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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: 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
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 2 exhibit992023statsupp.htm EX-99 Document

Exhibit 99
hei-statisticalxcoverx0223a.jpg


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.



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