Hawaiian Electric Industries, Inc.
2023 Statistical Supplement
TABLE OF CONTENTS
Page
HEI Consolidated
Selected Financial Information 1
Consolidated Statements of Income & Comprehensive Income Information 2
Consolidated Balance Sheets Information 3
Consolidated Statements of Changes in Shareholders' Equity Information 4
Consolidated Statements of Cash Flows Information 5
Consolidated Capital Structure 7
GAAP Earnings and Return on Average Common Equity 8
Hawaiian Electric Company
Selected Financial Information 9
Consolidated Statements of Income and Retained Earnings Information 10
Consolidated Balance Sheets Information 11
Consolidated Statements of Cash Flows Information 12
Cumulative Preferred Stock Not Subject to Mandatory Redemption 13
Long-term Debt 14
Customer, Sales and Revenue Information 17
Power Supply Information 19
American Savings Bank
Selected Information 21
Statements of Income Information 22
Balance Sheets Information 23

i

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

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

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31 2023 2022 2021 2020 2019
(in thousands)
ASSETS
Cash and cash equivalents $ 679,546 $ 199,877 $ 305,551 $ 341,421 $ 196,813
Restricted cash 15,028 5,050 5,911 17,558 30,872
Accounts receivable and unbilled revenues, net 575,176 511,903 344,213 281,216 300,794
Available-for-sale investment securities, at fair value 1,136,439 1,429,667 2,574,618 1,970,417 1,232,826
Held-to-maturity investment securities, at amortized cost 1,201,314 1,251,747 522,270 226,947 139,451
Stock in Federal Home Loan Bank, at cost 14,728 26,560 10,000 8,680 8,434
Loans, net 6,121,606 5,907,514 5,150,388 5,260,917 5,080,107
Property, plant and equipment, net 6,150,126 5,687,003 5,392,068 5,265,735 5,109,628
Operating lease right-of-use assets
94,905 115,684 122,416 153,069 199,171
Regulatory assets 294,804 242,513 565,543 766,708 715,080
Other 877,959 824,536 747,469 629,149 649,885
Goodwill 82,190 82,190 82,190 82,190 82,190
Total assets $ 17,243,821 $ 16,284,244 $ 15,822,637 $ 15,004,007 $ 13,745,251
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable $ 298,668 $ 272,793 $ 225,433 $ 205,894 $ 245,574
Deposit liabilities 8,145,778 8,169,696 8,172,212 7,386,957 6,271,902
Short-term borrowings - other than bank - 172,568 53,998 129,379 185,710
Other bank borrowings 750,000 695,120 88,305 89,670 115,110
Long-term debt, net - other than bank 2,842,429 2,384,980 2,321,937 2,119,129 1,964,365
Deferred income taxes 297,954 262,462 384,760 395,089 379,324
Operating lease liabilities
103,900 126,604 136,760 160,432 199,571
Financing lease liabilities 339,040 48,709
Regulatory liabilities 1,150,690 1,055,650 996,768 959,786 972,310
Defined benefit pension and other postretirement benefit plans liability
82,879 71,813 348,072 567,438 513,287
Other 853,349 787,057 669,215 618,438 583,545
Total liabilities 14,864,687 14,047,452 13,397,460 12,632,212 11,430,698
Preferred stock of subsidiaries - not subject to mandatory redemption
34,293 34,293 34,293 34,293 34,293
Shareholders' equity
Common stock 1,707,471 1,692,697 1,685,496 1,678,368 1,678,257
Retained earnings 926,720 845,830 757,921 660,398 622,042
Accumulated other comprehensive loss, net of tax benefits (289,350) (336,028) (52,533) (1,264) (20,039)
Total shareholders' equity 2,344,841 2,202,499 2,390,884 2,337,502 2,280,260
Total liabilities and shareholders' equity $ 17,243,821 $ 16,284,244 $ 15,822,637 $ 15,004,007 $ 13,745,251
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries Accumulated
Unaudited other
Common stock Retained comprehensive
(in thousands, except per share amounts) Shares Amount earnings income (loss) Total
Balance, December 31, 2018 108,879 $ 1,669,267 $ 543,623 $ (50,610) $ 2,162,280
Net income for common stock - - 217,882 - 217,882
Other comprehensive income, net of tax benefits - - - 30,571 30,571
Issuance of common stock:
Share-based plans 94 3,092 - - 3,092
Share-based expense and other, net - 5,898 - - 5,898
Common stock dividends ($1.28 per share) - - (139,463) - (139,463)
Balance, December 31, 2019 108,973 1,678,257 622,042 (20,039) 2,280,260
Impact of adoption of ASU No. 2016-13 - - (15,372) - (15,372)
Balance, January 1, 2020, after the adoption of ASU No. 2016-13 108,973 1,678,257 606,670 (20,039) 2,264,888
Net income for common stock - - 197,824 - 197,824
Other comprehensive income, net of tax benefits - - - 18,775 18,775
Issuance of common stock:
Share-based plans 208 3,973 - - 3,973
Share-based expense and other, net - (3,862) - - (3,862)
Common stock dividends ($1.32 per share) - - (144,096) - (144,096)
Balance, December 31, 2020 109,181 1,678,368 660,398 (1,264) 2,337,502
Net income for common stock - - 246,166 - 246,166
Other comprehensive loss, net of tax benefits - - - (51,269) (51,269)
Issuance of common stock:
Share-based plans 131 5,027 - - 5,027
Share-based expense and other, net - 2,101 - - 2,101
Common stock dividends ($1.36 per share) - - (148,643) - (148,643)
Balance, December 31, 2021 109,312 1,685,496 757,921 (52,533) 2,390,884
Net income for common stock - - 241,138 - 241,138
Other comprehensive loss, net of tax benefits - - - (283,495) (283,495)
Issuance of common stock:
Share-based plans 159 5,831 - - 5,831
Share-based expense and other, net - 1,370 - - 1,370
Common stock dividends ($1.40 per share) - - (153,229) - (153,229)
Balance, December 31, 2022 109,471 1,692,697 845,830 (336,028) 2,202,499
Net income for common stock - - 199,238 - 199,238
Other comprehensive loss, net of tax benefits - - - 46,678 46,678
Issuance of common stock:
Dividend reinvestment and stock purchase plan 537 6,612 - - 6,612
Share-based plans 144 6,371 - - 6,371
Share-based expense and other, net - 1,791 - - 1,791
Common stock dividends ($1.08 per share) - - (118,348) - (118,348)
Balance, December 31, 2023 110,152 $ 1,707,471 $ 926,720 $ (289,350) $ 2,344,841
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

4

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

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

6

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31 2023 2022 2021 2020 2019
(in thousands)
Short-term borrowings - other than bank 1
$ - $ 172,568 $ 53,998 $ 129,379 $ 185,710
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2
1,934,277 1,684,816 1,676,402 1,561,302 1,497,667
HEI 5.67% senior notes, paid in 2021 - - - 50,000 50,000
HEI 2.99% term loan, paid in 2022 - - 150,000 150,000 150,000
HEI 3.99% senior notes, paid in 2023 - 50,000 50,000 50,000 50,000
HEI 4.58% senior notes, due 2025 50,000 50,000 50,000 50,000 50,000
HEI 4.72% senior notes, due 2028 100,000 100,000 100,000 100,000 100,000
HEI 2.82% senior notes, due 2028 24,000 24,000 24,000 - -
HEI 2.48% senior notes, due 2028 30,000 30,000 30,000 - -
HEI 6.04% senior notes, due 2028 39,000 - - - -
HEI 2.98% senior notes, due 2030 50,000 50,000 50,000 50,000 -
HEI 3.15% senior notes, due 2031 51,000 51,000 51,000 - -
HEI 2.78% senior notes, due 2031 25,000 25,000 25,000 - -
HEI 2.98% senior notes, due 2032 30,000 30,000 - - -
HEI 5.43% senior notes, due 2032 75,000 75,000 - - -
HEI 6.10% senior notes, due 2033 61,000 - - - -
HEI 5.43% senior notes, due 2034 35,000 35,000 - - -
HEI 3.74% senior notes, due 2051 20,000 20,000 20,000 - -
HEI 3.94% senior notes, due 2052 20,000 20,000 - - -
Hamakua Energy 4.02% non-recourse notes, due 2030 44,855 49,048 52,166 56,030 59,699
Mauo SOFR + 1.475% loan, due 2024 5,384 11,060 21,702 41,046 9,349
Mauo 4.91% non-recourse loan, due 2034 to 2035 16,962 17,692 12,686 - -
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031 9,727 10,936 12,145 13,000 -
Mahipapa 1.90% non-recourse loan, due 2034 to 2036 53,743 58,869 - - -
Mahipapa 5.625% non-recourse unsecured loan, due 2027 578 724 - - -
HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 175,000 - - - -
Less unamortized debt issuance cost and debt discount (8,097) (8,165) (3,164) (2,249) (2,350)
2,842,429 2,384,980 2,321,937 2,119,129 1,964,365
Preferred stock of subsidiaries - not subject to mandatory redemption 34,293 34,293 34,293 34,293 34,293
Shareholders' equity
Common stock 1,707,471 1,692,697 1,685,496 1,678,368 1,678,257
Retained earnings 926,720 845,830 757,921 660,398 622,042
Accumulated other comprehensive loss, net of tax benefits (289,350) (336,028) (52,533) (1,264) (20,039)
2,344,841 2,202,499 2,390,884 2,337,502 2,280,260
$ 5,221,563 $ 4,794,340 $ 4,801,112 $ 4,620,303 $ 4,464,628
LONG-TERM DEBT MATURITIES as of December 31, 2023
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
(in thousands) 2024 2025 2026 2027 2028 Thereafter Total
Long-term debt - other than bank 1
Electric utilities2
$ - $ 47,000 $ 145,267 $ 279,733 $ 67,500 $ 1,402,500 $ 1,942,000
HEI - 50,000 17,733 157,267 193,000 367,000 785,000
Hamakua Energy 5,829 4,733 3,800 5,112 5,111 20,270 44,855
Mauo 6,152 849 941 1,028 1,086 12,290 22,346
Ka`ie`ie Waho Company 1,209 1,209 1,209 1,209 1,209 3,682 9,727
Mahipapa 5,280 5,289 5,397 4,062 5,310 28,983 54,321
Less unamortized debt issuance cost (15,820)
$ 18,470 $ 109,080 $ 174,347 $ 448,411 $ 273,216 $ 1,834,725 $ 2,842,429
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
2 See pages 14 to 16 for additional information.
7

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

8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31 2023 2022 2021 2020 2019
(in thousands)
CAPITAL STRUCTURE1
Short-term borrowings, net $ - $ 87,967 $ - $ 49,979 $ 88,987
Long-term debt, net, including current portion 1,934,277 1,684,816 1,676,402 1,561,302 1,497,667
Preferred stock 34,293 34,293 34,293 34,293 34,293
Common stock equity 2,409,110 2,344,170 2,261,899 2,141,918 2,047,352
$ 4,377,680 $ 4,151,246 $ 3,972,594 $ 3,787,492 $ 3,668,299
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net - 2.1 - 1.3 2.4
Long-term debt, net, including current portion 44.2 40.6 42.2 41.2 40.8
Preferred stock 0.8 0.8 0.9 0.9 1.0
Common stock equity 55.0 56.5 56.9 56.6 55.8
100.0 100.0 100.0 100.0 100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
Hawaiian Electric 7.37 7.37 7.37 7.37 7.57
Hawaii Electric Light 7.52 7.52 7.52 7.52 7.52
Maui Electric 7.43 7.43 7.43 7.43 7.43
Earned rate-making return on simple average rate base 3
Hawaiian Electric 7.34 7.32 7.28 6.94 6.90
Hawaii Electric Light 6.77 5.76 5.96 7.09 5.97
Maui Electric 4.57 6.53 6.61 5.82 6.37
Authorized return on simple average common equity 2
Hawaiian Electric 9.50 9.50 9.50 9.50 9.50
Hawaii Electric Light 9.50 9.50 9.50 9.50 9.50
Maui Electric 9.50 9.50 9.50 9.50 9.50
Earned rate-making return on simple average common equity 4
Hawaiian Electric 9.28 9.67 9.38 9.01 8.80
Hawaii Electric Light 8.27 6.87 7.02 9.23 6.72
Maui Electric 4.46 8.23 8.22 7.11 7.95
Book return on simple average common equity 5
Hawaiian Electric 8.96 8.76 8.53 8.20 8.02
Hawaii Electric Light 8.09 6.44 6.51 8.92 7.00
Maui Electric 4.53 7.33 7.41 6.65 7.79
RATE BASE (in millions, simple average)
Hawaiian Electric $ 2,689
6
$ 2,613 $ 2,510 $ 2,425 $ 2,289
Hawaii Electric Light 579
6
573 560 540 521
Maui Electric 603
6
559 531 514 493
$ 3,871 $ 3,745 $ 3,601 $ 3,479 $ 3,303
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate 3.2 3.2 3.2 3.2 3.2
Accumulated depreciation as percent of gross plant 1
35.7 36.9 36.8 36.4 35.9
Weighted-average AFUDC rate 7.2 7.1 7.1 7.1 7.4
1
At December 31.
2
Reflects latest interim or final decision and order as of the end of the respective years.
3
Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4
This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5
Based on recorded net income divided by average common equity, simple average method.
6
The 12/31/23 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,696, $579 and $635, respectively.
9

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

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

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31 2023 2022 2021
(in thousands)
Cash flows from operating activities
Net income $ 195,947 $ 190,924 $ 179,637
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment 243,705 235,424 229,469
Other amortization 26,490 25,320 21,737
Deferred income tax expense (benefit) 1,439 (41,415) (3,829)
State refundable credit (11,325) (10,999) (10,582)
Bad debt expense 8,161 6,027 2,183
Allowance for equity funds used during construction (15,164) (10,574) (9,534)
Bill credits - - 2,000
Other 460 (139) 1,350
Changes in assets and liabilities
Increase in accounts receivable (65,004) (91,742) (50,090)
Increase in accrued unbilled revenues
(3,048) (54,023) (27,464)
Decrease (increase) in fuel oil stock 43,293 (87,452) (45,840)
Increase in materials and supplies (34,865) (7,691) (4,533)
Decrease (increase) in regulatory assets (10,613) 34,600 (13,874)
Increase in regulatory liabilities 54,470 44,888 15,358
Increase in accounts payable 20,454 22,355 17,671
Change in prepaid and accrued income taxes, tax credits and revenue taxes 1,878 103,198 26,930
Decrease in defined benefit pension and other postretirement benefit plans liability (8,186) (4,828) (5,154)
Change in other assets and liabilities 26,275 (25,943) (52,302)
Net cash provided by operating activities 474,367 327,930 273,133
Cash flows from investing activities
Capital expenditures (438,775) (329,457) (292,000)
Other 6,176 5,372 6,035
Net cash used in investing activities (432,599) (324,085) (285,965)
Cash flows from financing activities
Common stock dividends (129,000) (125,900) (111,700)
Preferred stock dividends of Hawaiian Electric and subsidiaries (1,995) (1,995) (1,995)
Proceeds from issuance of common stock - 13,101 54,400
Proceeds from issuance of long-term debt 350,000 60,000 115,000
Repayment of long-term debt (100,000) (52,000) -
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
maturities of three months or less (87,967) 87,967 -
Repayment of short-term debt - - (50,000)
Payments of obligations under finance leases (3,128) (670) -
Other (843) (364) (941)
Net cash provided by (used in) financing activities 27,067 (19,861) 4,764
Net increase (decrease) in cash, cash equivalents and restricted cash 68,835 (16,016) (8,068)
Cash, cash equivalents and restricted cash, January 1 39,242 55,258 63,326
Cash, cash equivalents and restricted cash, December 31 108,077 39,242 55,258
Less: Restricted cash (2,000) - (3,089)
Cash and cash equivalents, December 31 $ 106,077 $ 39,242 $ 52,169
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.
and subsidiaries' Form 10-K for each year.
12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31 2023 2022 2021 2020 2019
(dollars in thousands, except par values)
Shares outstanding
Series Par value Company 12/31/2023
C 4.25% $ 20 Hawaiian Electric 150,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
D 5.00% 20 Hawaiian Electric 50,000 1,000 1,000 1,000 1,000 1,000
E 5.00% 20 Hawaiian Electric 150,000 3,000 3,000 3,000 3,000 3,000
H 5.25% 20 Hawaiian Electric 250,000 5,000 5,000 5,000 5,000 5,000
I 5.00% 20 Hawaiian Electric 89,657 1,793 1,793 1,793 1,793 1,793
J 4.75% 20 Hawaiian Electric 250,000 5,000 5,000 5,000 5,000 5,000
K 4.65% 20 Hawaiian Electric 175,000 3,500 3,500 3,500 3,500 3,500
G 7.625% 100 Hawaii Electric Light 70,000 7,000 7,000 7,000 7,000 7,000
H 7.625% 100 Maui Electric 50,000 5,000 5,000 5,000 5,000 5,000
1,234,657 $ 34,293 $ 34,293 $ 34,293 $ 34,293 $ 34,293
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
13

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

14

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

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

16

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31 2023 2022 2021 2020 2019
SERVICE AREA 1
Service area (square miles) 5,815 5,815 5,815 5,815 5,815
Service area population (estimated, in thousands) n/a 1,366 1,368 1,335 1,344
CUSTOMER ACCOUNTS 2
Residential 416,072 413,744 414,713 412,484 409,689
Commercial 54,831 55,228 55,201 54,861 55,077
Industrial 702 696 698 694 700
471,605 469,668 470,612 468,039 465,466
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric 309,631 306,978 308,721 307,378 306,368
Hawaii Electric Light 89,477 88,757 88,103 87,357 86,576
Maui Electric 72,497 73,933 73,788 73,304 72,522
Consolidated 471,605 469,668 470,612 468,039 465,466
MEGAWATTHOUR SALES (thousands)2
Residential 2,342 2,415 2,492 2,525 2,439
Commercial 2,611 2,643 2,595 2,477 2,834
Industrial 3,274 3,296 3,174 3,118 3,467
8,227 8,354 8,261 8,120 8,740
MEGAWATTHOUR SALES MIX (%)2
Residential 28.5 28.9 30.2 31.1 27.9
Commercial 31.7 31.6 31.4 30.5 32.4
Industrial 39.8 39.5 38.4 38.4 39.7
100.0 100.0 100.0 100.0 100.0
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric 6,138 6,211 6,169 6,183 6,563
Hawaii Electric Light 1,044 1,054 1,044 978 1,050
Maui Electric 1,045 1,089 1,048 959 1,127
Consolidated 8,227 8,354 8,261 8,120 8,740
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric (1.2) 0.7 (0.2) (6.1) 0.6
Hawaii Electric Light (1.0) 0.9 6.3 (7.4) (1.4)
Maui Electric (4.2) 3.8 8.5 (17.5) 2.5
Consolidated (1.5) 1.1 1.7 (7.6) 0.6
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric 30 28 33 31 25
Hawaii Electric Light 4
52 48 60 43 35
Maui Electric 35 36 50 51 41
Consolidated 33 32 38 35 28
1
Source: State of Hawaii Data Book 2022 (prior years)
2
At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3
In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation results in a lower calculated percentage than the amount calculated under the previous methodology.
4
In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2023.
n/a: Not available
(Continued on next page)
17

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

18

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31 2023 2022 2021 2020 2019
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
Fuel oil
Conventional oil-fired steam units 4,057 3,701 3,288 3,429 3,693
Dual train combined-cycle unit 747 795 749 757 799
Diesel internal combustion engine 362 323 304 318 364
Simple-cycle combustion turbines 115 133 89 53 46
5,281 4,952 4,430 4,557 4,902
Biodiesel internal combustion engine 17 16 25 28 54
Hydro 5 6 9 5 11
Solar 40 38 37 39 5
Total net generated1
5,343 5,012 4,501 4,629 4,972
Purchased
Non-renewable 2
1,518 2,066 2,470 2,541 2,990
Renewable 3,4
1,741 1,684 1,684 1,355 1,179
Battery Storage 5
12 - - - -
Total purchased1
3,271 3,750 4,154 3,896 4,169
Customer-sited solar 1,586 1,522 1,418 1,326 1,225
10,200 10,284 10,073 9,851 10,366
GENERATION MIX (%)
Fuel oil
Conventional oil-fired steam units 39.8 36.0 32.6 34.8 35.6
Dual train combined-cycle unit 7.3 7.7 7.4 7.7 7.7
Diesel internal combustion engine 3.5 3.1 3.0 3.2 3.5
Simple-cycle combustion turbines 1.1 1.3 0.9 0.5 0.5
51.7 48.1 43.9 46.2 47.3
Biodiesel internal combustion engine 0.2 0.2 0.2 0.3 0.5
Hydro - 0.1 0.1 0.1 0.1
Solar 0.4 0.4 0.4 0.4 -
Total generation1
52.3 48.8 44.6 47.0 47.9
Purchased
Non-renewable 2
14.9 20.1 24.6 25.8 28.8
Renewable 3,4
17.2 16.3 16.7 13.7 11.5
Battery Storage 5
0.1 - - - -
Total purchased1
32.2 36.4 41.3 39.5 40.3
Customer-sited solar 15.5 14.8 14.1 13.5 11.8
100.0 100.0 100.0 100.0 100.0
1
The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation.
2
AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.
3
Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
4
In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2023.
5
Represents Kapolei Energy Storage, which reached commercial operations in December 2023.
(Continued on next page)
19

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

SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31 2023 2022 2021 2020 2019
CAPITAL RATIOS (%)1
Common equity tier 1
ASB 12.27 12.15 13.29 - 13.18
Requirement 4.50 4.50 4.50 - 4.50
Tier 1 capital
ASB 12.27 12.15 13.29 - 13.18
Requirement 6.00 6.00 6.00 - 6.00
Total capital
ASB 13.38 13.14 14.31 - 14.31
Requirement 8.00 8.00 8.00 - 8.00
Tier 1 leverage
ASB 7.68 7.78 7.86 8.38 9.06
Requirement 4.00 4.00 4.00 4.00 4.00
KEY STATISTICS (%)
Return on average assets
ASB 0.55 0.86 1.15 0.74 1.25
Peers 2
0.98 1.23 1.36 0.96 1.26
Return on average equity
ASB 10.98 14.08 13.76 8.11 13.48
Peers 2
10.17 11.42 12.45 9.08 10.60
Net interest margin
ASB 2.74 2.89 2.91 3.29 3.85
Peers 2
3.30 3.28 3.21 3.30 3.59
Revenue growth
ASB (3.92) 2.54 (3.14) (2.87) 7.42
Peers 2
(0.94) 4.99 6.56 8.61 6.73
Efficiency ratio
ASB 75.20 66.31 65.31 61.47 57.77
Peers 2
59.14 56.71 55.64 56.38 56.19
Net charge-offs to loans outstanding
ASB 0.12 0.03 0.07 0.40 0.45
Peers 2
0.08 0.02 0.07 0.07 0.09
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions) 39 42 59 31 56
Loan Growth (%) 3.42 15.01 (2.32) 4.39 5.72
Branch locations 3
35 38 42 42 49
Number of ATMs
117 122 122 112 111
1
Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021.
2
Bank peers for 2019 to 2023 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB's total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually.
3
At December 31.
21

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

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

23

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HEI - Hawaiian Electric Industries Inc. published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 20:08:46 UTC.