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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
 OR
              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Exact Name of Registrant as Specified in Its CharterCommission File NumberI.R.S. Employer Identification No.
HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097
and Principal Subsidiary
HAWAIIAN ELECTRIC COMPANY, INC. 1-4955 99-0040500
State of Hawaii
(State or other jurisdiction of incorporation or organization)
 
Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813
Hawaiian Electric Company, Inc. – 1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813
(Address of principal executive offices and zip code)
 
Hawaiian Electric Industries, Inc. – (808) 543-5662
Hawaiian Electric Company, Inc. – (808) 543-7771
(Registrant’s telephone number, including area code) 
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc. Common Stock, Without Par ValueHENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Hawaiian Electric Industries, Inc.YesNo Hawaiian Electric Company, Inc. YesNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Hawaiian Electric Industries, Inc.YesNo Hawaiian Electric Company, Inc.YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.
Hawaiian Electric Industries, Inc.: Hawaiian Electric Company, Inc.:
Large accelerated filerSmaller reporting companyLarge accelerated filerSmaller reporting company
Accelerated filerEmerging growth companyAccelerated filerEmerging growth company
Non-accelerated filerNon-accelerated filer
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Hawaiian Electric Industries, Inc.YesNoHawaiian Electric Company, Inc.YesNo
Securities registered pursuant to 12(b) of the Act:
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.
Class of Common Stock 
Outstanding May 3, 2024
Hawaiian Electric Industries, Inc. (Without Par Value) 110,302,667 Shares
Hawaiian Electric Company, Inc. ($6-2/3 Par Value) 17,854,278 Shares (not publicly traded)
Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock.
This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed to HEI.



Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended March 31, 2024
 
TABLE OF CONTENTS
 
Page No. 
  
 
  
 
three months ended March 31, 2024 and 2023
 
three months ended March 31, 2024 and 2023
 
 
three months ended March 31, 2024 and 2023
 
three months ended March 31, 2024 and 2023
  
 
three months ended March 31, 2024 and 2023
 
three months ended March 31, 2024 and 2023
 
 
three months ended March 31, 2024 and 2023
 
three months ended March 31, 2024 and 2023
 
 
 
 
  
 
 
i


Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended March 31, 2024
GLOSSARY OF TERMS
Terms Definitions
ABRAlternate Base Rate
ACLAllowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model
AES HawaiiAES Hawaii, Inc.
AOCIAccumulated other comprehensive income/(loss)
ARAAnnual revenue adjustment
ASBAmerican Savings Bank, F.S.B., a wholly owned subsidiary of ASB Hawaii, Inc.
ASB HawaiiASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B.
ASUAccounting Standards Update
CBRECommunity-based renewable energy
Company
Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B. and Pacific Current, LLC and its subsidiaries (listed under Pacific Current).
Consumer AdvocateDivision of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii
CSSMCollective Shared Savings Mechanism
D&ODecision and order from the PUC
DERDistributed energy resources
DRIPHEI Dividend Reinvestment and Stock Purchase Plan
ECRCEnergy cost recovery clause
EIP
2010 Equity and Incentive Plan, as amended
EPAEnvironmental Protection Agency — federal
EPRMExceptional Project Recovery Mechanism
EPSEarnings per share
ESMEarnings Sharing Mechanism
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
FDICFederal Deposit Insurance Corporation
federalU.S. Government
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FitchFitch Ratings, Inc.
FNMAFederal National Mortgage Association
FRBFederal Reserve Board
GAAPAccounting principles generally accepted in the United States of America
GHGGreenhouse gas
GNMAGovernment National Mortgage Association
GSPAGrid Services Purchase Agreement
Hamakua EnergyHamakua Energy, LLC, an indirect subsidiary of Pacific Current
Hawaii Electric LightHawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc.
Hawaiian Electric
Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited, Renewable Hawaii, Inc. and HE AR INTER LLC
HEI
Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc. and Pacific Current, LLC.
ii

GLOSSARY OF TERMS, continued
Terms Definitions
HEIRSPHawaiian Electric Industries Retirement Savings Plan
HELOCHome equity line of credit
HPOWERCity and County of Honolulu with respect to a power purchase agreement for a refuse-fired plant
IIJAInfrastructure Investment and Jobs Act
IPPIndependent power producer
IRLCsInterest rate lock commitments
IWSM
Interim Wildfire Safety Measures
KalaeloaKalaeloa Partners, L.P.
kWhKilowatthour/s (as applicable)
LMILow-to-moderate income
LTIPLong-term incentive plan
MahipapaMahipapa, LLC, a subsidiary of Pacific Current
Maui ElectricMaui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc.
Maui windstorm and wildfires
The fires in the West Maui (Lahaina) and Upcountry Maui areas that caused fatalities and widespread property damage in Lahaina on August 8, 2023
MauoMauo, LLC, a subsidiary of Pacific Current
MFD
County of Maui Department of Fire and Public Safety
Moody’sMoody’s Investors Service’s
MPIRMajor Project Interim Recovery
MRPMulti-year rate period
MSRsMortgage servicing rights
MWMegawatt/s (as applicable)
NIINet interest income
NPBCNet periodic benefit costs
NPPCNet periodic pension costs
O&MOther operation and maintenance
OCCOffice of the Comptroller of the Currency
OPEBPostretirement benefits other than pensions
Pacific Current
Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC, Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC, Kaʻaipuaʻa, LLC, Upena, LLC and Mahipapa, LLC
PBRPerformance-based regulation
PIMsPerformance incentive mechanisms
PPAPower purchase agreement
PPACPurchased power adjustment clause
PSPS
Public Safety Power Shutoff
PUCPublic Utilities Commission of the State of Hawaii
PVPhotovoltaic
RAMRevenue adjustment mechanism
RBARevenue balancing account
RFPRequest for proposals
ROACEReturn on average common equity
RORBReturn on rate base
RPSRenewable portfolio standards
S&PS&P Global Ratings
SBASmall Business Administration
SECSecurities and Exchange Commission
SeeMeans the referenced material is incorporated by reference
SOFRSecured Overnight Financing Rate
TDRTroubled debt restructuring
UtilitiesHawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited
VIEsVariable interest entities
iii


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance and actual results and financial condition may differ materially from those indicated in the forward-looking statements.
Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:
the impact of the Maui windstorm and wildfires including the potential liabilities from the many lawsuits filed against the Company and potential regulatory penalties which may result in significant costs that may be unrecoverable (or not reimbursed on a timely basis) through insurance and/or rates;
an increase in insurance premiums and the inability to fully recover premiums through rates or the potential inability to obtain wildfire and general liability insurance coverage at reasonable rates, if available at all;
the uncertainties surrounding the Company’s access to capital and credit markets due to the uncertainties associated with the costs related to the Maui windstorm and wildfires;
extreme weather events, including windstorms and other natural disasters, particularly those driven or exacerbated by climate change, which could increase the risk of the Utilities’ equipment being damaged, becoming inoperable or contributing to a wildfire;
the material reduction or extended delay in dividends or other distributions from one or more operating subsidiaries to HEI;
further downgrades by securities rating agencies in their ratings of the securities of HEI and Hawaiian Electric and their impact on results of financing efforts;
the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the Utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits), and the risks associated with the operation of transmission and distribution assets and power generation facilities, including public and employee safety issues, and assets causing or contributing to wildfires;
international, national and local economic and political conditions—including the state of the Hawaii tourism, defense and construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by ASB, which could result in higher loan loss provisions and write-offs); decisions concerning the extent of the presence of the federal government and military in Hawaii; the implications and potential impacts of future federal government shutdowns, including the impact to our customers’ ability to pay their electric bills and/or bank loans and the impact on the state of Hawaii economy; the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars, conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; and pandemics;
the ability to adequately address risks and capitalize on opportunities related to our environmental, social and governance priority areas, which include safety, reliability and resilience, including relating to wildfires and other extreme weather events, decarbonization, economic health and affordability, secure digitalization, diversity, equity and inclusion, employee engagement, and climate-related risks and opportunities;
citizen activism, including civil unrest, especially in times of severe economic depression and social divisiveness, which could negatively impact customers and employees, impair the ability of the Company and the Utilities to operate and maintain their facilities in an effective and safe manner, and citizen or stakeholder activism that could delay the construction, increase project costs or preclude the completion of third-party or Utility projects that are required to meet electricity demand, resilience and reliability objectives and renewable portfolio standards (RPS) and other climate-related goals;
the effects of future actions or inaction of the U.S. government or related agencies, including those related to the U.S. debt ceiling or budget funding, monetary policy, trade policy and tariffs, energy and environmental policy, and other policy and regulatory changes advanced or proposed by President Biden and his administration;
weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the increasing effects of climate change, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wildfires, including their impact on the resilience and reliability and cost of the Company’s and Utilities’ operations, collateral underlying ASB loans and the economy;
the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in lower portfolio yields and net interest margin, or higher borrowing costs;
iv


changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources, alter valuations and affect the ability to originate and distribute financial products in the primary and secondary markets;
the continued ability of the Company and the Utilities to access the credit and capital markets (e.g., to obtain commercial paper and other short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the potential higher cost of such financings, if available;
the risks inherent in changes in the value of the Company’s pension and other retirement plan assets and ASB’s securities available for sale, and the risks inherent in changes in the value of the Company’s pension liabilities, including changes driven by interest rates and mortality improvements;
changes in laws, regulations (including tax regulations), market conditions, interest rates and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;
increasing competition in the banking industry from traditional financial institutions as well as from non-traditional providers of financial services, including financial service subsidiaries of commercial and manufacturing companies (e.g., increased price competition for loans and deposits, or an outflow of deposits to alternative investments or platforms, which may have an adverse impact on ASB’s net interest margin and portfolio growth);
the potential delay by the Public Utilities Commission of the State of Hawaii (PUC) in considering (and potential disapproval of actual or proposed) renewable energy or resilience proposals, among others, and related costs; reliance by the Utilities on outside parties such as the state, independent power producers (IPPs) and developers; supply-chain challenges; and uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet RPS and other climate-related goals; the impacts of implementation of the renewable energy and resilience proposals on future costs of electricity and potential penalties imposed by the PUC for delays in the commercial operations of renewable energy projects;
the ability of the Utilities to develop, implement and recover the costs of implementing the Utilities’ action plans included in their updated Power Supply Improvement Plans, Demand Response Portfolio Plan, Distributed Generation Interconnection Plan, Grid Modernization Plans, and business model changes, which have been and are continuing to be developed and updated in response to the orders issued by the PUC, the PUC’s April 2014 statement of its inclinations on the future of Hawaii’s electric utilities and the vision, business strategies and regulatory policy changes required to align the Utilities’ business model with customer interests and the state’s public policy goals, and subsequent orders of the PUC;
the ability of the Utilities to recover undepreciated cost of fossil fuel generating units, if they are required to be retired before the end of their expected useful life;
capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;
high and/or volatile fuel prices, which increases working capital requirements and customer bills, or delivery of adequate fuel by suppliers (including as a result of the Russia-Ukraine war and conflict in the Middle East), which could affect the reliability of utility operations, and the continued availability to the electric utilities of their energy cost recovery clauses (ECRCs);
the continued availability to the electric utilities or modifications of other cost recovery mechanisms, including the purchased power adjustment clauses (PPACs), annual revenue adjustment (ARA) and pension and postretirement benefits other than pensions (OPEB) tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatt-hour sales;
the ability of the Utilities to recover increasing or additional costs and earn a reasonable return on capital investments not covered by the ARA, while providing the customer dividend required by performance-based regulation (PBR);
the impact from the PUC’s implementation of PBR for the Utilities pursuant to Act 005, Session Laws 2018, including the potential addition of new performance incentive mechanisms (PIMs), third-party proposals adopted by the PUC in its implementation of PBR, and the implications of not achieving performance incentive goals;
the impact of fuel price levels and volatility on customer satisfaction and political and regulatory support for the Utilities;
unfavorable changes in economic conditions, such as sustained inflation, higher interest rates or recession, may negatively impact the ability of the Company’s customers to pay their utility bills or loan payments, reduce loan production, and increase operating costs of the Utilities or Bank that cannot be passed on to, or recovered, from customers;
the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational and related cost impacts of adding intermittent sources of renewable energy to the electric grid;
the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources will be constrained as more generating resources are added to the Utilities’ electric systems and as customers reduce their energy usage;
the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);
the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in their units to ensure the availability of their units;
the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and collective bargaining agreements and avoid or mitigate labor disputes and work stoppages;
v


new technological developments that could affect the operations and prospects of the Utilities and ASB or their competitors such as the commercial development of energy storage and microgrids and banking through alternative channels, including use of digital currencies, which could include a central bank digital currency;
cybersecurity risks and the potential for cyber incidents, including potential incidents at HEI, its subsidiaries (including at ASB branches and electric utility plants), its third-party service providers, contractors and customers with whom they have shared data (IPPs, distributed energy resources (DER) aggregators and customers enrolled under DER programs) and incidents at data processing centers used, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general IT controls;
failure to achieve remaining cost savings commitment related to the management audit committed savings of $33 million over the 2021 to 2025 multi-year rate period (MRP);
federal, state, county and international governmental and regulatory actions, such as existing, new and changes in laws, rules and regulations applicable to HEI, the Utilities and ASB (including changes in taxation and tax rates, increases in capital requirements, regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions, governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon pricing or “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);
developments in laws, regulations and policies governing protections for historic, archaeological and cultural sites, and plant and animal species and habitats, as well as developments in the implementation and enforcement of such laws, regulations and policies;
discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and any associated enforcement, litigation or regulatory oversight;
decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);
decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions, restrictions and penalties that may arise, such as with respect to environmental conditions or RPS);
potential enforcement actions by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);
the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);
changes in accounting principles applicable to HEI and its subsidiaries, including the adoption of new U.S. accounting standards, the potential discontinuance of regulatory accounting related to PBR or other regulatory changes, the effects of potentially required consolidation of variable interest entities (VIEs), or required finance lease or on-balance-sheet operating lease accounting for PPAs with IPPs;
faster than expected loan prepayments that can cause a decrease in net interest income and portfolio yields, an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;
changes in ASB’s loan portfolio credit profile and asset quality and/or mix, which may increase or decrease the required level of provision for credit losses, allowance for credit losses (ACL) and charge-offs;
changes in ASB’s deposit levels, cost or mix which may have an adverse impact on ASB’s cost of funds;
the final outcome of tax positions taken by HEI and its subsidiaries;
the ability of the Company’s non-regulated subsidiary, Pacific Current, LLC (Pacific Current), to achieve its performance and growth objectives, which in turn could affect its ability to service its non-recourse debt;
the Company’s reliance on third parties and the risk of their non-performance; and
other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or Hawaiian Electric with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB, Pacific Current and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral and whether as a result of new information, future events or otherwise.
vi


PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
Three months ended March 31
(in thousands, except per share amounts)20242023
Revenues  
Electric utility$788,578 $830,361 
Bank105,144 93,857 
Other3,436 4,019 
Total revenues897,158 928,237 
Expenses  
Electric utility725,223 754,486 
Bank79,612 70,337 
Other15,904 9,896 
Total expenses820,739 834,719 
Operating income (loss)  
Electric utility63,355 75,875 
Bank25,532 23,520 
Other(12,468)(5,877)
Total operating income76,419 93,518 
Retirement defined benefits credit—other than service costs1,282 1,152 
Interest expense, net—other than on deposit liabilities and other bank borrowings
(31,591)(28,798)
Allowance for borrowed funds used during construction1,386 1,131 
Allowance for equity funds used during construction3,640 3,301 
Interest income
3,133  
Income before income taxes54,269 70,304 
Income taxes11,674 15,110 
Net income42,595 55,194 
Preferred stock dividends of subsidiaries473 473 
Net income for common stock$42,122 $54,721 
Basic earnings per common share$0.38 $0.50 
Diluted earnings per common share$0.38 $0.50 
Weighted-average number of common shares outstanding110,218 109,514 
Net effect of potentially dilutive shares (share-based compensation programs)258 311 
Weighted-average shares assuming dilution110,476 109,825 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

1


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
 Three months ended March 31
(in thousands)20242023
Net income for common stock$42,122 $54,721 
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 of $(4,975) and $6,079, respectively
(13,589)16,605 
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes of $1,129 and $1,346, respectively
3,086 3,677 
Derivatives qualifying as cash flow hedges:  
Unrealized interest rate hedging gains (losses) arising during the period, net of taxes of $256 and $65, respectively
740 186 
Reclassification adjustment to net income, net of taxes of $(16) and $(17), respectively
(48)(48)
Retirement benefit plans:  
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes of $(154) and $(122), respectively
(449)(357)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $159 and $147, respectively
459 425 
Other comprehensive income (loss), net of taxes
(9,801)20,488 
Comprehensive income attributable to Hawaiian Electric Industries, Inc.
$32,321 $75,209 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

2


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited) 
(dollars in thousands)March 31, 2024December 31, 2023
Assets  
Cash and cash equivalents$485,192 $679,546 
Restricted cash17,531 15,028 
Accounts receivable and unbilled revenues, net469,298 575,176 
Available-for-sale investment securities, at fair value1,091,889 1,136,439 
Held-to-maturity investment securities, at amortized cost1,191,074 1,201,314 
Stock in Federal Home Loan Bank, at cost32,489 14,728 
Loans held for investment, net6,045,665 6,106,438 
Loans held for sale, at lower of cost or fair value2,923 15,168 
Property, plant and equipment, net of accumulated depreciation of $3,374,016 and $3,317,759 at March 31, 2024 and December 31, 2023, respectively
6,183,503 6,150,126 
Operating lease right-of-use assets91,182 94,905 
Regulatory assets315,067 294,804 
Other915,205 877,959 
Goodwill82,190 82,190 
Total assets$16,923,208 $17,243,821 
Liabilities and shareholders’ equity  
Liabilities  
Accounts payable$248,806 $247,462 
Interest and dividends payable61,452 51,206 
Deposit liabilities8,005,064 8,145,778 
Other bank borrowings593,000 750,000 
Long-term debt, net—other than bank2,837,875 2,842,429 
Deferred income taxes299,012 297,954 
Operating lease liabilities99,611 103,900 
Finance lease liabilities350,290 339,040 
Regulatory liabilities1,159,811 1,150,690 
Defined benefit pension and other postretirement benefit plans liability84,554 82,879 
Other772,060 853,349 
Total liabilities14,511,535 14,864,687 
Preferred stock of subsidiaries - not subject to mandatory redemption34,293 34,293 
Commitments and contingencies (Notes 2, 4 and 5)
Shareholders’ equity  
Preferred stock, no par value, authorized 10,000,000 shares; issued: none
  
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 110,302,667 shares and 110,151,798 shares at March 31, 2024 and December 31, 2023, respectively
1,707,689 1,707,471 
Retained earnings968,842 926,720 
Accumulated other comprehensive loss, net of tax benefits(299,151)(289,350)
Total shareholders’ equity2,377,380 2,344,841 
Total liabilities and shareholders’ equity$16,923,208 $17,243,821 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.
3


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) 
 Common stockRetainedAccumulated
other
comprehensive
 
(in thousands)SharesAmountEarningsincome (loss)Total
Balance, December 31, 2023
110,152 $1,707,471 $926,720 $(289,350)$2,344,841 
Net income for common stock— — 42,122 — 42,122 
Other comprehensive loss, net of tax benefits
— — — (9,801)(9,801)
Share-based expenses and other, net151 218 — — 218 
Balance, March 31, 2024
110,303 $1,707,689 $968,842 $(299,151)$2,377,380 
Balance, December 31, 2022
109,471 $1,692,697 $845,830 $(336,028)$2,202,499 
Net income for common stock— — 54,721 — 54,721 
Other comprehensive income, net of taxes
— — — 20,488 20,488 
Share-based expenses and other, net101 (307)— — (307)
Common stock dividends (36¢ per share)
— — (39,446)— (39,446)
Balance, March 31, 2023
109,572 $1,692,390 $861,105 $(315,540)$2,237,955 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

4


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Three months ended March 31
(in thousands)20242023
Cash flows from operating activities  
Net income$42,595 $55,194 
Adjustments to reconcile net income to net cash provided by operating activities  
Depreciation of property, plant and equipment68,757 66,508 
Other amortization12,093 10,362 
Provision for credit losses(2,159)1,175 
Loans originated, held for sale(25,318)(5,450)
Proceeds from sale of loans, held for sale26,450 5,662 
Gain on sale of loans, net(425)(130)
Deferred income tax expense (benefit)
1,826 (1,076)
Share-based compensation expense1,288 2,031 
Allowance for equity funds used during construction(3,640)(3,301)
Other2,091 (988)
Changes in assets and liabilities
Decrease in accounts receivable and unbilled revenues, net
138,369 82,423 
Decrease (increase) in fuel oil stock(14,025)33,429 
Increase in materials and supplies
(1,329)(4,548)
Increase in regulatory assets
(17,178)(8,898)
Increase in regulatory liabilities2,909 11,551 
Increase in accounts, interest and dividends payable8,462 24,748 
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes(11,628)(47,305)
Decrease in defined benefit pension and other postretirement benefit plans liability(930)(1,950)
Change in other assets and liabilities(103,589)(38,485)
Net cash provided by operating activities124,619 180,952 
Cash flows from investing activities  
Principal repayments on available-for-sale investment securities25,615 32,484 
Proceeds from repayments or maturities of held-to-maturity investment securities13,752 17,938 
Purchase of stock from Federal Home Loan Bank (21,856)(35,960)
Redemption of stock from Federal Home Loan Bank4,095 52,520 
Net decrease (increase) in loans held for investment
42,853 (68,871)
Proceeds from sale of commercial loans31,067  
Purchase of loans held for investment (13,012)
Capital expenditures(99,550)(124,297)
Contributions to low income housing investments (418)
Other(1,568)2,148 
Net cash used in investing activities(5,592)(137,468)
(continued)

5


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
Three months ended March 31
(in thousands)20242023
Cash flows from financing activities  
Net increase (decrease) in deposit liabilities(140,714)60,905 
Net decrease in short-term borrowings with original maturities of three months or less
 (88,666)
Net increase (decrease) in other bank borrowings with original maturities of three months or less73,000 (564,430)
Proceeds from issuance of short-term debt 65,000 
Proceeds from issuance of other bank borrowings320,000 550,000 
Repayment of other bank borrowings(550,000) 
Proceeds from issuance of long-term debt4,673 150,000 
Repayment of long-term debt(8,268)(53,878)
Withheld shares for employee taxes on vested share-based compensation(1,070)(2,338)
Common stock dividends (39,446)
Preferred stock dividends of subsidiaries(473)(473)
Other(8,026)(5,535)
Net cash provided by (used in) financing activities
(310,878)71,139 
Net increase (decrease) in cash, cash equivalents and restricted cash(191,851)114,623 
Cash, cash equivalents and restricted cash, beginning of period694,574 204,927 
Cash, cash equivalents and restricted cash, end of period502,723 319,550 
Less: Restricted cash(17,531)(4,216)
Cash and cash equivalents, end of period$485,192 $315,334 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.
6


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
Three months ended March 31
(in thousands)20242023
Revenues$788,578 $830,361 
Expenses  
Fuel oil284,296 334,097 
Purchased power159,817 152,761 
Other operation and maintenance143,890 128,316 
Depreciation62,812 60,927 
Taxes, other than income taxes74,408 78,385 
Total expenses725,223 754,486 
Operating income63,355 75,875 
Allowance for equity funds used during construction3,640 3,301 
Retirement defined benefits credit—other than service costs1,072 1,047 
Interest expense and other charges, net(19,985)(20,246)
Allowance for borrowed funds used during construction1,386 1,131 
Interest income
1,432  
Income before income taxes50,900 61,108 
Income taxes11,180 13,600 
Net income39,720 47,508 
Preferred stock dividends of subsidiaries229 229 
Net income attributable to Hawaiian Electric39,491 47,279 
Preferred stock dividends of Hawaiian Electric270 270 
Net income for common stock$39,221 $47,009 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.
HEI owns all of the common stock of Hawaiian Electric. Therefore, per share data with respect to shares of common stock of Hawaiian Electric are not meaningful.

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
 Three months ended March 31
(in thousands)20242023
Net income for common stock$39,221 $47,009 
Other comprehensive loss, net of taxes:
  
Retirement benefit plans:  
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes of $(176) and $(163), respectively
(508)(470)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $159 and $147, respectively
459 425 
Other comprehensive loss, net of taxes
(49)(45)
Comprehensive income attributable to Hawaiian Electric Company, Inc.$39,172 $46,964 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.
7


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(dollars in thousands, except par value)March 31, 2024December 31, 2023
Assets  
Property, plant and equipment
Utility property, plant and equipment  
Land$52,019 $52,098 
Plant and equipment8,302,449 8,232,810 
Right-of-use assets - finance lease354,401 342,174 
Less accumulated depreciation(3,249,089)(3,197,514)
Construction in progress330,743 320,223 
Utility property, plant and equipment, net5,790,523 5,749,791 
Nonutility property, plant and equipment, less accumulated depreciation of $41 and $40 as of March 31, 2024 and December 31, 2023, respectively
6,941 6,942 
Total property, plant and equipment, net5,797,464 5,756,733 
Current assets  
Cash and cash equivalents129,754 106,077 
Restricted cash2,000 2,000 
Customer accounts receivable, net209,999 244,309 
Accrued unbilled revenues, net171,455 185,644 
Other accounts receivable, net38,025 111,519 
Fuel oil stock, at average cost161,433 148,237 
Materials and supplies, at average cost115,719 114,433 
Prepayments and other72,025 58,491 
Regulatory assets82,503 68,453 
Total current assets982,913 1,039,163 
Other long-term assets  
Operating lease right-of-use assets68,217 71,877 
Regulatory assets232,564 226,351 
Other193,704 189,430 
Total other long-term assets494,485 487,658 
Total assets$7,274,862 $7,283,554 
(continued)














8


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited) (continued)
(dollars in thousands, except par value)March 31, 2024December 31, 2023
Capitalization and liabilities  
Capitalization  
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,854,278 shares at March 31, 2024 and December 31, 2023)
$119,048 $119,048 
Premium on capital stock810,955 810,955 
Retained earnings1,502,479 1,476,258 
Accumulated other comprehensive income, net of taxes-retirement benefit plans2,800 2,849 
Common stock equity2,435,282