8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: March 27, 2024

Exact Name of Registrant	Commission	I.R.S. Employer
as Specified in Its Charter	File Number	Identification No.
Hawaiian Electric Industries, Inc.	1-8503	99-0208097
Hawaiian Electric Company, Inc.	1-4955	99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

 Registrant’s telephone number, including area code:

 (808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

  Not applicable

(Former name or former address, if changed since last report.)

  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

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. ☐

Item 7.01. Regulation FD Disclosure.

HEI is furnishing its unaudited 2023 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated Hawaiian Electric and American Savings Bank, F.S.B. (ASB), and other selected data.

HEI will post the 2023 Statistical Supplement on its website, www.hei.com, under the headings “Investor Relations,” “SEC Filings” and “Statistical Supplement.”

HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's, Hawaiian Electric's and ASB’s press releases, HEI’s and Hawaiian Electric’s SEC filings and HEI’s public conference calls and webcasts. The information on HEI's website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s other SEC filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99	HEI 2023 Statistical Supplement
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

1

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.	HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)	(Registrant)
/s/ Scott T. DeGhetto	/s/ Paul K. Ito
Scott T. DeGhetto	Paul K. Ito
Executive Vice President,	Senior Vice President,
Chief Financial Officer and Treasurer	Chief Financial Officer and Treasurer
Date: March 27, 2024	Date: March 27, 2024

2

EX-99

Exhibit 99

Hawaiian Electric Industries, Inc.

2023 Statistical Supplement

TABLE OF CONTENTS
	Page
HEI Consolidated
Selected Financial Information	1
Consolidated Statements of Income & Comprehensive Income Information	2
Consolidated Balance Sheets Information	3
Consolidated Statements of Changes in Shareholders' Equity Information	4
Consolidated Statements of Cash Flows Information	5
Consolidated Capital Structure	7
GAAP Earnings and Return on Average Common Equity	8
Hawaiian Electric Company
Selected Financial Information	9
Consolidated Statements of Income and Retained Earnings Information	10
Consolidated Balance Sheets Information	11
Consolidated Statements of Cash Flows Information	12
Cumulative Preferred Stock Not Subject to Mandatory Redemption	13
Long-term Debt	14
Customer, Sales and Revenue Information	17
Power Supply Information	19
American Savings Bank
Selected Information	21
Statements of Income Information	22
Balance Sheets Information	23

i

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023			2022			2021			2020			2019
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	3,682,166		$	3,741,985		$	2,850,379		$	2,579,775		$	2,873,948
Net income for common stock		199,238			241,138			246,166			197,824			217,882
Basic earnings per common share		1.82			2.20			2.25			1.81			2.00
Diluted earnings per common share		1.81			2.20			2.25			1.81			1.99
Dividends per common share		1.08			1.40			1.36			1.32			1.28
Operating income (loss)
Electric utility		$	302,158		$	299,191		$	279,558		$	268,550		$	254,378
Bank		77,612			101,518			128,203			61,809			110,909
Other		(27,166)			(19,636)			(21,695)			(18,866)			(17,266)
		$	352,604		$	381,073		$	386,066		$	311,493		$	348,021
Assets 1
Electric utility		$	7,283,554		$	6,597,467		$	6,491,625		$	6,457,373		$	6,388,682
Bank		9,673,192			9,545,970			9,181,603			8,396,533			7,233,017
Other		287,075			140,807			149,409			150,101			123,552
		$	17,243,821		$	16,284,244		$	15,822,637		$	15,004,007		$	13,745,251
Capital structure 1, 2
Short-term borrowings - other than bank		$	—		$	172,568		$	53,998		$	129,379		$	185,710
Long-term debt, net - other than bank		2,842,429			2,384,980			2,321,937			2,119,129			1,964,365
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,344,841			2,202,499			2,390,884			2,337,502			2,280,260
		$	5,221,563		$	4,794,340		$	4,801,112		$	4,620,303		$	4,464,628
Capital structure ratios 1, 2
Short-term borrowings - other than bank		—		%	3.6		%	1.1		%	2.8		%	4.2		%
Long-term debt, net - other than bank		54.4			49.8			48.4			45.9			44.0
Preferred stock of subsidiaries		0.7			0.7			0.7			0.7			0.8
Common stock equity		44.9			45.9			49.8			50.6			51.0
		100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share 1		67		%	208		%	190		%	165		%	224		%
Price earnings ratio 3		7.8x			19.0x			18.4x			19.6x			23.5x
Return on average common equity		8.8		%	10.5		%	10.4		%	8.6		%	9.8		%
Indicated annual dividend yield1		7.6		%	3.3		%	3.3		%	3.7		%	2.7		%
Dividend payout ratio		59		%	64		%	60		%	73		%	64		%
Full-time employees
HEI (includes Pacific Current)		75			79			49			49			50
Hawaiian Electric and its subsidiaries		2,564			2,511			2,469			2,579			2,675
ASB		958			1,050			1,079			1,064			1,111
		3,597			3,640			3,597			3,692			3,836
Note:	This report should be read in conjunction with HEI’s Form 10-K for each year.
1 At December 31.
2 Excludes ASB's deposit liabilities and other borrowings.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.

1

CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021		2020		2019
(in thousands, except per share amounts)
Revenues
Electric utility1		$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942
Bank		394,663		321,068		306,398		313,511		327,917
Other1		17,982		12,330		4,345		944		89
Total revenues		3,682,166		3,741,985		2,850,379		2,579,775		2,873,948
Expenses
Electric utility		2,967,363		3,109,396		2,260,078		1,996,770		2,291,564
Bank		317,051		219,550		178,195		251,702		217,008
Other		45,148		31,966		26,040		19,810		17,355
Total expenses		3,329,562		3,360,912		2,464,313		2,268,282		2,525,927
Operating income (loss)
Electric utility		302,158		299,191		279,558		268,550		254,378
Bank		77,612		101,518		128,203		61,809		110,909
Other		(27,166)		(19,636)		(21,695)		(18,866)		(17,266)
Total operating income		352,604		381,073		386,066		311,493		348,021
Retirement defined benefits credit (expense)—other than service costs		4,768		4,411		5,848		(3,210)		(2,806)
Interest expense, net—other than on deposit liabilities and other bank borrowings		(125,532)		(103,402)		(94,363)		(88,694)		(90,899)
Allowance for borrowed funds used during construction		5,201		3,416		3,250		2,992		4,453
Allowance for equity funds used during construction		15,164		10,574		9,534		8,768		11,987
Interest income1		9,105		—		—		—		—
Gain (loss) on sale of investment securities, net and equity-method investments		(15,609)		8,123		528		9,275		653
Income before income taxes		245,701		304,195		310,863		240,624		271,409
Income taxes		44,573		61,167		62,807		40,910		51,637
Net income		201,128		243,028		248,056		199,714		219,772
Preferred stock dividends of subsidiaries		1,890		1,890		1,890		1,890		1,890
Net income for common stock		$	199,238	$	241,138	$	246,166	$	197,824	$	217,882
Basic earnings per common share		$	1.82	$	2.20	$	2.25	$	1.81	$	2.00
Diluted earnings per common share		$	1.81	$	2.20	$	2.25	$	1.81	$	1.99
Weighted-average number of common shares outstanding		109,739		109,434		109,282		109,140		108,949
Weighted-average shares assuming dilution		110,038		109,778		109,580		109,356		109,407
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021		2020		2019
(in thousands)
Net income for common stock		$	199,238	$	241,138	$	246,166	$	197,824	$	217,882
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		20,589		(300,860)		(51,636)		19,143		27,382
Reclassification adjustment for net realized losses (gains) included in net income, net of taxes		10,954		—		(387)		(1,638)		(478)
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes		14,398		3,993		—		—		—
Derivatives qualified as cash flow hedges:
Unrealized interest rate hedging gains (losses), net of taxes		(167)		5,457		(312)		(1,750)		(1,177)
Reclassification adjustment to net income, net of taxes		(186)		172		37		—		—
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		10,854		188,020		153,121		(60,529)		10,914
Adjustment for amortization of transition obligation, prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes		(1,560)		19,659		19,253		23,689		10,107
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(8,204)		(199,936)		(171,345)		39,860		(16,177)
Other comprehensive income (loss), net of taxes		46,678		(283,495)		(51,269)		18,775		30,571
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.		$	245,916	$	(42,357)	$	194,897	$	216,599	$	248,453
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.

2

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
ASSETS
Cash and cash equivalents		$	679,546	$	199,877	$	305,551	$	341,421	$	196,813
Restricted cash		15,028		5,050		5,911		17,558		30,872
Accounts receivable and unbilled revenues, net		575,176		511,903		344,213		281,216		300,794
Available-for-sale investment securities, at fair value		1,136,439		1,429,667		2,574,618		1,970,417		1,232,826
Held-to-maturity investment securities, at amortized cost		1,201,314		1,251,747		522,270		226,947		139,451
Stock in Federal Home Loan Bank, at cost		14,728		26,560		10,000		8,680		8,434
Loans, net		6,121,606		5,907,514		5,150,388		5,260,917		5,080,107
Property, plant and equipment, net		6,150,126		5,687,003		5,392,068		5,265,735		5,109,628
Operating lease right-of-use assets		94,905		115,684		122,416		153,069		199,171
Regulatory assets		294,804		242,513		565,543		766,708		715,080
Other		877,959		824,536		747,469		629,149		649,885
Goodwill		82,190		82,190		82,190		82,190		82,190
	Total assets	$	17,243,821	$	16,284,244	$	15,822,637	$	15,004,007	$	13,745,251
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	298,668	$	272,793	$	225,433	$	205,894	$	245,574
Deposit liabilities		8,145,778		8,169,696		8,172,212		7,386,957		6,271,902
Short-term borrowings - other than bank		—		172,568		53,998		129,379		185,710
Other bank borrowings		750,000		695,120		88,305		89,670		115,110
Long-term debt, net - other than bank		2,842,429		2,384,980		2,321,937		2,119,129		1,964,365
Deferred income taxes		297,954		262,462		384,760		395,089		379,324
Operating lease liabilities		103,900		126,604		136,760		160,432		199,571
Financing lease liabilities		339,040		48,709
Regulatory liabilities		1,150,690		1,055,650		996,768		959,786		972,310
Defined benefit pension and other postretirement benefit plans liability		82,879		71,813		348,072		567,438		513,287
Other		853,349		787,057		669,215		618,438		583,545
	Total liabilities	14,864,687		14,047,452		13,397,460		12,632,212		11,430,698
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Shareholders' equity
Common stock		1,707,471		1,692,697		1,685,496		1,678,368		1,678,257
Retained earnings		926,720		845,830		757,921		660,398		622,042
Accumulated other comprehensive loss, net of tax benefits		(289,350)		(336,028)		(52,533)		(1,264)		(20,039)
	Total shareholders' equity	2,344,841		2,202,499		2,390,884		2,337,502		2,280,260
	Total liabilities and shareholders' equity	$	17,243,821	$	16,284,244	$	15,822,637	$	15,004,007	$	13,745,251
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries						Accumulated
Unaudited						other
	Common stock			Retained		comprehensive
(in thousands, except per share amounts)	Shares	Amount		earnings		income (loss)		Total
Balance, December 31, 2018	108,879	$	1,669,267	$	543,623	$	(50,610)	$	2,162,280
Net income for common stock	—	—		217,882		—		217,882
Other comprehensive income, net of tax benefits	—	—		—		30,571		30,571
Issuance of common stock:
Share-based plans	94	3,092		—		—		3,092
Share-based expense and other, net	—	5,898		—		—		5,898
Common stock dividends ($1.28 per share)	—	—		(139,463)		—		(139,463)
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 the adoption of ASU No. 2016-13	108,973	1,678,257		606,670		(20,039)		2,264,888
Net income for common stock	—	—		197,824		—		197,824
Other comprehensive income, net of tax benefits	—	—		—		18,775		18,775
Issuance of common stock:
Share-based plans	208	3,973		—		—		3,973
Share-based expense and other, net	—	(3,862)		—		—		(3,862)
Common stock dividends ($1.32 per share)	—	—		(144,096)		—		(144,096)
Balance, December 31, 2020	109,181	1,678,368		660,398		(1,264)		2,337,502
Net income for common stock	—	—		246,166		—		246,166
Other comprehensive loss, net of tax benefits	—	—		—		(51,269)		(51,269)
Issuance of common stock:
Share-based plans	131	5,027		—		—		5,027
Share-based expense and other, net	—	2,101		—		—		2,101
Common stock dividends ($1.36 per share)	—	—		(148,643)		—		(148,643)
Balance, December 31, 2021	109,312	1,685,496		757,921		(52,533)		2,390,884
Net income for common stock	—	—		241,138		—		241,138
Other comprehensive loss, net of tax benefits	—	—		—		(283,495)		(283,495)
Issuance of common stock:
Share-based plans	159	5,831		—		—		5,831
Share-based expense and other, net	—	1,370		—		—		1,370
Common stock dividends ($1.40 per share)	—	—		(153,229)		—		(153,229)
Balance, December 31, 2022	109,471	1,692,697		845,830		(336,028)		2,202,499
Net income for common stock	—	—		199,238		—		199,238
Other comprehensive loss, net of tax benefits	—	—		—		46,678		46,678
Issuance of common stock:
Dividend reinvestment and stock purchase plan	537	6,612		—		—		6,612
Share-based plans	144	6,371		—		—		6,371
Share-based expense and other, net	—	1,791		—		—		1,791
Common stock dividends ($1.08 per share)	—	—		(118,348)		—		(118,348)
Balance, December 31, 2023	110,152	$	1,707,471	$	926,720	$	(289,350)	$	2,344,841
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

4

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021
(in thousands)
Cash flows from operating activities
Net income		$	201,128	$	243,028	$	248,056
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment	267,691		256,069		246,158
	Other amortization	43,106		38,772		32,544
	Provision for credit losses	10,357		2,037		(25,825)
	Loans originated, held for sale	(51,872)		(128,195)		(340,986)
	Proceeds from sale of loans, held for sale	49,162		136,504		364,848
	Loss (gain) on sale of investment securities, net	15,609		(8,123)		(528)
	Gain on sale of loans	(910)		(1,692)		(9,305)
	Deferred income tax expense (benefit)	5,268		(32,502)		(5,398)
	Share-based compensation expense	10,532		10,366		9,135
	Allowance for equity funds used during construction	(15,164)		(10,574)		(9,534)
	Other	(4,342)		(7,580)		(7,060)
	Changes in assets and liabilities
	Increase in accounts receivable and unbilled revenues, net	(75,038)		(151,551)		(73,811)
	Decrease (increase) in fuel oil stock	43,388		(87,569)		(45,819)
	Increase in materials and supplies	(34,887)		(7,960)		(4,602)
	Decrease (increase) in regulatory assets	(10,613)		34,600		(13,874)
	Increase in regulatory liabilities	54,470		44,888		15,358
	Increase in accounts, interest and dividends payable	60,013		28,169		9,925
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(13,247)		121,636		41,331
	Decrease in defined benefit pension and other postretirement benefit plans liability	(8,872)		(5,191)		(6,660)
	Change in other assets and liabilities, net	5,692		(20,656)		(48,280)
Net cash provided by operating activities		551,471		454,476		375,673
Cash flows from investing activities
Available-for-sale investment securities purchased		—		(366,177)		(1,464,644)
Principal repayments on available-for-sale investment securities		148,693		342,354		583,238
Proceeds from sale of available-for-sale investment securities		170,481		—		197,354
Purchases of held-to-maturity investment securities		—		—		(349,579)
Proceeds from repayments or maturities of held-to-maturity investment securities		67,360		29,432		53,654
Purchase of stock from Federal Home Loan Bank		(91,200)		(173,768)		(33,022)
Redemption of stock from Federal Home Loan Bank		103,032		157,208		31,702
Net decrease (increase) in loans held for investment		(285,493)		(661,492)		72,489
Proceeds from sale of commercial loans		94,665		—		—
Proceeds from sale of residential loans		—		—		59,844
Purchase of loans held for investment		(26,195)		(102,504)		—
Proceeds from sale of real estate held for sale		595		3,806		—
Capital expenditures		(448,296)		(344,037)		(314,524)
Contributions to low income housing investments		(1,360)		(844)		(16,131)
Acquisition of business		—		(25,706)		—
Other, net		10,319		13,046		27
Net cash used in investing activities		$	(257,399)	$	(1,128,682)	$	(1,179,592)
		(Continued on next page)

5

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2023		2022		2021
(in thousands)
Cash flows from financing activities
Net increase (decrease) in deposit liabilities	$	(122,228)	$	(2,516)	$	785,255
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(137,650)		83,652		(10,493)
Proceeds from issuance of short-term debt	65,000		35,000		—
Repayment of short-term debt	(100,000)		—		(65,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less	(596,810)		606,815		(1,365)
Proceeds from issuance of other bank borrowings	1,000,000		—		—
Repayment of other bank borrowings	(250,000)		—		—
Proceeds from issuance of long-term debt	625,000		227,312		285,886
Repayment of long-term debt	(167,080)		(221,910)		(82,262)
Withheld shares for employee taxes on vested share-based compensation	(2,371)		(3,165)		(2,006)
Net proceeds from issuance of common stock	1,223		—		—
Common stock dividends	(112,957)		(153,229)		(148,643)
Preferred stock dividends of subsidiaries	(1,890)		(1,890)		(1,890)
Other	(4,662)		(2,398)		(3,080)
Net cash provided by financing activities	195,575		567,671		756,402
Net increase (decrease) in cash, cash equivalents and restricted cash	489,647		(106,535)		(47,517)
Cash, cash equivalents and restricted cash, January 1	204,927		311,462		358,979
Cash, cash equivalents and restricted cash, December 31	694,574		204,927		311,462
Less: Restricted cash	(15,028)		(5,050)		(5,911)
Cash and cash equivalents, December 31	$	679,546	$	199,877	$	305,551
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

6

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31						2023		2022		2021		2020		2019
(in thousands)
Short-term borrowings - other than bank 1						$	—	$	172,568	$	53,998	$	129,379	$	185,710
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2						1,934,277		1,684,816		1,676,402		1,561,302		1,497,667
HEI 5.67% senior notes, paid in 2021						—		—		—		50,000		50,000
HEI 2.99% term loan, paid in 2022						—		—		150,000		150,000		150,000
HEI 3.99% senior notes, paid in 2023						—		50,000		50,000		50,000		50,000
HEI 4.58% senior notes, due 2025						50,000		50,000		50,000		50,000		50,000
HEI 4.72% senior notes, due 2028						100,000		100,000		100,000		100,000		100,000
HEI 2.82% senior notes, due 2028						24,000		24,000		24,000		—		—
HEI 2.48% senior notes, due 2028						30,000		30,000		30,000		—		—
HEI 6.04% senior notes, due 2028						39,000		—		—		—		—
HEI 2.98% senior notes, due 2030						50,000		50,000		50,000		50,000		—
HEI 3.15% senior notes, due 2031						51,000		51,000		51,000		—		—
HEI 2.78% senior notes, due 2031						25,000		25,000		25,000		—		—
HEI 2.98% senior notes, due 2032						30,000		30,000		—		—		—
HEI 5.43% senior notes, due 2032						75,000		75,000		—		—		—
HEI 6.10% senior notes, due 2033						61,000		—		—		—		—
HEI 5.43% senior notes, due 2034						35,000		35,000		—		—		—
HEI 3.74% senior notes, due 2051						20,000		20,000		20,000		—		—
HEI 3.94% senior notes, due 2052						20,000		20,000		—		—		—
Hamakua Energy 4.02% non-recourse notes, due 2030						44,855		49,048		52,166		56,030		59,699
Mauo SOFR + 1.475% loan, due 2024						5,384		11,060		21,702		41,046		9,349
Mauo 4.91% non-recourse loan, due 2034 to 2035						16,962		17,692		12,686		—		—
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031						9,727		10,936		12,145		13,000		—
Mahipapa 1.90% non-recourse loan, due 2034 to 2036						53,743		58,869		—		—		—
Mahipapa 5.625% non-recourse unsecured loan, due 2027						578		724		—		—		—
HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027						175,000		—		—		—		—
Less unamortized debt issuance cost and debt discount						(8,097)		(8,165)		(3,164)		(2,249)		(2,350)
						2,842,429		2,384,980		2,321,937		2,119,129		1,964,365
Preferred stock of subsidiaries - not subject to mandatory redemption						34,293		34,293		34,293		34,293		34,293
Shareholders' equity
Common stock						1,707,471		1,692,697		1,685,496		1,678,368		1,678,257
Retained earnings						926,720		845,830		757,921		660,398		622,042
Accumulated other comprehensive loss, net of tax benefits						(289,350)		(336,028)		(52,533)		(1,264)		(20,039)
						2,344,841		2,202,499		2,390,884		2,337,502		2,280,260
						$	5,221,563	$	4,794,340	$	4,801,112	$	4,620,303	$	4,464,628
LONG-TERM DEBT MATURITIES as of December 31, 2023
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
(in thousands)		2024		2025		2026		2027		2028		Thereafter		Total
Long-term debt - other than bank 1
Electric utilities2		$	—	$	47,000	$	145,267	$	279,733	$	67,500	$	1,402,500	$	1,942,000
HEI		—		50,000		17,733		157,267		193,000		367,000		785,000
Hamakua Energy		5,829		4,733		3,800		5,112		5,111		20,270		44,855
Mauo		6,152		849		941		1,028		1,086		12,290		22,346
Ka`ie`ie Waho Company		1,209		1,209		1,209		1,209		1,209		3,682		9,727
Mahipapa		5,280		5,289		5,397		4,062		5,310		28,983		54,321
Less unamortized debt issuance cost														(15,820)
		$	18,470	$	109,080	$	174,347	$	448,411	$	273,216	$	1,834,725	$	2,842,429
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
2 See pages 14 to 16 for additional information.

7

GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023			2022			2021			2020			2019
(dollars in thousands, except per share amounts)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	149,142		$	141,436		$	132,289		$	121,836		$	113,673
	Hawaii Electric Light	28,508			21,816			21,180			27,493			20,817
	Maui Electric	16,302			25,677			24,173			20,011			22,350
Utilities consolidated		193,952			188,929			177,642			169,340			156,840
ASB		53,362			79,989			101,234			57,583			88,973
HEI and other		(48,076)			(27,780)			(32,710)			(29,099)			(27,931)
Consolidated HEI		$	199,238		$	241,138		$	246,166		$	197,824		$	217,882
Diluted earnings per common share		$	1.81		$	2.20		$	2.25		$	1.81		$	1.99
Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	9.0		%	8.5		%	8.5		%	8.2		%	8.0		%
	Hawaii Electric Light	8.1			6.4			6.5			8.9			7.0
	Maui Electric	4.5			7.3			7.4			6.6			7.8
Utilities consolidated		8.2			8.2			8.1			8.1			7.8
ASB1		11.0			14.1			13.8			8.1			13.5
Consolidated HEI		8.8		%	10.5		%	10.4		%	8.6		%	9.8		%
1 Calculated using average daily balance

8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023			2022		2021		2020		2019
(in thousands)
CAPITAL STRUCTURE1
Short-term borrowings, net		$	—		$	87,967	$	—	$	49,979	$	88,987
Long-term debt, net, including current portion		1,934,277			1,684,816		1,676,402		1,561,302		1,497,667
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		2,409,110			2,344,170		2,261,899		2,141,918		2,047,352
		$	4,377,680		$	4,151,246	$	3,972,594	$	3,787,492	$	3,668,299
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net		—			2.1		—		1.3		2.4
Long-term debt, net, including current portion		44.2			40.6		42.2		41.2		40.8
Preferred stock		0.8			0.8		0.9		0.9		1.0
Common stock equity		55.0			56.5		56.9		56.6		55.8
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
	Hawaiian Electric	7.37			7.37		7.37		7.37		7.57
	Hawaii Electric Light	7.52			7.52		7.52		7.52		7.52
	Maui Electric	7.43			7.43		7.43		7.43		7.43
Earned rate-making return on simple average rate base 3
	Hawaiian Electric	7.34			7.32		7.28		6.94		6.90
	Hawaii Electric Light	6.77			5.76		5.96		7.09		5.97
	Maui Electric	4.57			6.53		6.61		5.82		6.37
Authorized return on simple average common equity 2
	Hawaiian Electric	9.50			9.50		9.50		9.50		9.50
	Hawaii Electric Light	9.50			9.50		9.50		9.50		9.50
	Maui Electric	9.50			9.50		9.50		9.50		9.50
Earned rate-making return on simple average common equity 4
	Hawaiian Electric	9.28			9.67		9.38		9.01		8.80
	Hawaii Electric Light	8.27			6.87		7.02		9.23		6.72
	Maui Electric	4.46			8.23		8.22		7.11		7.95
Book return on simple average common equity 5
	Hawaiian Electric	8.96			8.76		8.53		8.20		8.02
	Hawaii Electric Light	8.09			6.44		6.51		8.92		7.00
	Maui Electric	4.53			7.33		7.41		6.65		7.79
RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,689	6	$	2,613	$	2,510	$	2,425	$	2,289
Hawaii Electric Light		579		6	573		560		540		521
Maui Electric		603		6	559		531		514		493
		$	3,871		$	3,745	$	3,601	$	3,479	$	3,303
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1		35.7			36.9		36.8		36.4		35.9
Weighted-average AFUDC rate		7.2			7.1		7.1		7.1		7.4
1	At December 31.
2	Reflects latest interim or final decision and order as of the end of the respective years.
3	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5	Based on recorded net income divided by average common equity, simple average method.
6	The 12/31/23 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,696, $579 and $635, respectively.

9

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021		2020		2019
(in thousands)
Revenues1		$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942
Expenses
Fuel oil		1,211,420		1,265,614		644,349		515,274		720,709
Purchased power		671,769		793,584		670,494		568,749		633,256
Other operation and maintenance		533,557		497,601		475,412		474,192		481,737
Depreciation		243,705		235,424		229,469		222,733		215,731
Taxes, other than income taxes		306,912		317,173		240,354		215,822		240,131
Total expenses		2,967,363		3,109,396		2,260,078		1,996,770		2,291,564
Operating income		302,158		299,191		279,558		268,550		254,378
Allowance for equity funds used during construction		15,164		10,574		9,534		8,768		11,987
Retirement defined benefits credit (expense) - other than service costs		4,303		3,835		3,890		(763)		(2,836)
Interest expense and other charges, net		(86,140)		(76,416)		(72,447)		(67,794)		(70,842)
Allowance for borrowed funds used during construction		5,201		3,416		3,250		2,992		4,453
Interest Income1		6,454		—		—		—		—
Income before income taxes		247,140		240,600		223,785		211,753		197,140
Income taxes		51,193		49,676		44,148		40,418		38,305
Net income		195,947		190,924		179,637		171,335		158,835
Preferred stock dividends of subsidiaries		915		915		915		915		915
Net income attributable to Hawaiian Electric		195,032		190,009		178,722		170,420		157,920
Preferred stock dividends of Hawaiian Electric		1,080		1,080		1,080		1,080		1,080
Net income for common stock		193,952		188,929		177,642		169,340		156,840
Retained earnings, January 1		1,411,306		1,348,277		1,282,335		1,220,129		1,164,541
Common stock dividends		(129,000)		(125,900)		(111,700)		(107,134)		(101,252)
Retained earnings, December 31		$	1,476,258	$	1,411,306	$	1,348,277	$	1,282,335	$	1,220,129
Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1	In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.

10

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment		$	8,947,305	$	8,355,294	$	7,992,489	$	7,749,296	$	7,485,178
Less accumulated depreciation		(3,197,514)		(3,086,499)		(2,940,517)		(2,819,079)		(2,690,157)
	Utility property, plant and equipment, net	5,749,791		5,268,795		5,051,972		4,930,217		4,795,021
Nonutility property, plant and equipment, less accumulated depreciation		6,942		6,945		6,949		6,953		6,956
	Total property, plant and equipment, net	5,756,733		5,275,740		5,058,921		4,937,170		4,801,977
Current assets
Cash and cash equivalents		106,077		39,242		52,169		47,360		11,022
Restricted cash		2,000		—		3,089		15,966		30,872
Customer accounts receivable, net		244,309		288,338		186,859		147,832		152,790
Accrued unbilled revenues, net		185,644		183,280		129,155		101,036		117,227
Other accounts receivable, net		111,519		13,567		7,267		7,673		11,568
Fuel oil stock, at average cost		148,237		191,530		104,078		58,238		91,937
Materials and supplies, at average cost		114,433		79,568		71,877		67,344		60,702
Prepayments and other		58,491		33,482		46,031		44,083		116,980
Regulatory assets		68,453		52,273		66,664		30,435		30,710
	Total current assets	1,039,163		881,280		667,189		519,967		623,808
Other long-term assets
Operating lease right-of-use assets		71,877		89,318		101,470		127,654		176,809
Regulatory assets		226,351		190,240		498,879		736,273		684,370
Other		189,430		160,889		165,166		136,309		101,718
	Total other long-term assets	487,658		440,447		765,515		1,000,236		962,897
	Total assets	$	7,283,554	$	6,597,467	$	6,491,625	$	6,457,373	$	6,388,682
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	2,409,110	$	2,344,170	$	2,261,899	$	2,141,918	$	2,047,352
Cumulative preferred stock - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Long-term debt, net		1,934,277		1,584,854		1,624,427		1,561,302		1,401,714
	Total capitalization	4,377,680		3,963,317		3,920,619		3,737,513		3,483,359
Current liabilities
Current portion of operating lease liabilities		16,617		19,095		49,368		64,730		63,707
Current portion of long-term debt, net		—		99,962		51,975		—		95,953
Short-term borrowings from non-affiliate		—		87,967		—		49,979		88,987
Accounts payable		191,040		202,492		160,007		133,849		187,770
Interest and preferred dividends payable		22,882		17,176		17,325		20,350		20,728
Taxes accrued, including revenue taxes		291,942		289,902		208,280		192,524		207,992
Regulatory liabilities		36,559		31,475		29,760		37,301		30,724
Other		171,436		85,596		71,569		74,262		67,305
	Total current liabilities	730,476		833,665		588,284		572,995		763,166
Deferred credits and other liabilities
Operating lease liabilities		62,098		78,715		65,780		69,494		113,400
Finance lease liabilities		330,978		46,048		—		—		—
Deferred income taxes		399,001		384,430		408,634		397,798		377,150
Regulatory liabilities		1,114,131		1,024,175		967,008		922,485		941,586
Unamortized tax credits		84,312		95,300		103,945		111,915		117,868
Defined benefit pension and other postretirement benefit plans liability		60,671		49,748		321,780		530,532		478,763
Other		124,207		122,069		115,575		114,641		113,390
	Total deferred credits and other liabilities	2,175,398		1,800,485		1,982,722		2,146,865		2,142,157
	Total capitalization and liabilities	$	7,283,554	$	6,597,467	$	6,491,625	$	6,457,373	$	6,388,682
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

11

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31			2023		2022		2021
(in thousands)
Cash flows from operating activities
Net income			$	195,947	$	190,924	$	179,637
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		243,705		235,424		229,469
	Other amortization		26,490		25,320		21,737
	Deferred income tax expense (benefit)		1,439		(41,415)		(3,829)
	State refundable credit		(11,325)		(10,999)		(10,582)
	Bad debt expense		8,161		6,027		2,183
	Allowance for equity funds used during construction		(15,164)		(10,574)		(9,534)
	Bill credits		—		—		2,000
	Other		460		(139)		1,350
	Changes in assets and liabilities
		Increase in accounts receivable	(65,004)		(91,742)		(50,090)
		Increase in accrued unbilled revenues	(3,048)		(54,023)		(27,464)
		Decrease (increase) in fuel oil stock	43,293		(87,452)		(45,840)
		Increase in materials and supplies	(34,865)		(7,691)		(4,533)
		Decrease (increase) in regulatory assets	(10,613)		34,600		(13,874)
		Increase in regulatory liabilities	54,470		44,888		15,358
		Increase in accounts payable	20,454		22,355		17,671
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	1,878		103,198		26,930
		Decrease in defined benefit pension and other postretirement benefit plans liability	(8,186)		(4,828)		(5,154)
		Change in other assets and liabilities	26,275		(25,943)		(52,302)
Net cash provided by operating activities			474,367		327,930		273,133
Cash flows from investing activities
Capital expenditures			(438,775)		(329,457)		(292,000)
Other			6,176		5,372		6,035
Net cash used in investing activities			(432,599)		(324,085)		(285,965)
Cash flows from financing activities
Common stock dividends			(129,000)		(125,900)		(111,700)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995)		(1,995)		(1,995)
Proceeds from issuance of common stock			—		13,101		54,400
Proceeds from issuance of long-term debt			350,000		60,000		115,000
Repayment of long-term debt			(100,000)		(52,000)		—
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		(87,967)		87,967		—
Repayment of short-term debt			—		—		(50,000)
Payments of obligations under finance leases			(3,128)		(670)		—
Other			(843)		(364)		(941)
Net cash provided by (used in) financing activities			27,067		(19,861)		4,764
Net increase (decrease) in cash, cash equivalents and restricted cash			68,835		(16,016)		(8,068)
Cash, cash equivalents and restricted cash, January 1			39,242		55,258		63,326
Cash, cash equivalents and restricted cash, December 31			108,077		39,242		55,258
Less: Restricted cash			(2,000)		—		(3,089)
Cash and cash equivalents, December 31			$	106,077	$	39,242	$	52,169
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31					2023		2022		2021		2020		2019
(dollars in thousands, except par values)
				Shares outstanding
Series		Par value	Company	12/31/2023
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00%	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00%	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00%	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65%	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625%	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625%	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

13

LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2015, 3.25%, due 2025		$	40,000	$	40,000	$	40,000	$	40,000	$	40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		62,000
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		100,000
Refunding series 2019, 3.20%, due 2039		90,000		90,000		90,000		90,000		90,000
Series 2019, 3.50%, due 2049		70,000		70,000		70,000		70,000		70,000
		362,000		362,000		362,000		362,000		362,000
Hawaii Electric Light
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		8,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Refunding series 2019, 3.20%, due 2039		60,000		60,000		60,000		60,000		60,000
Series 2019, 3.50%, due 2049		2,500		2,500		2,500		2,500		2,500
		95,500		95,500		95,500		95,500		95,500
Maui Electric
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		55,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Series 2019, 3.50%, due 2049		7,500		7,500		7,500		7,500		7,500
		84,500		84,500		84,500		84,500		84,500
	Total obligations to the State of Hawaii	$	542,000	$	542,000	$	542,000	$	542,000	$	542,000
				(Continued on next page)

14

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2012B, 4.03%, paid in 2020	$	—	$	—	$	—	$	—	$	62,000
	Series 2012C, 4.55%, paid in 2023	—		50,000		50,000		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013A, 4.45%, paid in 2022	—		—		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		40,000
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		52,000		52,000
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		12,500		12,500
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		10,500		10,500
	Series 2019A, 4.21%, due 2034	30,000		30,000		30,000		30,000		30,000
	Series 2020A, 3.31%, due 2030	50,000		50,000		50,000		50,000		—
	Series 2020B, 3.31%, due 2030	40,000		40,000		40,000		40,000		—
	Series 2020C, 3.96%, due 2050	20,000		20,000		20,000		20,000		—
	Series 2020D, 3.28%, due 2040	30,000		30,000		30,000		—		—
	Series 2020E, 3.51%, due 2050	30,000		30,000		30,000		—		—
	Series 2022A, 3.70%, due 2032	40,000		40,000		—		—		—
	Series 2023A, 6.11%, due 2030	40,000		—		—		—		—
	Series 2023B, 6.25%, due 2033	40,000		—		—		—		—
	Series 2023C, 6.70%, due 2053	20,000		—		—		—		—
		870,000		820,000		820,000		760,000		712,000
Hawaii Electric Light
	Series 2012B, 4.55%, paid in 2023	—		20,000		20,000		20,000		20,000
	Series 2013A, 3.83%, paid in 2020	—		—		—		—		14,000
	Series 2013B, 4.45%, paid in 2022	—		—		12,000		12,000		12,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		9,000		9,000
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		3,000		3,000
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		3,000		3,000
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.96%, due 2050	10,000		10,000		10,000		10,000		—
	Series 2020B, 3.28%, due 2040	15,000		15,000		15,000		—		—
	Series 2020C, 3.51%, due 2050	15,000		15,000		15,000		—		—
	Series 2022A, 3.70%, due 2032	10,000		10,000		—		—		—
	Series 2023A, 6.25%, due 2033	25,000		—		—		—		—
		$	155,000	$	150,000	$	152,000	$	122,000	$	126,000
				(Continued on next page)

15

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Maui Electric
	Series 2012B, 4.03%, paid in 2020	$	—	$	—	$	—	$	—	$	20,000
	Series 2012C, 4.55%, paid in 2023	—		30,000		30,000		30,000		30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65%, due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		10,000
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		6,500		6,500
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		2,000		2,000
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		1,500		1,500
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.31%, due 2030	20,000		20,000		20,000		20,000		—
	Series 2020B, 3.96%, due 2050	20,000		20,000		20,000		20,000		—
	Series 2020C, 3.51%, due 2050	25,000		25,000		25,000		—		—
	Series 2020A, 3.70%, due 2032	10,000		10,000		—		—		—
	Series 2023A, 6.25%, due 2033	25,000		—		—		—		—
		175,000		180,000		170,000		145,000		125,000
	Total taxable unsecured senior notes	1,200,000		1,150,000		1,142,000		1,027,000		963,000
Revolving credit facility SOFR +1.8%, due 2026 and 2027		200,000		—		—		—		—
	Total other long-term debt - unsecured	1,400,000		1,150,000		1,142,000		1,027,000		963,000
	Total long-term debt	1,942,000		1,692,000		1,684,000		1,569,000		1,505,000
Less current portion of long-term debt, net		—		(99,962)		(51,975)		—		(95,953)
Less unamortized debt issuance costs		(7,723)		(7,184)		(7,598)		(7,698)		(7,333)
Long-term debt, net		$	1,934,277	$	1,584,854	$	1,624,427	$	1,561,302	$	1,401,714
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

16

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023	2022	2021	2020	2019
SERVICE AREA 1
Service area (square miles)		5,815	5,815	5,815	5,815	5,815
Service area population (estimated, in thousands)		n/a	1,366	1,368	1,335	1,344
CUSTOMER ACCOUNTS 2
Residential		416,072	413,744	414,713	412,484	409,689
Commercial		54,831	55,228	55,201	54,861	55,077
Industrial		702	696	698	694	700
		471,605	469,668	470,612	468,039	465,466
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		309,631	306,978	308,721	307,378	306,368
Hawaii Electric Light		89,477	88,757	88,103	87,357	86,576
Maui Electric		72,497	73,933	73,788	73,304	72,522
Consolidated		471,605	469,668	470,612	468,039	465,466
MEGAWATTHOUR SALES (thousands)2
Residential		2,342	2,415	2,492	2,525	2,439
Commercial		2,611	2,643	2,595	2,477	2,834
Industrial		3,274	3,296	3,174	3,118	3,467
		8,227	8,354	8,261	8,120	8,740
MEGAWATTHOUR SALES MIX (%)2
Residential		28.5	28.9	30.2	31.1	27.9
Commercial		31.7	31.6	31.4	30.5	32.4
Industrial		39.8	39.5	38.4	38.4	39.7
		100.0	100.0	100.0	100.0	100.0
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric		6,138	6,211	6,169	6,183	6,563
Hawaii Electric Light		1,044	1,054	1,044	978	1,050
Maui Electric		1,045	1,089	1,048	959	1,127
Consolidated		8,227	8,354	8,261	8,120	8,740
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(1.2)	0.7	(0.2)	(6.1)	0.6
Hawaii Electric Light		(1.0)	0.9	6.3	(7.4)	(1.4)
Maui Electric		(4.2)	3.8	8.5	(17.5)	2.5
Consolidated		(1.5)	1.1	1.7	(7.6)	0.6
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		30	28	33	31	25
Hawaii Electric Light 4		52	48	60	43	35
Maui Electric		35	36	50	51	41
Consolidated		33	32	38	35	28
1	Source: State of Hawaii Data Book 2022 (prior years)
2	At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3	In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation results in a lower calculated percentage than the amount calculated under the previous methodology.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2023.
n/a: Not available
			(Continued on next page)

17

CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021		2020		2019
REVENUES (thousands)1
Electric sales revenue
	Residential	$	1,028,415	$	1,069,974	$	843,655	$	770,135	$	791,398
	Commercial	1,039,894		1,085,405		810,658		714,620		840,915
	Industrial	1,156,909		1,211,242		853,293		754,775		884,722
Total electric sales revenues		3,225,218		3,366,621		2,507,606		2,239,530		2,517,035
Other revenues2		44,303		41,966		32,030		25,790		28,907
Total revenues		$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942
Less:
Fuel oil		1,211,420		1,265,614		644,349		515,274		720,709
Purchased power		671,769		793,584		670,494		568,749		633,256
Taxes, other than income taxes		306,912		317,173		240,354		215,822		240,131
Net revenues		$	1,079,420	$	1,032,216	$	984,439	$	965,475	$	951,846
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	2,356,478	$	2,452,969	$	1,793,372	$	1,608,305	$	1,803,698
Hawaii Electric Light		464,161		485,590		381,033		334,221		364,590
Maui Electric		448,882		470,355		365,256		323,430		378,202
Eliminations		—		(327)		(25)		(636)		(548)
Consolidated		$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		43.91		44.30		33.86		30.50		32.44
Commercial		39.82		40.99		31.21		28.83		29.68
Industrial		35.34		36.75		26.88		24.21		25.52
Other		40.79		55.24		34.19		31.01		29.39
		39.21		40.30		30.35		27.58		28.80
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		37.86		39.00		28.72		25.76		27.20
Hawaii Electric Light		43.90		45.51		36.00		33.65		34.30
Maui Electric		42.39		42.67		34.33		33.16		33.00
Consolidated		39.21		40.30		30.35		27.58		28.80
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,589		5,761		6,013		6,358		6,006
Hawaii Electric Light		5,480		5,644		5,795		5,441		5,467
Maui Electric		5,981		6,298		6,339		6,064		6,402
Consolidated		5,628		5,821		6,022		6,145		5,967
Average monthly electric sales revenue per residential customer		$	206	$	215	$	170	$	156	$	161
1	"Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
2	In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.

18

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023	2022	2021	2020	2019
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
Fuel oil
	Conventional oil-fired steam units	4,057	3,701	3,288	3,429	3,693
	Dual train combined-cycle unit	747	795	749	757	799
	Diesel internal combustion engine	362	323	304	318	364
	Simple-cycle combustion turbines	115	133	89	53	46
		5,281	4,952	4,430	4,557	4,902
Biodiesel internal combustion engine		17	16	25	28	54
Hydro		5	6	9	5	11
Solar		40	38	37	39	5
Total net generated1		5,343	5,012	4,501	4,629	4,972
Purchased
Non-renewable 2		1,518	2,066	2,470	2,541	2,990
Renewable 3,4		1,741	1,684	1,684	1,355	1,179
Battery Storage 5		12	—	—	—	—
Total purchased1		3,271	3,750	4,154	3,896	4,169
Customer-sited solar		1,586	1,522	1,418	1,326	1,225
		10,200	10,284	10,073	9,851	10,366
GENERATION MIX (%)
Fuel oil
	Conventional oil-fired steam units	39.8	36.0	32.6	34.8	35.6
	Dual train combined-cycle unit	7.3	7.7	7.4	7.7	7.7
	Diesel internal combustion engine	3.5	3.1	3.0	3.2	3.5
	Simple-cycle combustion turbines	1.1	1.3	0.9	0.5	0.5
		51.7	48.1	43.9	46.2	47.3
Biodiesel internal combustion engine		0.2	0.2	0.2	0.3	0.5
Hydro		—	0.1	0.1	0.1	0.1
Solar		0.4	0.4	0.4	0.4	—
Total generation1		52.3	48.8	44.6	47.0	47.9
Purchased
Non-renewable 2		14.9	20.1	24.6	25.8	28.8
Renewable 3,4		17.2	16.3	16.7	13.7	11.5
Battery Storage 5		0.1	—	—	—	—
Total purchased1		32.2	36.4	41.3	39.5	40.3
Customer-sited solar		15.5	14.8	14.1	13.5	11.8
		100.0	100.0	100.0	100.0	100.0
1	The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation.
2	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.
3	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2023.
5	Represents Kapolei Energy Storage, which reached commercial operations in December 2023.
			(Continued on next page)

19

POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2023		2022		2021		2020		2019
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		1,086		1,086		1,086		1,086		1,086
Simple-cycle combustion turbines		279		279		279		279		279
Dual train combined-cycle unit		170		170		170		170		170
Diesel internal combustion engine		147		146		146		146		146
Biodiesel internal combustion engine		57		57		57		57		57
		1,739		1,738		1,738		1,738		1,738
Firm purchase power contracts 3
Non-renewable 4		268		268		448		448		448
Renewable 5		94		94		92		68		68
		362		362		540		516		516
		2,101		2,100		2,278		2,254		2,254
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,564		1,564		1,744		1,744		1,744
Hawaii Electric Light		268		268		266		242		242
Maui Electric		269		268		268		268		268
		2,101		2,100		2,278		2,254		2,254
SYSTEM PEAK LOAD BY COMPANY (MW)6
Hawaiian Electric		1,060		1,072		1,072		1,087		1,193
Hawaii Electric Light		187		188		194		183		192
Maui Electric		200		207		205		201		217
		1,447		1,467		1,471		1,471		1,602
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		9,559		8,945		8,048		8,180		8,771
Average fuel oil cost per barrel		$	126.73	$	141.49	$	80.06	$	63.00	$	82.17
Average fuel oil cost per million BTU (cents)		2,060.0		2,310.9		1,305.4		1,028.7		1,337.6
Fuel oil cost per net KWH generated (cents)		22.869		25.283		14.344		11.144		14.527
BTU per net KWH generated by company
	Hawaiian Electric	11,178		10,943		10,962		10,808		10,852
	Hawaii Electric Light	11,691		11,680		11,876		11,209		11,605
	Maui Electric	10,461		10,501		10,543		10,639		10,460
	Consolidated	11,102		10,941		10,988		10,834		10,860
OTHER DATA
Losses and system uses (%)		4.2		4.1		4.3		4.5		4.2
Reserve margin (%) 6		45.2		43.1		54.8		53.2		40.7
Annual load factor (%) 6		68.0		68.2		67.2		66.2		65.2
Average cost per KWH purchased from IPPs (cents)		20.536		21.160		16.142		14.597		15.191
1	At December 31.
2	Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.
3	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 4 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
4	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations.
5	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2023.
6	Net; noncoincident and nonintegrated.

20

SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31		2023	2022	2021	2020	2019
CAPITAL RATIOS (%)1
Common equity tier 1
	ASB	12.27	12.15	13.29	—	13.18
	Requirement	4.50	4.50	4.50	—	4.50
Tier 1 capital
	ASB	12.27	12.15	13.29	—	13.18
	Requirement	6.00	6.00	6.00	—	6.00
Total capital
	ASB	13.38	13.14	14.31	—	14.31
	Requirement	8.00	8.00	8.00	—	8.00
Tier 1 leverage
	ASB	7.68	7.78	7.86	8.38	9.06
	Requirement	4.00	4.00	4.00	4.00	4.00
KEY STATISTICS (%)
Return on average assets
	ASB	0.55	0.86	1.15	0.74	1.25
	Peers 2	0.98	1.23	1.36	0.96	1.26
Return on average equity
	ASB	10.98	14.08	13.76	8.11	13.48
	Peers 2	10.17	11.42	12.45	9.08	10.60
Net interest margin
	ASB	2.74	2.89	2.91	3.29	3.85
	Peers 2	3.30	3.28	3.21	3.30	3.59
Revenue growth
	ASB	(3.92)	2.54	(3.14)	(2.87)	7.42
	Peers 2	(0.94)	4.99	6.56	8.61	6.73
Efficiency ratio
	ASB	75.20	66.31	65.31	61.47	57.77
	Peers 2	59.14	56.71	55.64	56.38	56.19
Net charge-offs to loans outstanding
	ASB	0.12	0.03	0.07	0.40	0.45
	Peers 2	0.08	0.02	0.07	0.07	0.09
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		39	42	59	31	56
Loan Growth (%)		3.42	15.01	(2.32)	4.39	5.72
Branch locations 3		35	38	42	42	49
Number of ATMs		117	122	122	112	111
1	Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021.
2	Bank peers for 2019 to 2023 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB’s total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually.
3	At December 31.

21

STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31	2023		2022		2021		2020		2019
(in thousands)
Interest and dividend income
Interest and fees on loans	$	276,688	$	207,830	$	198,802	$	214,134	$	233,632
Interest and dividends on investment securities	58,095		58,044		43,464		30,529		32,922
Total interest and dividend income	334,783		265,874		242,266		244,663		266,554
Interest expense
Interest on deposit liabilities	48,905		7,327		4,981		10,654		16,830
Interest on other borrowings	33,892		5,974		59		460		1,610
Total interest expense	82,797		13,301		5,040		11,114		18,440
Net interest income	251,986		252,573		237,226		233,549		248,114
Provision for loan losses	10,357		2,037		(25,825)		50,811		23,480
Net interest income after provision for loan losses	241,629		250,536		263,051		182,738		224,634
Noninterest income
Fees from other financial services	19,034		19,830		21,225		16,447		19,275
Fee income on deposit liabilities	19,131		18,762		16,663		16,059		20,877
Fee income on other financial products	10,616		10,291		8,770		6,381		6,507
Gain (loss) on sale of investment securities, net	(14,965)		—		528		9,275		653
Gain on sale of real estate	495		1,778		—		—		10,762
Mortgage banking income	910		1,692		9,305		23,734		4,943
Other income, net	10,189		4,619		8,169		6,227		9,761
Total noninterest income	45,410		56,972		64,660		78,123		72,778
Noninterest expense
Compensation and employee benefits	118,297		113,839		113,970		104,443		103,009
Occupancy and equipment	33,545		34,126		30,094		30,574		30,032
Data processing	20,545		17,681		17,634		14,769		15,306
Services	13,943		10,679		10,327		11,121		10,239
Other expense	37,308		28,942		25,127		30,683		26,792
Total noninterest expense	223,638		205,267		197,152		191,590		185,378
Income before income taxes	63,401		102,241		130,559		69,271		112,034
Income taxes	10,039		22,252		29,325		11,688		23,061
Net income	$	53,362	$	79,989	$	101,234	$	57,583	$	88,973
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

22

BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited
December 31		2023		2022		2021		2020		2019
(in thousands)
ASSETS
Cash and cash equivalents		$	435,455	$	156,149	$	251,240	$	292,726	$	178,398
Investment securities
	Available-for-sale investment securities, at fair value	1,136,439		1,429,667		2,574,618		1,970,417		1,232,826
	Held-to-maturity investment securities, at amortized cost	1,201,314		1,251,747		522,270		226,947		139,451
Investment in stock of Federal Home Loan Bank, at cost		14,728		26,560		10,000		8,680		8,434
Loans receivable, net		6,121,606		5,907,514		5,150,388		5,260,917		5,080,107
Real estate acquired in settlement of loans, net		—		115		—		43		—
Other and other intangibles, net		681,460		692,028		590,897		554,613		511,611
Goodwill		82,190		82,190		82,190		82,190		82,190
Total assets		$	9,673,192	$	9,545,970	$	9,181,603	$	8,396,533	$	7,233,017
LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	8,145,778	$	8,169,696	$	8,172,212	$	7,386,957	$	6,271,902
Other borrowings		750,000		695,120		88,305		89,670		115,110
Other		247,563		212,269		193,268		183,731		146,954
Total liabilities		9,143,341		9,077,085		8,453,785		7,660,358		6,533,966
Common stock		358,068		355,807		353,896		351,759		349,454
Retained earnings		464,055		449,693		411,704		369,470		358,259
Accumulated other comprehensive income (loss), net of taxes		(292,272)		(336,615)		(37,782)		14,946		(8,662)
Total shareholder's equity		529,851		468,885		727,818		736,175		699,051
Total liabilities and shareholder's equity		$	9,673,192	$	9,545,970	$	9,181,603	$	8,396,533	$	7,233,017
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

23

XML

Cover	Mar. 27, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Mar. 27, 2024
Entity Registrant Name	Hawaiian Electric Industries, Inc.
Entity File Number	1-8503
Entity Tax Identification Number	99-0208097
Entity Incorporation, State or Country Code	HI
Entity Address, Address Line One	1001 Bishop Street, Suite 2900
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	543-5662
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, Without Par Value
Trading Symbol	HE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000354707
Amendment Flag	false
Hawaiian Electric Company, Inc.
Entity Information [Line Items]
Entity Registrant Name	Hawaiian Electric Company, Inc.
Entity File Number	1-4955
Entity Tax Identification Number	99-0040500
Entity Address, Address Line One	1099 Alakea Street, Suite 2200
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	543-7771
Entity Emerging Growth Company	false
Entity Central Index Key	0000046207
Amendment Flag	false