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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 7, 2023
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
State of Hawaii
(State or other jurisdiction of incorporation)
 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)
1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)
(Address of principal executive offices and zip code)
 Registrant’s telephone number, including area code:
 (808) 543-5662 - HEI
(808) 543-7771 - Hawaiian Electric
  Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Hawaiian Electric Industries, Inc.
☐
Hawaiian Electric Company, Inc.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. ☐Hawaiian Electric Company, Inc. ☐



Item 2.02 Results of Operations and Financial Condition.
    On August 7, 2023, HEI issued a news release, “HEI Reports Second Quarter 2023 Results.” This news release is furnished as HEI Exhibit 99.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits    
News release, dated August 7, 2023, “HEI Reports Second Quarter 2023 Results”
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.











SIGNATURES

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

HAWAIIAN ELECTRIC INDUSTRIES, INC.HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)(Registrant)
/s/ Paul K. Ito/s/ Tayne S. Y. Sekimura
Paul K. ItoTayne S. Y. Sekimura
Executive Vice President, Senior Vice President,
Chief Financial Officer and TreasurerChief Financial Officer and Treasurer
Date: August 7, 2023
Date: August 7, 2023

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HEI Exhibit 99
revisedlogoa.jpg
NEWS RELEASE
August 7, 2023
Contact:Mateo GarciaTelephone: (808) 543-7300
Director, Investor RelationsE-mail: ir@hei.com
HEI REPORTS SECOND QUARTER 2023 RESULTS

2Q23 Net Income of $54.6M and Diluted Earnings Per Share (EPS) of $0.50
Utility Progressing Clean Energy Transition and Executing Well on Capital Plan
Bank Results Reflect Solid Credit Quality, Strong Capital Position and Ample Liquidity

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2023 of $54.6 million and EPS of $0.50 compared to $52.5 million and EPS of $0.48 for the second quarter of 2022.
“We executed well across the enterprise at both our utility and bank this quarter despite a challenging operating environment,” said Scott Seu, HEI president and CEO.
“Our utility grew net income to $45.3 million, and although operations and maintenance expenses were elevated during the quarter, we expect some of those expenses to moderate in the second half of the year, with full year expenses still expected to be within annual revenue adjustment (ARA) allowed levels. The utility is executing well on its capital plan, ensuring the reliability and resilience of our system as we progress our clean energy transition.
“American Savings Bank (ASB) delivered solid results for the quarter and grew net income to $20.2 million despite macro headwinds impacting the banking sector. Credit quality remains strong, indicative of the continued strength and resilience of Hawaii’s economy, consumers, and businesses. ASB’s capital position remains healthy, with liquidity of approximately three times uninsured or uncollateralized deposits. The bank’s loyal and long-tenured deposit base demonstrates the value of ASB’s customer relationships,” said Seu.
HAWAIIAN ELECTRIC COMPANY EARNINGS1
Hawaiian Electric Company’s (Hawaiian Electric) net income for the second quarter of 2023 was $45.3 million, compared to $44.1 million in the second quarter of 2022, with the increase primarily driven by the following after-tax items:
1 Note: Utility amounts indicated as after-tax in this earnings release are based upon adjusting items using a current year composite statutory tax rate of 25.75%.
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•$11 million higher revenues, consisting of $7 million from the ARA mechanism, $2 million from the fossil fuel cost risk-sharing mechanism, $1 million from the major project interim recovery (MPIR) mechanism, and $1 million from a one-time true-up of billable costs; and
•$2 million higher allowance for funds used during construction (AFUDC) related to increased capital expenditures.
These items were partially offset by the following after-tax items:
•$9 million in higher operations and maintenance expenses, including $4 million from higher transmission and distribution expenses, $2 million in higher outside services costs, and $3 million in other expenses, including increased labor and employee benefits costs and higher facilities expenses;
•$2 million higher interest expense due to increased borrowings; and
•$1 million higher depreciation expense due to increasing investments to integrate more renewable energy and improve customer reliability and system efficiency.

AMERICAN SAVINGS BANK EARNINGS
ASB’s second quarter 2023 net income was $20.2 million, compared to $18.6 million in the first quarter of 2023 and $17.5 million in the second quarter of 2022. The increase in net income compared to the linked quarter was primarily due to higher noninterest income, a lower provision for credit losses and lower noninterest expense, partially offset by lower net interest income. The increase in net income compared to the prior year quarter was primarily due to higher noninterest income, a lower provision for credit losses and higher net interest income, partially offset by higher noninterest expense.
Total earning assets as of June 30, 2023 were $9.2 billion, up approximately 0.6% from December 31, 2022.
Total loans were $6.1 billion as of June 30, 2023, up 2.7% from December 31, 2022, reflecting growth across most of the portfolio.
Total deposits were $8.2 billion as of June 30, 2023, a decrease of 0.08% from December 31, 2022. Core deposits declined 2.8%, while certificates of deposits increased 33.3%. As of June 30, 2023, 86% of our deposits were F.D.I.C. insured or fully collateralized, up slightly from 85% as of March 31, 2023, with approximately 79% of deposits F.D.I.C. insured. For the second quarter of 2023, the average cost of funds was 0.83%, up 17 basis points versus the linked quarter and up 78 basis points versus the prior year quarter.
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ASB’s return on average equity was 16.2%, compared to 15.5% in the linked quarter and 12.2% in the second quarter of 2022. Return on average assets was 0.84% for the second quarter of 2023, compared to 0.78% in the linked quarter and 0.76% in the prior year quarter.
In the second quarter of 2023, ASB paid dividends of $11.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.8% as of June 30, 2023.
Please refer to ASB’s news release issued on July 28, 2023 for additional information on ASB.

HOLDING AND OTHER COMPANIES
The holding and other companies’ net loss was $10.9 million in the second quarter of 2023 compared to $9.1 million in the second quarter of 2022. The higher net loss compared to the prior year quarter was primarily due to higher interest expense.

BOARD DECLARES QUARTERLY DIVIDEND
On August 3, 2023, HEI announced that the Board of Directors declared a quarterly cash dividend of $0.36 per share, payable on September 8, 2023 to shareholders of record at the close of business on August 18, 2023 (ex-dividend date is August 17, 2023). This quarterly dividend is equivalent to an annual rate of $1.44 per share. Dividends have been paid on an uninterrupted basis since 1901. At the indicated annual dividend rate and based on the closing price per share on August 3, 2023 of $37.72, HEI’s dividend yield is 3.8%.

WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2023 GUIDANCE
HEI will conduct a webcast and conference call to review its consolidated results and 2023 earnings guidance and outlook today at 10:15 a.m. Hawaii time (4:15 p.m. Eastern).
To listen to the conference call, dial 1-833-470-1428 (U.S.) or +1-929-526-1599 (international) and enter passcode 910697. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”
A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. An audio replay will also be available about two hours after the event through August 21, 2023. To access the audio replay, dial 1-929-458-6194 (U.S.) or +44-204-525-0658 (international) and enter passcode 380478.
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HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s, Hawaiian Electric’s and ASB’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.
Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

ABOUT HEI
The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business
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and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2022 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

###
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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended June 30Six months ended June 30
(in thousands, except per share amounts)2023202220232022
Revenues
Electric utility$794,191 $818,873 $1,624,552 $1,527,665 
Bank96,885 75,324 190,742 150,439 
Other4,609 1,410 8,628 2,571 
Total revenues895,685 895,607 1,823,922 1,680,675 
Expenses 
Electric utility720,566 747,719 1,475,052 1,382,916 
Bank 72,017 53,401 142,354 98,486 
Other10,123 7,819 20,019 13,329 
Total expenses802,706 808,939 1,637,425 1,494,731 
Operating income (loss) 
Electric utility73,625 71,154 149,500 144,749 
Bank24,868 21,923 48,388 51,953 
Other(5,514)(6,409)(11,391)(10,758)
Total operating income92,979 86,668 186,497 185,944 
Retirement defined benefits credit—other than service costs1,153 1,246 2,305 2,489 
Interest expense, net—other than on deposit liabilities and other bank borrowings(29,832)(24,965)(58,630)(49,314)
Allowance for borrowed funds used during construction1,295 798 2,426 1,576 
Allowance for equity funds used during construction3,772 2,470 7,073 4,879 
Gain on sales of equity-method investment— — — 8,123 
Income before income taxes69,367 66,217 139,671 153,697 
Income taxes14,284 13,203 29,394 31,043 
Net income55,083 53,014 110,277 122,654 
Preferred stock dividends of subsidiaries473 473 946 946 
Net income for common stock$54,610 $52,541 $109,331 $121,708 
Basic earnings per common share$0.50 $0.48 $1.00 $1.11 
Diluted earnings per common share$0.50 $0.48 $1.00 $1.11 
Dividends declared per common share$0.36 $0.35 $0.72 $0.70 
Weighted-average number of common shares outstanding109,573 109,432 109,544 109,397 
Weighted-average shares assuming dilution109,780 109,662 109,870 109,714 
Net income (loss) for common stock by segment
Electric utility$45,299 $44,135 $92,308 $90,544 
Bank20,204 17,466 38,766 41,336 
Other(10,893)(9,060)(21,743)(10,172)
Net income for common stock$54,610 $52,541 $109,331 $121,708 
Comprehensive income (loss) attributable to HEI$47,001 $(35,299)$122,210 $(83,291)
Return on average common equity (%) (twelve months ended)10.2 10.4 

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

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended June 30Six months ended June 30
($ in thousands, except per barrel amounts)2023202220232022
Revenues$794,191 $818,873 $1,624,552 $1,527,665 
Expenses  
Fuel oil280,157 269,655 614,254 490,941 
Purchased power168,434 218,085 321,195 381,618 
Other operation and maintenance136,360 124,892 264,676 250,149 
Depreciation60,689 58,739 121,616 117,210 
Taxes, other than income taxes74,926 76,348 153,311 142,998 
Total expenses720,566 747,719 1,475,052 1,382,916 
Operating income73,625 71,154 149,500 144,749 
Allowance for equity funds used during construction3,772 2,470 7,073 4,879 
Retirement defined benefits credit—other than service costs1,048 991 2,095 1,981 
Interest expense and other charges, net(20,872)(18,800)(41,118)(37,126)
Allowance for borrowed funds used during construction1,295 798 2,426 1,576 
Income before income taxes58,868 56,613 119,976 116,059 
Income taxes13,070 11,979 26,670 24,517 
Net income45,798 44,634 93,306 91,542 
Preferred stock dividends of subsidiaries229 229 458 458 
Net income attributable to Hawaiian Electric45,569 44,405 92,848 91,084 
Preferred stock dividends of Hawaiian Electric270 270 540 540 
Net income for common stock$45,299 $44,135 $92,308 $90,544 
Comprehensive income attributable to Hawaiian Electric$45,255 $44,186 $92,219 $90,646 
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
   Hawaiian Electric1,480 1,506 2,910 2,954 
   Hawaii Electric Light252 261 503 515 
   Maui Electric262 264 517 519 
1,994 2,031 3,930 3,988 
Average fuel oil cost per barrel$122.69 $139.51 $131.48 $120.54 
Return on average common equity (%) (twelve months ended)1
8.2 8.2 
1 Simple average.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.


7

American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended Six months ended June 30
(in thousands)June 30,
2023		March 31,
2023		June 30,
2022		20232022
Interest and dividend income   
Interest and fees on loans$67,966 $64,842 $48,129 $132,808 $94,134 
Interest and dividends on investment securities13,775 14,637 14,693 28,412 28,677 
Total interest and dividend income81,741 79,479 62,822 161,220 122,811 
Interest expense
Interest on deposit liabilities9,661 6,837 921 16,498 1,868 
Interest on other borrowings8,852 7,721 139 16,573 144 
Total interest expense18,513 14,558 1,060 33,071 2,012 
Net interest income63,228 64,921 61,762 128,149 120,799 
Provision for credit losses43 1,175 2,757 1,218 (506)
Net interest income after provision for credit losses63,185 63,746 59,005 126,931 121,305 
Noninterest income 
Fees from other financial services5,009 4,679 4,716 9,688 10,303 
Fee income on deposit liabilities4,504 4,599 4,552 9,103 9,243 
Fee income on other financial products2,768 2,744 2,529 5,512 5,247 
Bank-owned life insurance1,955 1,425 (142)3,380 539 
Mortgage banking income230 130 372 360 1,449 
Gain on sale of real estate495 — — 495 1,002 
Other income, net678 801 475 1,479 847 
Total noninterest income15,639 14,378 12,502 30,017 28,630 
Noninterest expense
Compensation and employee benefits29,394 30,204 27,666 59,598 54,881 
Occupancy5,539 5,588 5,467 11,127 11,419 
Data processing5,095 5,012 4,484 10,107 8,635 
Services2,689 2,595 2,522 5,284 4,961 
Equipment2,957 2,646 2,402 5,603 4,731 
Office supplies, printing and postage1,109 1,165 1,073 2,274 2,133 
Marketing834 1,016 934 1,850 1,952 
Other expense6,152 6,191 4,850 12,343 8,899 
Total noninterest expense53,769 54,417 49,398 108,186 97,611 
Income before income taxes25,055 23,707 22,109 48,762 52,324 
Income taxes4,851 5,145 4,643 9,996 10,988 
Net income$20,204 $18,562 $17,466 $38,766 $41,336 
Comprehensive income (loss)$12,994 $36,992 $(71,369)$49,986 $(169,940)
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets0.84 0.78 0.76 0.81 0.90 
Return on average equity16.20 15.51 12.17 15.87 13.01 
Return on average tangible common equity19.40 18.73 14.20 19.07 14.95 
Net interest margin2.75 2.85 2.85 2.80 2.82 
Efficiency ratio68.18 68.62 66.52 68.40 65.32 
Net charge-offs to average loans outstanding0.14 0.14 0.00 0.14 0.01 
As of period end
Nonaccrual loans to loans receivable held for investment0.22 0.24 0.40 
Allowance for credit losses to loans outstanding1.13 1.18 1.28 
Tangible common equity to tangible assets4.3 4.3 4.9 
Tier-1 leverage ratio 7.8 7.7 7.7 
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)$11.0 $14.0 $12.0 $25.0 $27.0 
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
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v3.23.2
Cover
Aug. 07, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 07, 2023
Entity Registrant Name Hawaiian Electric Industries, Inc.
Entity File Number 1-8503
Entity Tax Identification Number 99-0208097
Entity Incorporation, State or Country Code HI
Entity Address, Address Line One 1001 Bishop Street
Entity Address, Address Line Two Suite 2900
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-5662
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, Without Par Value
Trading Symbol HE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000354707
Amendment Flag false
Hawaiian Electric Company, Inc.  
Entity Information [Line Items]  
Entity Registrant Name Hawaiian Electric Company, Inc.
Entity File Number 1-4955
Entity Tax Identification Number 99-0040500
Entity Address, Address Line One 1099 Alakea Street
Entity Address, Address Line Two Suite 2200
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-7771
Entity Emerging Growth Company false
Entity Central Index Key 0000046207
Amendment Flag false
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