v3.24.3
Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying or Notional Amount, Fair Value and Placement in the Fair Value Hierarchy of the Company’s Financial Instruments
The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments.
Estimated fair value
(in thousands)Carrying or notional amountQuoted prices in
active markets
for identical assets
 (Level 1)		Significant
 other observable
 inputs
 (Level 2)		Significant
unobservable
inputs
 (Level 3)		Total
September 30, 2024     
Financial assets     
HEI consolidated
Available-for-sale investment securities$1,084,083 $— $1,070,148 $13,935 $1,084,083 
Held-to-maturity investment securities1,159,229 — 1,086,205 — 1,086,205 
 Stock in Federal Home Loan Bank
29,204 — 29,204 — 29,204 
Loans, net5,975,318 — 2,698 5,669,632 5,672,330 
Mortgage servicing rights7,722 — — 17,046 17,046 
Derivative assets16,991 10 792 — 802 
Financial liabilities    
HEI consolidated
Deposit liabilities - time certificates
1,064,978 — 1,058,464 — 1,058,464 
Other bank borrowings520,000 — 520,677 — 520,677 
Long-term debt, net—other than bank
2,836,539 — 2,289,207 — 2,289,207 
  Derivative liabilities21,867 — 116 — 116 
Hawaiian Electric consolidated
Long-term debt, net 1,934,980 — 1,519,620 — 1,519,620 
December 31, 2023     
Financial assets     
HEI consolidated
Available-for-sale investment securities$1,136,439 $— $1,122,081 $14,358 $1,136,439 
Held-to-maturity investment securities1,201,314 — 1,103,668 — 1,103,668 
 Stock in Federal Home Loan Bank
14,728 — 14,728 — 14,728 
Loans, net6,121,606 — 15,176 5,723,823 5,738,999 
Mortgage servicing rights8,169 — — 18,722 18,722 
Derivative assets16,880 — 1,058 — 1,058 
Financial liabilities    
HEI consolidated
Deposit liabilities - time certificates
1,063,907 — 1,053,101 — 1,053,101 
Other bank borrowings750,000 — 747,508 — 747,508 
Long-term debt, net—other than bank2,842,429 — 2,133,225 — 2,133,225 
Derivative liabilities28,449 18 303 — 321 
Hawaiian Electric consolidated
Long-term debt, net 1,934,277 — 1,385,025 — 1,385,025 
Schedule of Assets Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows:
September 30, 2024December 31, 2023
 Fair value measurements usingFair value measurements using
(in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Available-for-sale investment securities (bank segment)      
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies$— $1,028,627 $— $— $1,077,168 $— 
U.S. Treasury and federal agency obligations— 7,597 — — 12,010 — 
Corporate bonds— 33,924 — — 32,903 — 
Mortgage revenue bonds— — 13,935 — — 14,358 
 $— $1,070,148 $13,935 $— $1,122,081 $14,358 
Derivative assets     
Interest rate lock commitments (bank segment)1
$— $68 $— $— $86 $— 
Forward commitments (bank segment)1
10 — — — — — 
Interest rate swap (Other segment)2
— 724 — — 972 — 
 $10 $792 $— $— $1,058 $— 
Derivative liabilities
Forward commitments (bank segment)1
$— $— $— $18 $— $— 
Interest rate swap (Other segment)2
— 116 — — 303 — 
$— $116 $— $18 $303 $— 
1     Derivatives are carried at fair value in other assets or other liabilities in the balance sheets with changes in value included in mortgage banking income.
2     Derivatives are included in other assets and other liabilities in the balance sheets.
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
Three months ended September 30Nine months ended September 30
Mortgage revenue bonds2024202320242023
(in thousands)
Beginning balance$14,076 $14,630 $14,358 $14,902 
Principal payments received(141)(136)(423)(408)
Purchases— — — — 
Unrealized gain (loss) included in other comprehensive income— — — — 
Ending balance$13,935 $14,494 $13,935 $14,494