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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: May 10, 2024
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
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:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew 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 2.02 Results of Operations and Financial Condition.
    On May 10, 2024, HEI issued a news release, “HEI Reports First Quarter 2024 Results.” This news release is furnished as HEI Exhibit 99.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits    
News release, dated May 10, 2024, “HEI Reports First Quarter 2024 Results”
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 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. DeGhettoPaul K. Ito
Executive Vice President, Senior Vice President,
Chief Financial Officer and TreasurerChief Financial Officer and Treasurer
Date: May 10, 2024
Date: May 10, 2024

2

HEI Exhibit 99
revisedlogoa.jpg
NEWS RELEASE
May 10, 2024
Contact:Mateo GarciaTelephone: (808) 543-7300
Director, Investor RelationsE-mail: ir@hei.com
HEI REPORTS FIRST QUARTER 2024 RESULTS
1Q24 Net Income of $42.1 million and Diluted Earnings Per Share (EPS) of $0.38

•Utility Continues to Operate Efficiently While Advancing Wildfire Mitigation and Resilience Efforts
•One ‘Ohana Initiative Progressing, With 43 Decedent and 15 Physical Injury Registrants to Date
•Bank’s Strategic Balance Sheet Repositioning Executed in the Previous Quarter Contributed to Improved Profitability and Net Interest Margin
•Bank’s Release of Maui Wildfire-Related Reserves Reflects Better Outlook for Maui Economy

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2024 of $42.1 million and EPS of $0.38 compared to $54.7 million and EPS of $0.50 for the first quarter of 2023. Core net income and EPS1 for the first quarter were $49.3 million and $0.45, respectively.
“We continue to work in earnest with key stakeholders to help our community recover from the devastating impacts of the Maui wildfires. The State’s One ‘Ohana fund has seen steady uptake and the Governor recently extended the registration deadline, and mediation discussions are underway with those impacted by the fires. Hawaii’s legislative session recently concluded, and although we are disappointed that we ran out of time to pass legislation this session, our governor and legislature are highly engaged in determining how to design legislation that best makes sense for Hawaii, our customers and our company. Our utility is committed to making the investments needed to mitigate wildfire risk and advance important safety and resilience work,” said Scott Seu, HEI president and CEO.
1 See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.
1

“American Savings Bank executed well in the first quarter, generating higher net income as net interest margin and profitability benefited from the strategic balance sheet repositioning executed last quarter. The bank also released reserves initially taken following the wildfires on Maui, reflecting Maui’s resilient economy and stronger-than-expected outlook.”
HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS2
Hawaiian Electric’s net income for the first quarter of 2024 was $39.2 million compared to $47.0 million in the first quarter of 2023, with the decrease primarily driven by the following after-tax items:
•$12 million in higher operations and maintenance (O&M) expenses, including $7 million of costs associated with the Maui windstorm and wildfire event. These costs include the settlement of indemnification claims asserted by the state and wildfire mitigation expenses. The remaining increase in O&M included higher insurance costs and higher vegetation management costs; and
•$3 million impact from worse heat rate performance.
These items were partially offset by the following after-tax items:
•$5 million higher revenues, including $4 million from the annual revenue adjustment mechanism and $1 million from the major project interim recovery mechanism;
•$1 million in higher interest income; and
•$1 million higher allowance for funds used during construction related to increased capital expenditures.
Excluding incremental after-tax Maui windstorm and wildfire-related expenses net of insurance recoveries, Hawaiian Electric’s core net income3 for the quarter was $44.2 million. The incremental after-tax Maui windstorm and wildfire-related expenses of $5 million were composed of $18 million of expenses, net of $7 million of insurance-related recoveries and $6 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.
Utility Dividend Declaration
On May 8, 2024 Hawaiian Electric’s Board of Directors declared a $13 million quarterly cash dividend to its sole common stockholder, HEI.


2 Utility amounts indicated as after-tax in this earnings release are based upon adjusting items using a current year composite statutory tax rate of 25.75%.
3 Refer to footnote 1.
2

AMERICAN SAVINGS BANK EARNINGS
ASB’s first quarter 2024 net income was $20.9 million, compared to $3.2 million in the fourth quarter of 2023 and $18.6 million in the first quarter of 2023. Net income for the quarter reflected the release of $1.5 million of Maui wildfire-related reserves and the recovery of $0.4 million in cash lost or damaged during the wildfires, partially offset by Maui wildfire-related expenses of $1.8 million. Excluding the after-tax impacts of these items, core net income for the first quarter was also $20.9 million.4
Total earning assets as of March 31, 2024 were $8.9 billion, down approximately 2.7% from December 31, 2023.
Total loans were $6.1 billion as of March 31, 2024, down 1.1% from December 31, 2023, primarily reflecting the payoff and sale of loans in the commercial markets portfolio and a decrease in the HELOC portfolio.
Total deposits were $8.0 billion as of March 31, 2024, down 1.7% from December 31, 2023. Core deposits declined 1.2% from December 31, 2023, while certificates of deposit decreased 5.3% primarily due to the paydown of $166 million in public time deposits. As of March 31, 2024, 86% of deposits were F.D.I.C. insured or fully collateralized, consistent with December 31, 2023. Approximately 82% of deposits were F.D.I.C. insured, up slightly from 80% as of December 31, 2023. For the first quarter of 2024, the average cost of funds was 117 basis points, down slightly from 118 basis points in the linked quarter and up from 66 basis points in the prior year quarter.
ASB’s return on average equity was 15.6%, compared to 2.7% in the linked quarter and 15.5% in the first quarter of 2023. Return on average assets was 0.88% for the first quarter of 2024, compared to 0.13% in the linked quarter and 0.78% in the prior year quarter.
In the first quarter of 2024, ASB did not pay a dividend to HEI, supporting ASB’s healthy capital levels. ASB had a Tier 1 leverage ratio of 8.0% as of March 31, 2024.
Please refer to ASB’s news release issued on April 30, 2024 for additional information on ASB.
HOLDING AND OTHER COMPANIES
The holding and other companies’ net loss was $18.0 million in the first quarter of 2024 compared to $10.9 million in the first quarter of 2023. The higher net loss compared to the prior
4 Refer to footnote 1.
3

year quarter was primarily due to wildfire-related expenses and lower Pacific Current net income. Core net loss for the first quarter of 2024 was $15.8 million5.
EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS
HEI will conduct a webcast and conference call to review its first quarter 2024 consolidated financial results today at 10:30 a.m. Hawaii time (4:30 p.m. Eastern).
To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”
A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through May 24, 2024. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.
HEI and Hawaiian Electric Company, Inc. (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 Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s 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 https://hpuc.my.site.com/cdms/s/ 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 SEC filings.
ABOUT HEI
The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric,
5 Refer to footnote 1.
4

supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.
NON-GAAP MEASURES
Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.
FORWARD-LOOKING STATEMENTS
This release may 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, 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.
Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2023 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These 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 and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
###
5

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended March 31
(in thousands, except per share amounts)20242023
Revenues
Electric utility$788,578 $830,361 
Bank105,144 93,857 
Other3,436 4,019 
Total revenues897,158 928,237 
Expenses 
Electric utility725,223 754,486 
Bank 79,612 70,337 
Other15,904 9,896 
Total expenses820,739 834,719 
Operating income (loss) 
Electric utility63,355 75,875 
Bank25,532 23,520 
Other(12,468)(5,877)
Total operating income76,419 93,518 
Retirement defined benefits credit—other than service costs1,282 1,152 
Interest expense, net—other than on deposit liabilities and other bank borrowings(31,591)(28,798)
Allowance for borrowed funds used during construction1,386 1,131 
Allowance for equity funds used during construction3,640 3,301 
Interest income3,133 — 
Income before income taxes54,269 70,304 
Income taxes11,674 15,110 
Net income42,595 55,194 
Preferred stock dividends of subsidiaries473 473 
Net income for common stock$42,122 $54,721 
Basic earnings per common share$0.38 $0.50 
Diluted earnings per common share$0.38 $0.50 
Dividends declared per common share$— $0.36 
Weighted-average number of common shares outstanding110,218 109,514 
Weighted-average shares assuming dilution110,476 109,825 
Net income (loss) for common stock by segment
Electric utility$39,221 $47,009 
Bank20,934 18,562 
Other(18,033)(10,850)
Net income for common stock$42,122 $54,721 
Comprehensive income attributable to HEI$32,321 $75,209 
Return on average common equity (%) (twelve months ended)8.1 10.0 

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
6

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended March 31
($ in thousands, except per barrel amounts)20242023
Revenues$788,578 $830,361 
Expenses
Fuel oil284,296 334,097 
Purchased power159,817 152,761 
Other operation and maintenance143,890 128,316 
Depreciation62,812 60,927 
Taxes, other than income taxes74,408 78,385 
Total expenses725,223 754,486 
Operating income63,355 75,875 
Allowance for equity funds used during construction3,640 3,301 
Retirement defined benefits credit—other than service costs1,072 1,047 
Interest expense and other charges, net(19,985)(20,246)
Allowance for borrowed funds used during construction1,386 1,131 
Interest income1,432 — 
Income before income taxes50,900 61,108 
Income taxes11,180 13,600 
Net income39,720 47,508 
Preferred stock dividends of subsidiaries229 229 
Net income attributable to Hawaiian Electric39,491 47,279 
Preferred stock dividends of Hawaiian Electric270 270 
Net income for common stock$39,221 $47,009 
Comprehensive income attributable to Hawaiian Electric$39,172 $46,964 
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
   Hawaiian Electric1,412 1,430 
   Hawaii Electric Light254 251 
   Maui Electric240 255 
1,906 1,936 
Average fuel oil cost per barrel$121.84 $139.88 
Return on average common equity (%) (twelve months ended)1
7.8 8.2 
1 Simple average.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

7

American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended 
(in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Interest and dividend income   
Interest and fees on loans$72,971 $72,340 $64,842 
Interest and dividends on investment securities14,964 15,587 14,637 
Total interest and dividend income87,935 87,927 79,479 
Interest expense
Interest on deposit liabilities17,432 17,961 6,837 
Interest on other borrowings8,154 8,721 7,721 
Total interest expense25,586 26,682 14,558 
Net interest income62,349 61,245 64,921 
Provision for credit losses(2,159)304 1,175 
Net interest income after provision for credit losses64,508 60,941 63,746 
Noninterest income
Fees from other financial services4,874 4,643 4,679 
Fee income on deposit liabilities4,898 5,104 4,599 
Fee income on other financial products2,743 2,664 2,744 
Bank-owned life insurance3,584 1,707 1,425 
Mortgage banking income424 209 130 
Loss on sale of investment securities— (14,965)— 
Other income, net686 693 801 
Total noninterest income17,209 55 14,378 
Noninterest expense
Compensation and employee benefits32,459 28,797 30,204 
Occupancy5,063 5,422 5,588 
Data processing4,846 5,305 5,012 
Services4,151 5,032 2,595 
Equipment2,649 3,114 2,646 
Office supplies, printing and postage1,018 1,019 1,165 
Marketing776 1,167 1,016 
Other expense4,942 9,250 6,191 
Total noninterest expense55,904 59,106 54,417 
Income before income taxes25,813 1,890 23,707 
Income taxes4,879 (1,341)5,145 
Net income$20,934 $3,231 $18,562 
Comprehensive income (loss)$11,166 $70,585 $36,992 
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets0.88 0.13 0.78 
Return on average equity15.64 2.74 15.51 
Return on average tangible common equity18.48 3.32 18.73 
Net interest margin2.75 2.63 2.85 
Efficiency ratio70.27 96.42 68.62 
Net charge-offs to average loans outstanding0.14 0.15 0.14 
As of period end
Nonaccrual loans to loans receivable held for investment0.53 0.46 0.24 
Allowance for credit losses to loans outstanding1.16 1.20 1.18 
Tangible common equity to tangible assets5.0 4.7 4.3 
Tier-1 leverage ratio 8.0 7.7 7.7 
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)$— $— $14.0 

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
8

Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures
HEI, Hawaiian Electric and ASB management use certain non-GAAP measures to evaluate the performance of HEI, the utility and bank. Management believes these non-GAAP measures provide useful information regarding the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP core earnings for adjusted diluted EPS (for HEI consolidated); return on average common equity (for HEI consolidated and Hawaiian Electric); and returns on average equity, average tangible equity and average assets, and efficiency ratio (for ASB).
The reconciling adjustments from GAAP earnings to core earnings are limited to the costs related to the Maui wildfires. Management does not consider these items to be representative of the company’s fundamental core earnings.

Reconciliation of GAAP to non-GAAP Measures
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
Unaudited
(in thousands)Three months ended March 31, 2024
Maui wildfire-related costs
Pretax expenses:
Legal expenses$15,027 
Outside services expenses2,747 
Provision for credit losses(1,500)
Other expenses9,019 
Interest expenses4,825 
Pretax expenses30,118 
Insurance recoveries(12,577)
Deferral of cost(7,898)
Wildfire-related expenses, excluding insurance recovery and deferral9,643 
Income tax benefits2
(2,482)
After-tax adjustments$7,161 
HEI consolidated net income
GAAP net income (as reported)$42,122 
Excluding special items related to the Maui wildfire (after tax):
Legal expenses11,157 
Outside services expenses2,022 
Provision for credit losses(1,098)
Other expenses6,700 
Interest expenses3,582 
After tax expenses22,363 
Insurance recoveries(9,338)
Deferral of cost(5,864)
Maui wildfire-related expenses, net of insurance recoveries and approved deferral treatment (after tax)7,161 
Non-GAAP (core) net income$49,283 
GAAP Diluted earnings per share (as reported)$0.38 
Non-GAAP (core) Diluted earnings per share $0.45 

9

Three months ended March 31, 2024
Ratios (%)
Based on GAAP1
Return on average equity8.1 
Based on Non-GAAP (core)
Return on average equity9.5 
1 Accounting principles generally accepted in the United States of America
2 Current year composite statutory tax rate of 25.75% is used for Utility and corporate amounts and current year composite statutory tax rate of 26.80% is used for ASB amounts.
Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) are included in “Expenses-Other” and interest expense is included in “Interest expense, net—other than on deposit liabilities and other bank borrowings” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities and Bank tables below for more detail.
10

Reconciliation of GAAP to non-GAAP Measures
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

(in thousands)Three months ended March 31, 2024
Maui windstorm and wildfire-related costs
Pretax expenses:
Legal expenses1
$10,735 
Outside services expenses1
784 
Other expenses1
9,141 
Interest expenses2
3,907 
Pretax expenses24,567 
Insurance recoveries(9,969)
Deferral of cost(7,898)
Total Maui windstorm and wildfire-related expenses, net of insurance recoveries and approved deferral treatment 6,700 
Income tax benefits3
(1,725)
After-tax expenses$4,975 
Hawaiian Electric consolidated net income
GAAP net income (as reported)$39,221 
Excluding special items related to the Maui windstorm and wildfires (after tax):
Legal expenses7,971 
Outside services expenses582 
Other expenses6,787 
Interest expenses2,901 
Maui windstorm and wildfire-related cost (after tax)18,241 
Insurance recovery (after tax)(7,402)
Deferral of cost (after tax)(5,864)
Total Maui windstorm and wildfire- related expenses, net of insurance recoveries and approved deferral treatment (after tax)4,975 
Non-GAAP (core) net income$44,196 

Three months ended March 31, 2024
Ratios (%)
Based on GAAP
Return on average equity7.8 
Based on Non-GAAP (core)
Return on average equity8.0 

1     Legal, outside services and other are included in “Other operation and maintenance” on the Hawaiian Electric and subsidiaries Consolidated Statements of Income Data.
2     Interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries Consolidated Statements of Income Data.
3     Current year composite statutory tax rate of 25.75% is used for Utility amounts.



11

Reconciliation of GAAP to non-GAAP Measures
American Savings Bank F.S.B.
Unaudited

(in thousands)Three months ended March 31, 2024
Maui wildfire related costs
Pretax expenses:
Provision for credit losses$(1,500)
Professional services expense1,708 
Other expenses, net(317)
Pretax Maui wildfire related costs, net(109)
Income tax1
29 
After-tax expenses, net$(80)
ASB net income
GAAP (as reported)$20,934 
Maui wildfire costs (after tax):
Provision for credit losses (1,098)
Professional services expense 1,250 
Other expenses, net(232)
Maui wildfire related cost, net (after tax)(80)
Non-GAAP (core) net income$20,854 

Three months ended March 31, 2024
Ratios (annualized %)
Based on GAAP
Return on average assets0.88 
Return on average equity15.64 
Return on average tangible common equity18.48 
Efficiency ratio70.27 
Based on Non-GAAP (core)
Return on average assets0.88 
Return on average equity15.58 
Return on average tangible common equity18.41 
Efficiency ratio68.52 

1     Current year composite statutory tax rate of 26.8% is used for ASB amounts.
12
v3.24.1.1.u2
Cover
May 10, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date May 10, 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
Entity Address, Address Line Two Suite 2900
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-5662
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
Entity Address, Address Line Two Suite 2200
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-7771
Entity Emerging Growth Company false
Entity Central Index Key 0000046207
Amendment Flag false
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