensive income (loss), net of taxes:
Net unrealized losses on available-for-sale investment securities:
Net unrealized losses on available-for-sale investment securities arising during the period, net of taxes of $(36,230), $(4,212), $(112,838) and $(14,614), respectively	(98,965)		(11,507)		(308,229)		(39,921)
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $(142), respectively	—		—		—		(387)
Derivatives qualifying as cash flow hedges:
Unrealized interest rate hedging gains arising during the period, net of taxes of $901, $48, $2,220 and $347, respectively	2,597		139		6,400		1,000
Reclassification adjustment for net realized losses included in net income, net of taxes of $19, $3, $56 and $3, respectively	53		9		161		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 $1,943, $985, $3,549 and $5,155, respectively	5,606		2,853		10,229		14,871
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,839), $(971), $(3,320) and $(5,002), respectively	(5,303)		(2,799)		(9,572)		(14,421)
Other comprehensive loss, net of taxes	(96,012)		(11,305)		(301,011)		(38,849)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$	(33,930)	$	52,110	$	(117,221)	$	152,796

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)


(dollars in thousands)	September 30, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	175,280	$	305,551
Restricted cash	3,898		5,911
Accounts receivable and unbilled revenues, net	519,774		344,213
Available-for-sale investment securities, at fair value	2,232,336		2,574,618
Held-to-maturity investment securities, at amortized cost	510,879		522,270
Stock in Federal Home Loan Bank, at cost	15,000		10,000
Loans held for investment, net	5,616,984		5,139,984
Loans held for sale, at lower of cost or fair value	3,101		10,404
Property, plant and equipment, net of accumulated depreciation of $3,168,879 and $3,028,130 at September 30, 2022 and December 31, 2021, respectively	5,599,937		5,392,068
Operating lease right-of-use assets	121,302		122,416

Regulatory assets	497,188		565,543
Other	886,999		747,469
Goodwill	82,190		82,190
Total assets	$	16,264,868	$	15,822,637
Liabilities and shareholders’ equity
Liabilities
Accounts payable	$	213,587	$	205,544
Interest and dividends payable	36,158		19,889
Deposit liabilities	8,258,885		8,172,212
Short-term borrowings—other than bank	171,125		53,998
Other bank borrowings	409,040		88,305
Long-term debt, net—other than bank	2,430,326		2,321,937
Deferred income taxes	263,929		384,760
Operating lease liabilities	130,914		136,760
Finance lease liabilities	49,202		—
Regulatory liabilities	1,030,376		996,768

Defined benefit pension and other postretirement benefit plans liability	333,664		348,072
Other	740,447		669,215
Total liabilities	14,067,653		13,397,460
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: 109,470,325 shares and 109,311,785 shares at September 30, 2022 and December 31, 2021, respectively	1,689,672		1,685,496
Retained earnings	826,794		757,921
Accumulated other comprehensive loss, net of tax benefits	(353,544)		(52,533)
Total shareholders’ equity	2,162,922		2,390,884
Total liabilities and shareholders’ equity	$	16,264,868	$	15,822,637

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)


	Common stock			Retained		Accumulated other comprehensive
(in thousands)	Shares	Amount		Earnings		income (loss)		Total
Balance, December 31, 2021	109,312	$	1,685,496	$	757,921	$	(52,533)	$	2,390,884
Net income for common stock	—	—		69,167		—		69,167
Other comprehensive loss, net of tax benefits	—	—		—		(117,159)		(117,159)
Share-based expenses and other, net	119	(949)		—		—		(949)
Common stock dividends (35¢ per share)	—	—		(38,301)		—		(38,301)
Balance, March 31, 2022	109,431	1,684,547		788,787		(169,692)		2,303,642
Net income for common stock	—	—		52,541		—		52,541
Other comprehensive loss, net of tax benefits	—	—		—		(87,840)		(87,840)
Share-based expenses and other, net	36	3,462		—		—		3,462
Common stock dividends (35¢ per share)	—	—		(38,301)		—		(38,301)
Balance, June 30, 2022	109,467	1,688,009		803,027		(257,532)		2,233,504
Net income for common stock	—	—		62,082		—		62,082
Other comprehensive loss, net of tax benefits	—	—		—		(96,012)		(96,012)
Share-based expenses and other, net	3	1,663		—		—		1,663
Common stock dividends (35¢ per share)	—	—		(38,315)		—		(38,315)
Balance, September 30, 2022	109,470	$	1,689,672	$	826,794	$	(353,544)	$	2,162,922
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

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine months ended September 30
(in thousands)	2022		2021
Cash flows from operating activities
Net income	$	185,207	$	193,062
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	190,075		184,389
Other amortization	28,916		24,511
Provision for credit losses	(692)		(22,367)
Loans originated, held for sale	(120,195)		(281,744)
Proceeds from sale of loans, held for sale	126,357		304,820
Gain on sales of investment securities, net and equity-method investment	(8,123)		(528)
Gain on sale of loans, net	(1,630)		(7,497)
Deferred income taxes	(21,631)		(13,473)
Share-based compensation expense	7,337		6,727
Allowance for equity funds used during construction	(7,431)		(6,995)
Other	(5,392)		(7,046)
Changes in assets and liabilities
Increase in accounts receivable and unbilled revenues, net	(159,619)		(58,758)
Increase in fuel oil stock	(127,413)		(42,612)
Decrease (increase) in regulatory assets	34,278		(4,952)
Increase in regulatory liabilities	29,294		8,806
Increase in accounts, interest and dividends payable	39,009		36,850
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	73,279		11,133
Decrease in defined benefit pension and other postretirement benefit plans liability	(4,228)		(5,288)
Change in other assets and liabilities	(44,411)		(51,833)
Net cash provided by operating activities	212,987		267,205
Cash flows from investing activities
Available-for-sale investment securities purchased	(366,177)		(1,318,520)
Principal repayments on available-for-sale investment securities	285,519		449,459
Proceeds from sale of available-for-sale investment securities	—		197,354
Purchases of held-to-maturity investment securities	—		(314,327)
Proceeds from repayments or maturities of held-to-maturity investment securities	10,433		49,074
Purchase of stock from Federal Home Loan Bank	(93,000)		(32,980)
Redemption of stock from Federal Home Loan Bank	88,000		31,660
Net decrease (increase) in loans held for investment	(395,185)		157,619
Proceeds from sale of residential loans	—		17,398
Purchase of loans held for investment	(77,274)		—
Capital expenditures	(236,278)		(219,252)

Contributions to low income housing investments	(740)		(12,402)
Acquisition of business	(25,706)		—
Other	15,646		10,078
Net cash used in investing activities	(794,762)		(984,839)

(continued)

Hawaiian Electric Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited) (continued)


	Nine months ended September 30
(in thousands)	2022		2021
Cash flows from financing activities
Net increase in deposit liabilities	86,673		589,581
Net increase in short-term borrowings with original maturities of three months or less	117,127		27,755
Net increase in other bank borrowings with original maturities of three months or less	320,735		39,635

Repayment of short-term debt	—		(65,000)

Proceeds from issuance of long-term debt	67,312		206,988
Repayment of long-term debt	(16,752)		(80,607)
Withheld shares for employee taxes on vested share-based compensation	(3,158)		(2,006)
Common stock dividends	(114,917)		(111,477)
Preferred stock dividends of subsidiaries	(1,417)		(1,417)
Other	(6,112)		(7,462)
Net cash provided by financing activities	449,491		595,990
Net decrease in cash, cash equivalents and restricted cash	(132,284)		(121,644)
Cash, cash equivalents and restricted cash, beginning of period	311,462		358,979
Cash, cash equivalents and restricted cash, end of period	179,178		237,335
Less: Restricted cash	(3,898)		(9,412)
Cash and cash equivalents, end of period	$	175,280	$	227,923

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (unaudited)


	Three months ended September 30				Nine months ended September 30
(in thousands)	2022		2021		2022		2021
Revenues	$	955,971	$	679,499	$	2,483,636	$	1,846,242
Expenses
Fuel oil	383,602		180,682		874,543		447,245
Purchased power	225,209		185,759		606,827		490,520
Other operation and maintenance	121,110		116,468		371,259		349,180
Depreciation	58,711		57,386		175,921		172,122
Taxes, other than income taxes	88,290		64,012		231,288		175,185
Total expenses	876,922		604,307		2,259,838		1,634,252
Operating income	79,049		75,192		223,798		211,990
Allowance for equity funds used during construction	2,552		2,427		7,431		6,995
Retirement defined benefits credit —other than service costs	895		877		2,876		2,918
Interest expense and other charges, net	(19,609)		(18,148)		(56,735)		(54,126)
Allowance for borrowed funds used during construction	825		827		2,401		2,386
Income before income taxes	63,712		61,175		179,771		170,163
Income taxes	13,450		10,335		37,967		33,066
Net income	50,262		50,840		141,804		137,097
Preferred stock dividends of subsidiaries	228		228		686		686
Net income attributable to Hawaiian Electric	50,034		50,612		141,118		136,411
Preferred stock dividends of Hawaiian Electric	270		270		810		810
Net income for common stock	$	49,764	$	50,342	$	140,308	$	135,601

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

HEI owns all of the common stock of Hawaiian Electric. Therefore, per share data with respect to shares of common stock of Hawaiian Electric are not meaningful.

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (unaudited)


	Three months ended September 30				Nine months ended September 30
(in thousands)	2022		2021		2022		2021
Net income for common stock	$	49,764	$	50,342	$	140,308	$	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 of $1,877, $1,007, $3,393 and $5,062, respectively	5,411		2,905		9,782		14,596
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,839), $(971), $(3,320) and $(5,002), respectively	(5,303)		(2,799)		(9,572)		(14,421)
Other comprehensive income, net of taxes	108		106		210		175
Comprehensive income attributable to Hawaiian Electric Company, Inc.	$	49,872	$	50,448	$	140,518	$	135,776

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)


(dollars in thousands, except par value)	September 30, 2022		December 31, 2021
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	52,060	$	51,937
Plant and equipment	7,890,926		7,735,983
Right-of-use assets - finance lease	48,371		—
Less accumulated depreciation	(3,067,642)		(2,940,517)
Construction in progress	257,582		204,569
Utility property, plant and equipment, net	5,181,297		5,051,972
Nonutility property, plant and equipment, less accumulated depreciation of $62 and $59 as of September 30, 2022 and December 31, 2021, respectively	6,946		6,949
Total property, plant and equipment, net	5,188,243		5,058,921
Current assets
Cash and cash equivalents	21,304		52,169
Restricted cash	—		3,089
Customer accounts receivable, net	258,972		186,859
Accrued unbilled revenues, net	220,420		129,155
Other accounts receivable, net	15,492		7,267
Fuel oil stock, at average cost	229,725		104,078
Materials and supplies, at average cost	77,579		71,877
Prepayments and other	45,798		46,031
Regulatory assets	55,906		66,664
Total current assets	925,196		667,189
Other long-term assets
Operating lease right-of-use assets	93,709		101,470
Regulatory assets	441,282		498,879
Other	158,116		165,166
Total other long-term assets	693,107		765,515
Total assets	$	6,806,546	$	6,491,625

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited) (continued)


(dollars in thousands, except par value)	September 30, 2022		December 31, 2021
Capitalization and liabilities
Capitalization
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,753,533 shares at September 30, 2022 and December 31, 2021)	$	118,376	$	118,376
Premium on capital stock	798,526		798,526
Retained earnings	1,394,160		1,348,277
Accumulated other comprehensive loss, net of tax benefits-retirement benefit plans	(3,070)		(3,280)
Common stock equity	2,307,992		2,261,899
Cumulative preferred stock — not subject to mandatory redemption	34,293		34,293
Long-term debt, net	1,684,699		1,624,427
Total capitalization	4,026,984		3,920,619
Commitments and contingencies (Note 3)
Current liabilities
Current portion of operating lease liabilities	18,572		49,368
Current portion of long-term debt, net	51,995		51,975
Short-term borrowings from non-affiliates	97,450		—

Accounts payable	165,461		160,007
Interest and preferred dividends payable	29,164		17,325
Taxes accrued, including revenue taxes	256,343		208,280
Regulatory liabilities	29,318		29,760
Other	79,788		71,569
Total current liabilities	728,091		588,284
Deferred credits and other liabilities
Operating lease liabilities	83,311		65,780
Finance lease liabilities	46,468		—
Deferred income taxes	392,176		408,634
Regulatory liabilities	1,001,058		967,008
Unamortized tax credits	98,001		103,945
Defined benefit pension and other postretirement benefit plans liability	308,133		321,780
Other	122,324		115,575
Total deferred credits and other liabilities	2,051,471		1,982,722
Total capitalization and liabilities	$	6,806,546	$	6,491,625

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited)


	Common stock			Premium on capital		Retained		Accumulated other comprehensive
(in thousands)	Shares	Amount		stock		earnings		income (loss)		Total
Balance, December 31, 2021	17,753	$	118,376	$	798,526	$	1,348,277	$	(3,280)	$	2,261,899
Net income for common stock	—	—		—		46,409		—		46,409
Other comprehensive income, net of taxes	—	—		—		—		51		51
Common stock dividends	—	—		—		(31,475)		—		(31,475)

Balance, March 31, 2022	17,753	118,376		798,526		1,363,211		(3,229)		2,276,884
Net income for common stock	—	—		—		44,135		—		44,135
Other comprehensive income, net of taxes	—	—		—		—		51		51
Common stock dividends	—	—		—		(31,475)		—		(31,475)
Balance, June 30, 2022	17,753	118,376		798,526		1,375,871		(3,178)		2,289,595
Net income for common stock	—	—		—		49,764		—		49,764
Other comprehensive income, net of taxes	—	—		—		—		108		108
Common stock dividends	—	—		—		(31,475)		—		(31,475)
Balance, September 30, 2022	17,753	$	118,376	$	798,526	$	1,394,160	$	(3,070)	$	2,307,992
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

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine months ended September 30
(in thousands)	2022		2021
Cash flows from operating activities
Net income	$	141,804	$	137,097
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	175,921		172,122
Other amortization	19,044		17,058
Deferred income taxes	(27,671)		(12,333)

State refundable credit	(8,275)		(7,955)
Bad debt expense	4,406		1,303
Allowance for equity funds used during construction	(7,431)		(6,995)

Other	94		991
Changes in assets and liabilities
Increase in accounts receivable	(64,404)		(33,621)
Increase in accrued unbilled revenues	(91,256)		(27,491)
Increase in fuel oil stock	(125,647)		(42,563)
Increase in materials and supplies	(5,702)		(5,653)
Decrease (increase) in regulatory assets	34,278		(4,952)
Increase in regulatory liabilities	29,294		8,806
Increase in accounts payable	18,108		27,210
Change in prepaid and accrued income taxes, tax credits and revenue taxes	57,681		2,934
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,647)		(3,902)
Change in other assets and liabilities	(22,430)		(23,800)
Net cash provided by operating activities	124,167		198,256
Cash flows from investing activities
Capital expenditures	(225,876)		(203,746)
Other	6,750		6,157
Net cash used in investing activities	(219,126)		(197,589)
Cash flows from financing activities
Common stock dividends	(94,425)		(83,775)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,496)		(1,496)

Repayment of short-term debt	—		(50,000)
Proceeds from issuance of long-term debt	60,000		115,000

Net increase in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less	97,450		—
Payments of obligations under finance leases	(266)		—
Other	(258)		(942)
Net cash provided by financing activities	61,005		(21,213)
Net decrease in cash, cash equivalents and restricted cash	(33,954)		(20,546)
Cash, cash equivalents and restricted cash, beginning of period	55,258		63,326
Cash, cash equivalents and restricted cash, end of period	21,304		42,780
Less: Restricted cash	—		(6,313)
Cash and cash equivalents, end of period	$	21,304	$	36,467

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1 · Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, the instructions to SEC Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the unaudited condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited condensed consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in HEI’s and Hawaiian Electric’s Form 10-K for the year ended December 31, 2021.

In the opinion of HEI’s and Hawaiian Electric’s management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments required by GAAP to fairly state consolidated HEI’s and Hawaiian Electric’s financial positions as of September 30, 2022 and December 31, 2021 and the results of their operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. All such adjustments are of a normal recurring nature, unless otherwise disclosed below or in other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year.

Recent accounting pronouncements.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - continued (Unaudited)

Note 2 · Segment financial information


(in thousands)	Electric utility		Bank		Other		Total
Three months ended September 30, 2022
Revenues from external customers	$	955,971	$	81,411	$	4,815	$	1,042,197
Intersegment revenues (eliminations)	—		—		—		—
Revenues	$	955,971	$	81,411	$	4,815	$	1,042,197
Income (loss) before income taxes	$	63,712	$	27,281	$	(11,088)	$	79,905
Income taxes (benefit)	13,450		6,525		(2,623)		17,352
Net income (loss)	50,262		20,756		(8,465)		62,553
Preferred stock dividends of subsidiaries	498		—		(27)		471
Net income (loss) for common stock	$	49,764	$	20,756	$	(8,438)	$	62,082
Nine months ended September 30, 2022
Revenues from external customers	$	2,483,632	$	231,850	$	7,390	$	2,722,872
Intersegment revenues (eliminations)	4		—		(4)		—
Revenues	$	2,483,636	$	231,850	$	7,386	$	2,722,872
Income (loss) before income taxes	$	179,771	$	79,605	$	(25,774)	$	233,602
Income taxes (benefit)	37,967		17,513		(7,085)		48,395
Net income (loss)	141,804		62,092		(18,689)		185,207
Preferred stock dividends of subsidiaries	1,496		—		(79)		1,417
Net income (loss) for common stock	$	140,308	$	62,092	$	(18,610)	$	183,790
Total assets (at September 30, 2022)	$	6,806,546	$	9,315,611	$	142,711	$	16,264,868
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 December 31, 2021)	$	6,491,625	$	9,181,603	$	149,409	$	15,822,637

Intercompany electricity sales of the Utilities to ASB and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by the Utilities and the profit on such sales is nominal.

Hamakua Energy, LLC’s (Hamakua Energy’s) sales to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - continued (Unaudited)

Note 3 · Electric utility segment

Unconsolidated variable interest entities.

Power purchase agreements. As of September 30, 2022, the Utilities had four PPAs for firm capacity (including the Puna Geothermal Venture PPA that went offline in May 2018 due to lava flow on Hawaii Island, but returned to service with firm capacity of 13.0 MW in the first quarter of 2021, ramped up to 23.9 MW in the second quarter of 2021, and further increased to 25.7 MW in June 2022) and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs.

Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa and Hamakua Energy in its condensed consolidated financial statements. However, Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s condensed consolidated financial statements.

For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the unaudited condensed consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP.

Commitments and contingencies.

Contingencies. The Utilities are subject in the normal course of business to pending and threatened legal proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future.

Power purchase agreements. Purchases from all IPPs were as follows:

HE

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