Financial Performance - HEI's revenues for Q1 2024 were $897.158 million, a decrease of 3% compared to $928.237 million in Q1 2023, primarily due to declines in the electric utility and other segments, partially offset by an increase in the bank segment [251]. - Operating income for Q1 2024 was $76.419 million, down 18% from $93.518 million in Q1 2023, driven by lower performance in the electric utility segment and higher operating losses in the other segment [251]. - Net income for common stock in Q1 2024 was $42.122 million, a 23% decrease from $54.721 million in Q1 2023, attributed to lower net income in the electric utility segment and higher losses in the other segment [251]. - Revenues for the three months ended March 31, 2024, were $789 million, a decrease of $41 million (approximately 4.9%) compared to $830 million in the same period of 2023 [304]. - Net income for common stock decreased to $39 million, down $8 million (approximately 17.0%) from $47 million in the prior year [304]. Expenses and Losses - The Company incurred approximately $169 million in expenses related to the Maui windstorm and wildfires from August 8, 2023, to March 31, 2024, with $58 million and $135 million of insurance coverage remaining under excess liability and directors and officers liability policies, respectively [255]. - Operating and maintenance expenses increased by approximately $16 million, or 12%, in Q1 2024 compared to the same period in 2023 [292]. - ASB incurred additional expenses of $1.8 million related to the Maui wildfires, primarily for professional services [390]. - Total expenses increased by $10 million to $80 million for the three months ended March 31, 2024, primarily due to higher interest and noninterest expenses [398]. Sales and Revenue Segments - kWh sales for the Utility in Q1 2024 decreased by 1.5% compared to Q1 2023, primarily due to the impact of the Maui windstorm and wildfires and ongoing energy efficiency measures [244]. - The "Other" segment reported revenues of $3,436,000 in Q1 2024, down from $4,019,000 in Q1 2023, with an operating loss of $12,468,000 compared to $5,877,000 in the prior year [266]. - kWh sales volume decreased by 1.5% in Q1 2024 compared to Q1 2023, with Maui consumption down 6.3% [293]. Economic Indicators - The inflation rate as of March 31, 2024, was 3.5%, with ongoing inflationary pressures expected to affect operational and capital project costs [247]. - Hawaii's unemployment rate in March 2024 was 3.1%, up from 2.9% in March 2023, while the national rate was 3.8% [259]. - The consumer price index in Hawaii increased by 4.8% over the last 12 months as of March 2024 [295]. Banking and Financial Metrics - The net interest margin for the Bank in Q1 2024 was 2.75%, an increase from 2.63% in the previous quarter but lower than 2.85% in Q1 2023, influenced by higher interest rates and funding costs [245]. - ASB's average core deposits decreased by approximately 1.8% from year-end 2023, leading to increased overall funding costs, with expectations of a flat to declining deposit base due to the higher interest rate environment [246]. - ASB's loan portfolio decreased by $65 million compared to the end of 2023, primarily due to payoffs and reduced demand for home equity lines of credit and consumer loan products [393]. - ASB's deposits decreased by $141 million in 2024, with a weighted average cost of interest-bearing deposits rising to 1.27% from 0.51% in 2023 [405]. Capital Structure and Cash Flow - As of March 31, 2024, HEI's cash and cash equivalents were $127 million, down from $137 million at the end of 2023 [274]. - HEI's consolidated capital structure as of March 31, 2024, included long-term debt of $2,838 million (54%), common stock equity of $2,377 million (45%), and total capital of $5,249 million [281]. - Net cash provided by operating activities for the first three months of 2024 was $125 million, primarily driven by $127 million from Utilities customer cash receipts [283]. - Net cash used in financing activities during the same period was $311 million, mainly due to net decreases in ASB's other bank borrowings and deposit liabilities [283]. Renewable Energy and Environmental Goals - The Utilities aim to achieve net zero carbon emissions from power generation by 2045 or sooner, with significant progress already made towards this goal [314]. - The Utilities have committed to a 70% reduction in carbon emissions from power generation by 2030, although this target may be delayed due to various challenges [313]. - The Utilities achieved a renewable portfolio standard (RPS) of 33.3% in 2023, earning a reward of $444,116 for exceeding the 33.0% target [319]. - The Integrated Grid Plan, accepted by the PUC on March 7, 2024, outlines actionable steps to achieve a decarbonized electric grid in Hawaii, forecasting future energy needs with 100% renewable resources [324]. Infrastructure and Development - Hamakua Energy plans to install a new combustion turbine in May 2024 at a total capital cost of approximately $8.3 million [267]. - The rebuilding of Lahaina's electric utility infrastructure is expected to incur significant costs, with new strategies to mitigate wildfire risks being considered [373]. - The Utilities received notification of a $95 million federal funding application under the Infrastructure Investment and Jobs Act, selected for negotiations [300]. Credit and Loan Performance - The allowance for credit losses at the end of Q1 2024 was $71.057 million, down from $74.372 million at the beginning of the period [412]. - ASB recorded a negative provision for credit losses of $1.2 million for the first three months of 2024, primarily due to the release of $1.5 million of credit loss reserves [411]. - The ratio of net charge-offs during the period to average loans outstanding was 0.14% for Q1 2024, consistent with the previous quarter [412].

Hawaiian Electric (NYSE:HE) power outages are affecting a massive number of the power company’s customers on the island of O’ahu.Almost 13,000 customers were affected by these Hawaiian Electric power outages. The company has since restored service to many of them. However, there are still about 1,800 customers that don’t have power back yet.Hawaiian Electric is working on restoring power to those customers. The company is using a helicopter to scout the island and come up with a plan of repair. It expects t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Name of Registrant Commission I.R.S. Employer as Specified in Its Charter File Number Identification No. Hawaiian Electric Industries, Inc. 1-8503 99-0208097 Hawaiian Electric Company, Inc. 1-4955 9 ...

Unemployment Rate & Visitor Arrivals (In millions) Visitor Arrivals Unemployment Rate $25,000 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|----------------------------------------------|-------------------|------------|-----------------|---------|--------|--------------------------|-----------------|-------| | | | | | | | | | | | | (In thousands ) 12,000 | Full year 2023: 9.6M | Dec. 2023: 2.9% | % 14 | | | | | $19,699 $20,777 | | | 10,000 | | | 12 | $20,000 | $17 ...

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 September 30, 2023 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 Charter Commission File Number I.R.S. Employer Identification No. HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097 and Principal Subsidiary HAWAII ...

1. Includes other post-employment benefits and excludes pension nonservice retirement benefits. Stable NIM Compared to Peers Despite Industry-wide Impacts from Higher Funding Costs | --- | --- | --- | |------------------------------|---------|---------------------| | Fire Impact Zone \nLoan Type | Balance | Total \nExposure 1 | | Resi 1-4 | $16.3 | $16.3 | | HELOC 1st Lien | $1.8 | $5.4 | | HELOC 2nd Lien | $2.2 | $5.0 | | Cons. Unsec., Credit Scored | $5.1 | $7.5 | | Commercial & Industrial | $6.1 | $6.1 | ...

HEI 2Q23 Financial Results August 7, 2023 2 Progressing decarbonization while laying the groundwork for reliable, resilient and affordable clean energy ✓ Filed final Integrated Grid Plan (IGP) in May ✓ Stage 3 RFP progressing, bids being evaluated • Ahead of schedule on smart meter deployment; 285k advanced meters now service 60% of customers ASB continues to be well-positioned within the industry, performing well in Hawaii's stable banking market ✓ Excellent credit quality • Liquidity approximately 3x unin ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q2 2023 Earnings Conference Call August 7, 2023 4:15 PM ET Company Participants Mateo Garcia - Investor Relations Scott Seu - President and Chief Executive Officer Paul Ito - Chief Financial Officer Shelee Kimura - President and Chief Executive Officer, Hawaiian Electric Ann Teranishi - President and Chief Executive Officer, American Savings Bank Conference Call Participants Julien Dumoulin-Smith - Bank of America Paul Patterson - Glenrock Associates Jonathan Ree ...

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 June 30, 2023 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 Charter Commission File Number I.R.S. Employer Identification No. HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097 and Principal Subsidiary HAWAIIAN EL ...

Financial Data and Key Metrics Changes - The company reported consolidated net income of $54.7 million and earnings per share (EPS) of $0.50, compared to $69.2 million and EPS of $0.63 in the same quarter last year [38][39] - The return on equity (ROE) for the last 12 months remains healthy at 10%, down from 10.9% last year due to lower bank earnings [39] - Utility ROE improved by 10 basis points to 8.2% [39] Business Line Data and Key Metrics Changes - The utility segment grew net income to $47 million despite elevated costs from storms during the quarter [6] - American Savings Bank (ASB) generated net income of $18.6 million, showing growth over the fourth quarter of the previous year [6] - ASB's total deposits were up 0.7% since the end of last year, indicating stability in the deposit base [19] Market Data and Key Metrics Changes - Hawaii's unemployment rate improved to 3.5% in March, aligning with the national average [11] - Visitor spending in Hawaii increased over 20% compared to last year and over 23% compared to pre-pandemic levels [12] - Visitor arrivals in March reached approximately 901,000, a 14% increase from last year and a 97% recovery from March 2019 [37] Company Strategy and Development Direction - The Integrated Grid Plan (IGP) identifies four key objectives for the next five years, including stabilizing utility rates and advancing energy equity [7] - The company is focused on integrating more renewables while improving grid reliability and resilience [32] - ASB's conservative banking model, characterized by a high percentage of retail deposits, positions it well in Hawaii's unique banking market [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about credit quality trends and the overall economic environment in Hawaii, driven by tourism recovery and military construction spending [67] - The company expects net interest margin (NIM) for the year to be lower than previously anticipated, now projected at 2.8% to 2.9% [63] - Management remains focused on managing operating and maintenance expenses within inflationary adjustments allowed under the annual revenue adjustment [41] Other Important Information - Utility capital expenditures (CapEx) for the quarter were $112 million, nearly double that of the first quarter of 2022 [16] - The company continues to connect renewable projects to its grid, with significant progress made in deploying smart meters [8][34] Q&A Session Summary Question: Changes in uninsured deposits behavior - Management noted no unusual changes in customer behavior regarding uninsured deposits during the quarter [52] Question: Core deposits and CDs trends - Average deposits declined by about $76 million in April, attributed to tax payments [56] Question: Rate differential for CDs versus regular deposits - The rate differential is about 1.25% between CD rates and regular deposits [71] Question: Impact of potential increase in FDIC insurance - Management indicated that the percentage of uninsured deposits would likely decrease if FDIC insurance were doubled [83] Question: Vacancy issues in commercial real estate - The overall occupancy in Hawaii remains strong, with no significant vacancy issues reported [84]