8-K

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: April 3, 2020

Exact Name of Registrant	Commission	I.R.S. Employer
as Specified in Its Charter	File Number	Identification No.
Hawaiian Electric Industries, Inc.	1-8503	99-0208097
Hawaiian Electric Company, Inc.	1-4955	99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)

1001 Bishop Street, Suite 2500, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

 Registrant’s telephone number, including area code:

 (808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

  Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Hawaiian Electric Industries, Inc.	Common Stock, Without Par Value	HE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

Item 7.01. Regulation FD Disclosure.

HEI is furnishing its unaudited 2019 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated Hawaiian Electric and American Savings Bank, F.S.B. (ASB), and other selected data.

HEI will post the 2019 Statistical Supplement on its website, www.hei.com, under the headings “Investor Relations,” “SEC Filings” and “Statistical Supplement.”

HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric's and ASB’s press releases, HEI’s and Hawaiian Electric’s SEC filings and HEI’s public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI’s and Hawaiian Electric’s other SEC filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99	HEI 2019 Statistical Supplement
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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

1

SIGNATURES

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

HAWAIIAN ELECTRIC INDUSTRIES, INC.	HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)	(Registrant)
/s/ Gregory C. Hazelton	/s/ Tayne S. Y. Sekimura
Gregory C. Hazelton	Tayne S. Y. Sekimura
Executive Vice President and	Senior Vice President and
Chief Financial Officer	Chief Financial Officer
Date: April 3, 2020	Date: April 3, 2020

2

EX-99

Exhibit 99

Hawaiian Electric Industries, Inc.

2019 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 and Non-GAAP (Core) 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
Other
State of Hawaii Information	24
Appendix - Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures	25

i

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019			2018			2017			2016			2015
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	2,874,601		$	2,860,849		$	2,555,625		$	2,380,654		$	2,602,982
Net income for common stock		217,882			201,774			165,297			248,256			159,877
Basic earnings per common share		2.00			1.85			1.52			2.30			1.50
Diluted earnings per common share		1.99			1.85			1.52			2.29			1.50
Dividends per common share		1.28			1.24			1.24			1.24			1.24
Operating income (loss)
Electric utility		$	254,378		$	241,661		$	263,524		$	290,070		$	274,116
Bank		111,562			108,235			99,536			88,227			83,812
Other		(17,266		)	(16,540		)	(16,827		)	(22,459		)	(35,375		)
		$	348,674		$	333,356		$	346,233		$	355,838		$	322,553
Assets 1
Electric utility		$	6,388,682		$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123
Bank		7,233,017			7,027,894			6,798,659			6,421,357			6,014,755
Other		123,552			108,654			104,888			28,721			95,053
		$	13,745,251		$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931
Capital structure 1, 2
Short-term borrowings - other than bank		$	185,710		$	73,992		$	117,945		$	—		$	103,063
Long-term debt, net - other than bank		1,964,365			1,879,641			1,683,797			1,619,019			1,578,368
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,280,260			2,162,280			2,097,386			2,066,753			1,927,640
		$	4,464,628		$	4,150,206		$	3,933,421		$	3,720,065		$	3,643,364
Capital structure ratios 1, 2
Short-term borrowings - other than bank		4.2		%	1.8		%	3.0		%	-- %			2.9		%
Long-term debt, net - other than bank		44.0			45.3			42.8			43.5			43.3
Preferred stock of subsidiaries		0.8			0.8			0.9			0.9			0.9
Common stock equity		51.0			52.1			53.3			55.6			52.9
		100.0		%	100.0		%	100.0%			100.0%			100.0%
Key financial ratios
Market price to book value per common share 1		224		%	184		%	188		%	174		%	161		%
Price earnings ratio 3		23.5x			19.8x			23.8x			14.4x			19.3x
Return on average common equity		9.8		%	9.5		%	7.9		%	12.4		%	8.6		%
Indicated annual yield 1		2.7		%	3.4		%	3.4		%	3.7		%	4.3		%
Dividend payout ratio		64		%	67		%	82		%	54		%	82		%
Full-time employees
Hawaiian Electric and its subsidiaries		2,670			2,704			2,724			2,662			2,727
ASB		1,126			1,148			1,115			1,093			1,152
Consolidated HEI		3,841			3,898			3,880			3,796			3,918
Note:	This report should be read in conjunction with HEI’s Form 10-K for each year. Financial data for periods prior to January 1, 2016 have been updated to reflect the retrospective adoption of Accounting Standards Update (ASU) No. 2015-03. Financial data for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of ASU No. 2017-07. Financial data for periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to assets, which reduced the respective balances.
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		2019			2018			2017			2016			2015
(in thousands, except per share amounts)
Revenues
Electric utility		$	2,545,942		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166
Bank		328,570			314,275			297,640			285,924			267,733
Other		89			49			419			362			83
Total revenues		2,874,601			2,860,849			2,555,625			2,380,654			2,602,982
Expenses
Electric utility		2,291,564			2,304,864			1,994,042			1,804,298			2,061,050
Bank		217,008			206,040			198,104			197,697			183,921
Other		17,355			16,589			17,246			22,821			35,458
Total expenses		2,525,927			2,527,493			2,209,392			2,024,816			2,280,429
Operating income (loss)
Electric utility		254,378			241,661			263,524			290,070			274,116
Bank		111,562			108,235			99,536			88,227			83,812
Other		(17,266		)	(16,540		)	(16,827		)	(22,459		)	(35,375		)
Total operating income		348,674			333,356			346,233			355,838			322,553
Merger termination fee		—			—			—			90,000			—
Retirement defined benefits expense—other than service costs		(2,806		)	(5,962		)	(7,942		)	(7,663		)	—
Interest expense, net—other than on deposit liabilities and other bank borrowings		(90,899		)	(88,677		)	(78,972		)	(75,803		)	(77,150		)
Allowance for borrowed funds used during construction		4,453			4,867			4,778			3,144			2,457
Allowance for equity funds used during construction		11,987			10,877			12,483			8,325			6,928
Income before income taxes		271,409			254,461			276,580			373,841			254,788
Income taxes		51,637			50,797			109,393			123,695			93,021
Net income		219,772			203,664			167,187			250,146			161,767
Preferred stock dividends of subsidiaries		1,890			1,890			1,890			1,890			1,890
Net income for common stock		$	217,882		$	201,774		$	165,297		$	248,256		$	159,877
Basic earnings per common share		$	2.00		$	1.85		$	1.52		$	2.30		$	1.50
Diluted earnings per common share		$	1.99		$	1.85		$	1.52		$	2.29		$	1.50
Weighted-average number of common shares outstanding		108,949			108,855			108,749			108,102			106,418
Weighted-average shares assuming dilution		109,407			109,146			108,933			108,309			106,721
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019			2018			2017			2016			2015
(in thousands)
Net income for common stock		$	217,882		$	201,774		$	165,297		$	248,256		$	159,877
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		27,382			(9,472		)	(4,370		)	(5,699		)	(2,334		)
Reclassification adjustment for net realized gains included in net income, net of taxes		(478		)	—			—			(360		)	—
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses, net of tax benefits		—			—			—			(281		)	—
Unrealized interest rate hedging losses, net of tax benefits		(1,177		)	(436		)	—			—			—
Reclassification adjustment to net income, net of taxes		—			—			454			(119		)	235
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		10,914			(28,101		)	65,531			(43,510		)	5,889
Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		10,107			21,015			15,737			14,518			22,465
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(16,177		)	8,325			(78,724		)	28,584			(25,139		)
Other comprehensive income (loss), net of taxes		30,571			(8,669		)	(1,372		)	(6,867		)	1,116
Comprehensive income attributable to Hawaiian Electric Industries, Inc.		$	248,453		$	193,105		$	163,925		$	241,389		$	160,993
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Income statement amounts for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of ASU No. 2017-07. A reconciliation of GAAP to non-GAAP measures is located in the Appendix.

2

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31		2019			2018			2017			2016			2015
(in thousands)
ASSETS
Cash and cash equivalents		$	196,813		$	169,208		$	261,881		$	278,452		$	300,478
Restricted cash		30,872			—			—			—			—
Accounts receivable and unbilled revenues, net		300,794			325,672			263,209			237,950			242,766
Available-for-sale investment securities, at fair value		1,232,826			1,388,533			1,401,198			1,105,182			820,648
Held-to-maturity investment securities, at amortized cost		139,451			141,875			44,515			—			—
Stock in Federal Home Loan Bank, at cost		8,434			9,958			9,706			11,218			10,678
Loans, net		5,080,107			4,792,707			4,628,381			4,701,977			4,570,412
Property, plant and equipment, net		5,109,628			4,830,118			4,460,248			4,059,940			3,871,571
Operating lease right-of-use assets		199,171			—			—			—			—
Regulatory assets		715,080			833,426			869,297			957,451			896,731
Other		649,885			530,364			513,535			447,621			480,457
Goodwill		82,190			82,190			82,190			82,190			82,190
	Total assets	$	13,745,251		$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	245,574		$	243,027		$	219,551		$	168,504		$	164,565
Deposit liabilities		6,271,902			6,158,852			5,890,597			5,548,929			5,025,254
Short-term borrowings - other than bank		185,710			73,992			117,945			—			103,063
Other bank borrowings		115,110			110,040			190,859			192,618			328,582
Long-term debt, net - other than bank		1,964,365			1,879,641			1,683,797			1,619,019			1,578,368
Deferred income taxes		379,324			372,518			388,430			728,806			680,877
Operating lease liabilities		199,571			—			—			—			—
Regulatory liabilities		972,310			950,236			880,770			410,693			371,543
Defined benefit pension and other postretirement benefit plans liability		513,287			538,384			509,514			638,854			589,918
Other		583,545			580,788			521,018			473,512			471,828
	Total liabilities	11,430,698			10,907,478			10,402,481			9,780,935			9,313,998
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293			34,293			34,293			34,293			34,293
Shareholders' equity
Preferred stock		—			—			—			—			—
Common stock		1,678,257			1,669,267			1,662,491			1,660,910			1,629,136
Retained earnings		622,042			543,623			476,836			438,972			324,766
Accumulated other comprehensive loss, net of tax benefits		(20,039		)	(50,610		)	(41,941		)	(33,129		)	(26,262		)
	Total shareholders' equity	2,280,260			2,162,280			2,097,386			2,066,753			1,927,640
	Total liabilities and shareholders' equity	$	13,745,251		$	13,104,051		$	12,534,160		$	11,881,981		$	11,275,931
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. 2019 amounts reflect the adoption of ASU No. 2016-02; pursuant to an election permissible under such standard, the Company did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. Periods prior to January 1, 2016 reflect the retrospective adoption of ASU No. 2015-03. Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to "Property, plant and equipment, net" assets, which reduced the respective balances.

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, 2014	102,565	$	1,521,297		$	296,654		$	(27,378	)	$	1,790,573
Net income for common stock	—	—			159,877			—			159,877
Other comprehensive income, net of taxes	—	—			—			1,116			1,116
Issuance of common stock:
Partial settlement of equity forward	4,700	109,183			—			—			109,183
Share-based plans	195	5,578			—			—			5,578
Share-based expense and other, net	—	(6,922		)	—			—			(6,922		)
Common stock dividends ($1.24 per share)	—	—			(131,765		)	—			(131,765		)
Balance, December 31, 2015	107,460	1,629,136			324,766			(26,262		)	1,927,640
Net income for common stock	—	—			248,256			—			248,256
Other comprehensive loss, net of tax benefits	—	—			—			(6,867		)	(6,867		)
Issuance of common stock:
Dividend reinvestment and stock purchase plan	859	26,844			—			—			26,844
Retirement savings and other plans	264	9,298			—			—			9,298
Share-based expense and other, net	—	(4,368		)	—			—			(4,368		)
Common stock dividends ($1.24 per share)	—	—			(134,050		)	—			(134,050		)
Balance, December 31, 2016	108,583	1,660,910			438,972			(33,129		)	2,066,753
Net income for common stock	—	—			165,297			—			165,297
Other comprehensive loss, net of tax benefits	—	—			—			(1,372		)	(1,372		)
Reclass of AOCI for tax rate reduction impact	—	—			7,440			(7,440		)	—
Issuance of common stock:
Share-based plans	205	4,664			—			—			4,664
Share-based expense and other, net	—	(3,083		)	—			—			(3,083		)
Common stock dividends ($1.24 per share)	—	—			(134,873		)	—			(134,873		)
Balance, December 31, 2017	108,788	1,662,491			476,836			(41,941		)	2,097,386
Net income for common stock	—	—			201,774			—			201,774
Other comprehensive loss, net of tax benefits	—	—			—			(8,669		)	(8,669		)
Issuance of common stock:
Share-based plans	91	2,650			—			—			2,650
Share-based expense and other, net	—	4,126			—			—			4,126
Common stock dividends ($1.24 per share)	—	—			(134,987		)	—			(134,987		)
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
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		2019			2018			2017
(in thousands)
Cash flows from operating activities
Net income		$	219,772		$	203,664		$	167,187
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment	229,858			214,036			200,658
	Other amortization	48,255			41,593			21,340
	Provision for loan losses	23,480			14,745			10,901
	Loans originated, held for sale	(285,042		)	(109,537		)	(115,104		)
	Proceeds from sale of loans, held for sale	277,119			112,182			127,951
	Gain on sale of real estate, held for sale	(10,762		)	—			—
	Deferred income taxes	(15,085		)	(9,368		)	37,835
	Share-based compensation expense	9,986			7,792			5,404
	Allowance for equity funds used during construction	(11,987		)	(10,877		)	(12,483		)
	Other	10,822			(4,219		)	(3,324		)
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	26,083			(64,321		)	(12,875		)
	Decrease (increase) in fuel oil stock	(11,493		)	7,054			(20,794		)
	Decrease (increase) in regulatory assets	71,262			9,252			(17,256		)
	Increase (decrease) in accounts, interest and dividends payable	(3,054		)	21,528			34,985
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(27,538		)	29,429			20,685
	Increase (decrease) in defined benefit pension and other postretirement benefit plans	(4,482		)	20,871			882
	Change in other assets and liabilities	(34,724		)	15,488			(25,551		)
Net cash provided by operating activities		512,470			499,312			420,441
Cash flows from investing activities
Available-for-sale investment securities purchased		(108,088		)	(224,335		)	(528,379		)
Principal repayments on available-for-sale investment securities		272,949			218,930			220,231
Proceeds from sale of available-for-sale investment securities		19,810			—			—
Purchases of held-to-maturity investment securities		(13,057		)	(103,184		)	(44,515		)
Proceeds from repayments or maturities of held-to-maturity investment securities		15,505			5,720			—
Purchase of stock from Federal Home Loan Bank		(95,636		)	(28,292		)	(2,868		)
Redemption of stock from Federal Home Loan Bank		97,160			28,040			4,380
Net decrease (increase) in loans held for investment		(300,210		)	(189,352		)	15,887
Proceeds from sale of commercial loans		—			7,149			36,760
Proceeds from sale of real estate held for sale		21,060			—			—
Capital expenditures1		(457,520		)	(506,770		)	(430,454		)
Contributions to low income housing investments		(6,974		)	(14,499		)	(17,505		)
Acquisition of business		—			—			(76,323		)
Other, net		13,292			14,534			7,487
Net cash used in investing activities		$	(541,709	)	$	(792,059	)	$	(815,299	)
		(Continued on next page)

5

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019			2018			2017
(in thousands)
Cash flows from financing activities
Net increase in deposit liabilities		$	113,050		$	165,880		$	341,668
Net increase (decrease) in short-term borrowings with original maturities of three months or less		86,718			(18,999		)	67,992
Proceeds from issuance of short-term debt		75,000			25,000			125,000
Repayment of short-term debt		(50,000		)	(50,000		)	(75,000		)
Net increase in other bank borrowings with original maturities of three months or less1		5,070			71,556			61,776
Repayments of other bank borrowings1		—			(50,000		)	(63,534		)
Proceeds from issuance of long-term debt		289,349			250,000			532,325
Repayment of long-term debt and funds transferred for repayment of long term debt		(287,285		)	(53,887		)	(465,000		)
Withheld shares for employee taxes on vested share-based compensation		(997		)	(996		)	(3,828		)
Common stock dividends		(139,463		)	(134,987		)	(134,873		)
Preferred stock dividends of subsidiaries		(1,890		)	(1,890		)	(1,890		)
Other		(1,836		)	(1,603		)	(6,349		)
Net cash provided by financing activities		87,716			200,074			378,287
Net increase (decrease) in cash, cash equivalents and restricted cash		58,477			(92,673		)	(16,571		)
Cash, cash equivalents and restricted cash, January 1		169,208			261,881			278,452
Cash, cash equivalents and restricted cash, December 31		227,685			169,208			261,881
Less: Restricted cash		(30,872		)	—			—
Cash and cash equivalents, December 31		$	196,813		$	169,208		$	261,881
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1	Reclassifications made to prior year amounts to conform to 2019 presentation include classifying contributions in aid of construction (CIAC) with capital expenditures in the cash flows from investing activities section. In addition, prior period disclosure of proceeds and repayments of other bank borrowings and the net increase in retail repurchase agreements contained in the "Net cash provided by financing activities" section have been combined, due to the short-term nature of the transactions, to conform to the current period presentation.

6

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31				2019			2018			2017			2016			2015
(in thousands)
Short-term borrowings - other than bank 1				$	185,710		$	73,992		$	117,945		$	—		$	103,063
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2				1,497,667			1,418,802			1,368,479			1,319,260			1,278,702
HEI 2.99% term loan, due 2022				150,000			150,000			150,000			—			—
HEI 5.67% senior notes, due 2021				50,000			50,000			50,000			50,000			50,000
HEI 3.99% senior notes, due 2023				50,000			50,000			50,000			50,000			50,000
HEI 4.58% senior notes, due 2025				50,000			50,000			—			—			—
HEI 4.72% senior notes, due 2028				100,000			100,000			—			—			—
HEI term loan LIBOR + .75%, paid in 2017				—			—			—			125,000			125,000
HEI term loan LIBOR + .75%, paid in 2017				—			—			—			75,000			—
HEI 4.41% senior notes, paid in 2016				—			—			—			—			75,000
Hamakua Energy 4.02% notes, due 2030				59,699			63,438			67,325			—			—
Mauo LIBOR + 1.375% loan, due 2022				9,349			—			—			—			—
Less unamortized debt issuance cost				(2,350		)	(2,599		)	(2,007		)	(241		)	(334		)
				1,964,365			1,879,641			1,683,797			1,619,019			1,578,368
Preferred stock of subsidiaries -
not subject to mandatory redemption				34,293			34,293			34,293			34,293			34,293
Shareholders' equity
Preferred stock							—			—			—			—
Common stock				1,678,257			1,669,267			1,662,491			1,660,910			1,629,136
Retained earnings				622,042			543,623			476,836			438,972			324,766
Accumulated other comprehensive loss, net of tax benefits				(20,039		)	(50,610		)	(41,941		)	(33,129		)	(26,262		)
				2,280,260			2,162,280			2,097,386			2,066,753			1,927,640
				$	4,464,628		$	4,150,206		$	3,933,421		$	3,720,065		$	3,643,364
LONG-TERM DEBT MATURITIES as of December 31, 2019
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
		2020		2021			2022			2023			2024			Thereafter			Total
(in thousands)
Long-term debt - other than bank 1
	Electric utilities2	$	96,000	$	—		$	52,000		$	100,000		$	—		$	1,257,000		$	1,505,000
	HEI	—		50,000			150,000			50,000			—			150,000			400,000
	Hamakua Energy	3,669		3,864			4,146			4,325			4,669			39,026			59,699
	Mauo	2,349		—			7,000			—			—			—			9,349
	Less unamortized debt issuance cost																		(9,683		)
		$	102,018	$	53,864		$	213,146		$	154,325		$	4,669		$	1,446,026		$	1,964,365
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Periods prior to January 1, 2016 reflect the retrospective adoption of ASU No. 2015-03.
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		2019			2018			2017			2016			2015
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	113,673		$	98,260		$	81,894		$	99,926		$	92,794
	Hawaii Electric Light	20,817			24,481			20,146			21,255			20,755
	Maui Electric	22,350			20,912			17,911			21,136			22,165
Utilities consolidated		156,840			143,653			119,951			142,317			135,714
ASB		88,973			82,509			66,997			57,279			54,730
HEI and other		(27,931		)	(24,388		)	(21,651		)	48,660			(30,567		)
Consolidated HEI		$	217,882		$	201,774		$	165,297		$	248,256		$	159,877
Diluted earnings per common share		$	1.99		$	1.85		$	1.52		$	2.29		$	1.50
Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	8.0		%	7.4		%	6.5		%	8.3		%	8.0		%
	Hawaii Electric Light	7.0			8.4			7.0			7.3			7.2
	Maui Electric	7.8			7.6			6.8			8.1			8.5
Utilities consolidated		7.8			7.6			6.6			8.1			8.0
ASB		13.3			13.3			11.3			10.1			10.0
Consolidated HEI		9.8		%	9.5		%	7.9		%	12.4		%	8.6		%

8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019			2018		2017		2016		2015
(in thousands)
CAPITAL STRUCTURE1
Long-term debt, net, including current portion2		$	1,497,667		$	1,418,802	$	1,368,479	$	1,319,260	$	1,278,702
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		2,047,352			1,957,641		1,845,283		1,799,787		1,728,325
		$	3,579,312		$	3,410,736	$	3,248,055	$	3,153,340	$	3,041,320
CAPITAL STRUCTURE RATIOS (%) 1,2
Long-term debt, net, including current portion		41.8			41.6		42.1		41.8		42.1
Preferred stock		1.0			1.0		1.1		1.1		1.1
Common stock equity		57.2			57.4		56.8		57.1		56.8
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 3
	Hawaiian Electric	7.57			7.57		7.57		8.11		8.11
	Hawaii Electric Light	7.52			7.80		7.80		8.31		8.31
	Maui Electric	7.43			7.43		7.34		7.34		7.34
Earned rate-making return on simple average rate base 4
	Hawaiian Electric	6.90			6.55		6.08		7.48		7.39
	Hawaii Electric Light	5.97			6.98		6.54		6.73		6.58
	Maui Electric	6.37			6.26		6.10		6.99		7.19
Authorized return on simple average common equity 3
	Hawaiian Electric	9.50			9.50		9.50		10.00		10.00
	Hawaii Electric Light	9.50			9.50		9.50		10.00		10.00
	Maui Electric	9.50			9.50		9.00		9.00		9.00
Earned rate-making return on simple average common equity 5
	Hawaiian Electric	8.80			7.89		6.83		9.46		9.20
	Hawaii Electric Light	6.72			8.08		7.30		7.61		7.49
	Maui Electric	7.95			7.38		6.84		8.34		8.76
Book return on simple average common equity 6
	Hawaiian Electric	8.02			7.36		6.46		8.26		8.02
	Hawaii Electric Light	7.00			8.41		6.97		7.28		7.22
	Maui Electric	7.79			7.59		6.76		8.08		8.52
RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,289	7	$	2,125	$	1,975	$	1,879	$	1,814
Hawaii Electric Light		521		7	505		490		482		479
Maui Electric		493		7	462		438		431		440
		$	3,303		$	3,092	$	2,903	$	2,792	$	2,733
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1,8		35.9			36.3		36.9		37.4		37.5
Weighted-average AFUDC rate		7.4			7.3		7.7		7.6		7.6
1	At December 31.
2	Financial data for periods prior to January 1, 2016 have been updated to reflect the retrospective adoption of ASU No. 2015-03.
3	Reflects latest interim or final decision and order as of the end of the respective years.
4	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
5	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.
6	Based on recorded net income divided by average common equity, simple average method.
7	The 12/31/19 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,386, $527 and $512, respectively.
8	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net”, which reduced the respective balances.

9

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019			2018			2017			2016			2015
(in thousands)
Revenues		$	2,545,942		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166
Expenses
Fuel oil		720,709			760,528			587,768			454,704			654,600
Purchased power		633,256			639,307			586,634			562,740			594,096
Other operation and maintenance 1		481,737			461,491			411,907			399,931			413,089
Depreciation		215,731			203,626			192,784			187,061			177,380
Taxes, other than income taxes		240,131			239,912			214,949			199,862			221,885
Total expenses 1		2,291,564			2,304,864			1,994,042			1,804,298			2,061,050
Operating income 1		254,378			241,661			263,524			290,070			274,116
Allowance for equity funds used during construction		11,987			10,877			12,483			8,325			6,928
Retirement defined benefits expense - other than service costs1		(2,836		)	(3,631		)	(6,003		)	(5,602		)	—
Interest expense and other charges, net		(70,842		)	(73,348		)	(69,637		)	(66,824		)	(66,370		)
Allowance for borrowed funds used during construction		4,453			4,867			4,778			3,144			2,457
Income before income taxes		197,140			180,426			205,145			229,113			217,131
Income taxes		38,305			34,778			83,199			84,801			79,422
Net income		158,835			145,648			121,946			144,312			137,709
Preferred stock dividends of subsidiaries		915			915			915			915			915
Net income attributable to Hawaiian Electric		157,920			144,733			121,031			143,397			136,794
Preferred stock dividends of Hawaiian Electric		1,080			1,080			1,080			1,080			1,080
Net income for common stock		156,840			143,653			119,951			142,317			135,714
Retained earnings, January 1		1,164,541			1,124,193			1,091,800			1,043,082			997,773
Reclass of AOCI for tax rate reduction impact		—			—			209			—			—
Common stock dividends		(101,252		)	(103,305		)	(87,767		)	(93,599		)	(90,405		)
Retained earnings, December 31		$	1,220,129		$	1,164,541		$	1,124,193		$	1,091,800		$	1,043,082
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 Amounts for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of ASU No. 2017-07.

10

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2019			2018			2017			2016			2015
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment 1		$	7,485,178		$	7,092,483		$	6,717,311		$	6,327,102		$	6,037,712
Less accumulated depreciation		(2,690,157		)	(2,577,342		)	(2,476,352		)	(2,369,282		)	(2,266,004		)
	Utility property, plant and equipment, net 1	4,795,021			4,515,141			4,240,959			3,957,820			3,771,708
Nonutility property, plant and equipment, less accumulated depreciation		6,956			6,961			7,580			7,407			7,272
	Total property, plant and equipment, net 1	4,801,977			4,522,102			4,248,539			3,965,227			3,778,980
Current assets
Cash and equivalents		11,022			35,877			12,517			74,286			24,449
Restricted cash		30,872			—			—			—			—
Customer accounts receivable, net		152,790			177,896			127,889			123,688			132,778
Accrued unbilled revenues, net		117,227			121,738			107,054			91,693			84,509
Other accounts receivable, net		11,568			6,215			7,163			5,233			10,408
Fuel oil stock, at average cost		91,937			79,935			86,873			66,430			71,216
Materials and supplies, at average cost		60,702			55,204			54,397			53,679			54,429
Prepayments and other		116,980			32,118			25,355			23,100			36,640
Regulatory assets		30,710			71,016			88,390			66,032			72,231
	Total current assets	623,808			579,999			509,638			504,141			486,660
Other long-term assets
Operating lease right-of-use assets 2		176,809			—			—			—			—
Regulatory assets		684,370			762,410			780,907			891,419			824,500
Other		101,718			102,992			91,529			71,116			75,983
	Total other long-term assets	962,897			865,402			872,436			962,535			900,483
	Total assets 1	$	6,388,682		$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	2,047,352		$	1,957,641		$	1,845,283		$	1,799,787		$	1,728,325
Cumulative preferred stock - not subject to mandatory redemption		34,293			34,293			34,293			34,293			34,293
Long-term debt, net 3		1,401,714			1,418,802			1,318,516			1,319,260			1,278,702
	Total capitalization	3,483,359			3,410,736			3,198,092			3,153,340			3,041,320
Current liabilities
Current portion of operating lease liabilities 2		63,707			—			—			—			—
Current portion of long-term debt, net		95,953			—			49,963			—			—
Short-term borrowings from non-affiliate		88,987			25,000			4,999			—			—
Accounts payable		187,770			171,791			159,610			117,814			114,846
Interest and preferred dividends payable		20,728			23,215			22,575			22,838			23,111
Taxes accrued, including revenue taxes		207,992			233,333			199,101			172,730			191,084
Regulatory liabilities		30,724			17,977			3,401			3,762			2,204
Other		67,305			60,003			59,456			55,221			54,079
	Total current liabilities	763,166			531,319			499,105			372,365			385,324
Deferred credits and other liabilities
Operating lease liabilities 2		113,400			—			—			—			—
Deferred income taxes		377,150			383,197			394,041			733,659			654,806
Regulatory liabilities		941,586			932,259			877,369			406,931			369,339
Unamortized tax credits		117,868			91,522			90,369			88,961			84,214
Defined benefit pension and other postretirement benefit plans liability		478,763			503,659			472,948			599,726			552,974
Other		113,390			114,811			98,689			76,921			78,146
	Total deferred credits and other liabilities	2,142,157			2,025,448			1,933,416			1,906,198			1,739,479
	Total capitalization and liabilities 1	$	6,388,682		$	5,967,503		$	5,630,613		$	5,431,903		$	5,166,123
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	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net”, which reduced the respective balances.
2	2019 amounts reflect the adoption of ASU No. 2016-02; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases.
3	Amounts for periods prior to January 1, 2016 have been updated to reflect the retrospective adoption of ASU No. 2015-03.

11

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31			2019			2018			2017
(in thousands)
Cash flows from operating activities
Net income			$	158,835		$	145,648		$	121,946
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		215,731			203,626			192,784
	Other amortization		29,631			26,602			8,498
	Deferred income taxes		(16,284		)	(7,982		)	38,037
	Income tax credits, net		27,259			(99		)	(52		)
	State refundable credit		(8,369		)	(6,239		)	(2,251		)
	Allowance for equity funds used during construction		(11,987		)	(10,877		)	(12,483		)
	Other		200			4,768			1,237
	Changes in assets and liabilities
		Decrease (decrease) in accounts receivable	20,956			(50,917		)	2,914
		Decrease (increase) in accrued unbilled revenues	4,511			(14,684		)	(15,361		)
		Decrease (increase) in fuel oil stock	(12,002		)	6,938			(20,443		)
		Increase in materials and supplies	(5,498		)	(807		)	(718		)
		Decrease (increase) in regulatory assets	71,262			9,252			(17,256		)
		Increase in regulatory liabilities	1,953			37,358			3,602
		Increase (decrease) in accounts payable	(2,051		)	24,358			25,734
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	(28,523		)	25,036			29,862
		Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	(4,448		)	18,746			604
		Change in other assets and liabilities	(17,220		)	(17,114		)	(21,468		)
Net cash provided by operating activities			423,956			393,613			335,186
Cash flows from investing activities
Capital expenditures 1			(419,898		)	(415,264		)	(376,865		)
Other			11,374			10,082			4,578
Net cash used in investing activities			(408,524		)	(405,182		)	(372,287		)
Cash flows from financing activities
Common stock dividends			(101,252		)	(103,305		)	(87,767		)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995		)	(1,995		)	(1,995		)
Proceeds from issuance of common stock			35,500			70,700			14,000
Proceeds from issuance of long-term debt			280,000			100,000			315,000
Repayment of long-term debt and funds transferred for repayment of long-term debt			(283,546		)	(50,000		)	(265,000		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		38,987			(4,999		)	4,999
Proceeds from issuance of short-term debt			75,000			25,000			—
Repayment of short-term debt			(50,000		)	—			—
Other			(2,109		)	(472		)	(3,905		)
Net cash provided by (used in) financing activities			(9,415		)	34,929			(24,668		)
Net increase (decrease) in cash, cash equivalents and restricted cash			6,017			23,360			(61,769		)
Cash, cash equivalents and restricted cash, January 1			35,877			12,517			74,286
Cash, cash equivalents and restricted cash, December 31			41,894			35,877			12,517
Less: Restricted cash			(30,872		)	—			—
Cash and cash equivalents, December 31			$	11,022		$	35,877		$	12,517
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	Reclassifications made to prior year amounts to conform to 2019 presentation include classifying contributions in aid of construction (CIAC) with capital expenditures in the cash flows from investing activities section.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31					2019		2018		2017		2016		2015
(dollars in thousands, except par values)
				Shares outstanding
		Par value		12/31/2019
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		2019		2018		2017		2016		2015
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Series 2007A, 4.65%, due 2037 - redeemed in 2017		$	—	$	—	$	—	$	100,000	$	100,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		62,000		62,000
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		90,000		90,000		90,000		90,000
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		—		—
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		—		—
Refunding series 2019, 3.20%, due 2039		90,000		—		—		—		—
Series 2019, 3.50%, due 2049		70,000		—		—		—		—
		362,000		292,000		292,000		292,000		292,000
Hawaii Electric Light
Series 2007A, 4.65%, due 2037 - redeemed in 2017		—		—		—		20,000		20,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		8,000		8,000
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		60,000		60,000		60,000		60,000
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		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		—		—
Refunding series 2019, 3.20%, due 2039		60,000		—		—		—		—
Series 2019, 3.50%, due 2049		2,500		—		—		—		—
		95,500		93,000		93,000		93,000		93,000
Maui Electric
Series 2007A, 4.65%, due 2037 - redeemed in 2017		—		—		—		20,000		20,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		55,000		55,000
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		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		—		—
Series 2019, 3.50%, due 2049		7,500		—		—		—		—
		84,500		77,000		77,000		77,000		77,000
	Total obligations to the State of Hawaii	$	542,000	$	462,000	$	462,000	$	462,000	$	462,000
								(Continued on next page)

14

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2019		2018		2017		2016		2015
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2012A, 3.79%, due 2018	$	—	$	—	$	30,000	$	30,000	$	30,000
	Series 2012B, 4.03%, due 2020	62,000		62,000		62,000		62,000		62,000
	Series 2012C, 4.55%, due 2023	50,000		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%, due 2022	40,000		40,000		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		—
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		—		—
	Series 2018A, 4.38%, due 2028	52,000		52,000		—		—		—
	Series 2018B, 4.53%, due 2033	12,500		12,500		—		—		—
	Series 2018C, 4.72%, due 2048	10,500		10,500		—		—		—
	Series 2019A, 4.21%, due 2034	30,000		—		—		—		—
		712,000		682,000		637,000		597,000		557,000
Hawaii Electric Light
	Series 2012A, 3.79%, due 2018	—		—		11,000		11,000		11,000
	Series 2012B, 4.55%, due 2023	20,000		20,000		20,000		20,000		20,000
	Series 2013A, 3.83%, due 2020	14,000		14,000		14,000		14,000		14,000
	Series 2013B, 4.45%, due 2022	12,000		12,000		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		—		—		—
	Series 2018B, 4.53%, due 2033	3,000		3,000		—		—		—
	Series 2018C, 4.72%, due 2048	3,000		3,000		—		—		—
	Series 2019A, 4.21%, due 2034	10,000		—		—		—		—
		126,000		116,000		112,000		112,000		112,000
Maui Electric
	Series 2012A, 3.79%, due 2018	—		—		9,000		9,000		9,000
	Series 2012B, 4.03%, due 2020	20,000		20,000		20,000		20,000		20,000
	Series 2012C, 4.55%, due 2023	30,000		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		—		—
	Series 2018A, 4.38%, due 2028	6,500		6,500		—		—		—
	Series 2018B, 4.53%, due 2033	2,000		2,000		—		—		—
	Series 2018C, 4.72%, due 2048	1,500		1,500		—		—		—
	Series 2019A, 4.21%, due 2034	10,000		—		—		—		—
		125,000		115,000		114,000		104,000		104,000
	Total taxable unsecured senior notes	$	963,000	$	913,000	$	863,000	$	813,000	$	773,000
								(Continued on next page)

15

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31	2019			2018			2017			2016			2015
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034 - redeemed in 2019	$	—		$	51,546		$	51,546		$	51,546		$	51,546
Long-term debt, including amounts due within one year	1,505,000			1,426,546			1,376,546			1,326,546			1,286,546
Less current portion of long-term debt, net	(95,953		)	—			(49,963		)	—			—
Less unamortized debt issuance costs	(7,333		)	(7,744		)	(8,067		)	(7,286		)	(7,844		)
Long-term debt, net	$	1,401,714		$	1,418,802		$	1,318,516		$	1,319,260		$	1,278,702
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. Periods prior to January 1, 2016 reflect the retrospective adoption of ASU No. 2015-03.

16

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019		2018		2017		2016		2015
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		1,348		1,355		1,357		1,353
CUSTOMER ACCOUNTS 2
Residential		409,689		407,505		406,241		402,818		400,655
Commercial		54,233		54,075		53,732		55,089		54,878
Large light and power		700		696		656		670		659
Other		844		813		1,596		1,585		1,608
		465,466		463,089		462,225		460,162		457,800
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		306,368		305,456		304,948		304,261		302,958
Hawaii Electric Light		86,576		85,758		85,925		85,029		84,309
Maui Electric		72,522		71,875		71,352		70,872		70,533
Consolidated		465,466		463,089		462,225		460,162		457,800
KILOWATTHOUR SALES (millions)
Residential		2,439		2,411		2,334		2,333		2,396
Commercial		2,793		2,811		2,868		2,911		2,978
Large light and power		3,467		3,425		3,443		3,555		3,533
Other		41		42		45		46		50
		8,740		8,689		8,690		8,845		8,957
KILOWATTHOUR SALES MIX (%)
Residential		27.9		27.7		26.9		26.4		26.8
Commercial		32.0		32.4		33.0		32.9		33.3
Large light and power		39.7		39.4		39.6		40.2		39.4
Other		0.4		0.5		0.5		0.5		0.5
		100.0		100.0		100.0		100.0		100.0
KILOWATTHOUR SALES BY COMPANY (millions)
Hawaiian Electric		6,563		6,526		6,548		6,660		6,754
Hawaii Electric Light		1,050		1,064		1,047		1,067		1,065
Maui Electric		1,127		1,099		1,095		1,118		1,138
Consolidated		8,740		8,689		8,690		8,845		8,957
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		0.6		(0.4	)	(1.7	)	(1.4	)	(0.4	)
Hawaii Electric Light		(1.4	)	1.6		(2.0	)	0.2		0.2
Maui Electric		2.5		0.4		(2.1	)	(1.8	)	0.5
Consolidated		0.6		—		(1.8	)	(1.3	)	(0.2	)
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		25		22		21		19		17
Hawaii Electric Light 4		35		44		57		54		49
Maui Electric		41		38		34		37		35
Consolidated		28		27		27		26		23
1	Source: State of Hawaii Data Book 2018 (prior years)
2	At December 31
3	Renewable generation as a % of total sales, excluding electrical energy savings from Energy Efficiency and Solar Water Heating technologies that do not count toward RPS Standards beginning January 1, 2015.
4	The lower RPS% for Hawaii Electric Light in 2018 and 2019 is primarily due to Puna Geothermal Venture (PGV) being offline since May 2018 due to lava flow on Hawaii Island.
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		2019			2018			2017			2016			2015
REVENUES (thousands)
Electric sales revenue
	Residential	$	791,398		$	788,028		$	691,857		$	638,776		$	709,886
	Commercial	829,000			843,326			766,921			711,553			798,202
	Large light and power	884,722			882,443			776,808			720,878			802,366
	Other	11,915			12,410			12,009			11,306			13,356
Total electric sales revenues		2,517,035			2,526,207			2,247,595			2,082,513			2,323,810
Other revenues		28,907			20,318			9,971			11,855			11,356
Total revenues		$	2,545,942		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166
Less:
Fuel oil		720,709			760,528			587,768			454,704			654,600
Purchased power		633,256			639,307			586,634			562,740			594,096
Taxes, other than income taxes		240,131			239,912			214,949			199,862			221,885
Net revenues		$	951,846		$	906,778		$	868,215		$	877,062		$	864,585
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	1,803,698		$	1,802,550		$	1,598,504		$	1,474,384		$	1,644,181
Hawaii Electric Light		364,590			375,493			333,467			311,385			345,549
Maui Electric		378,202			368,700			325,678			308,705			345,517
Eliminations		(548		)	(218		)	(83		)	(106		)	(81		)
Consolidated		$	2,545,942		$	2,546,525		$	2,257,566		$	2,094,368		$	2,335,166
AVERAGE REVENUE PER KWH SOLD (cents)
Residential		32.44			32.69			29.64			27.38			29.62
Commercial		29.68			30.00			26.74			24.44			26.81
Large light and power		25.52			25.76			22.56			20.28			22.71
Other		29.39			29.47			26.82			24.61			27.05
		28.80			29.07			25.86			23.54			25.90
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		27.20			27.42			24.31			22.01			24.23
Hawaii Electric Light		34.30			34.93			31.68			29.00			32.29
Maui Electric		33.00			33.21			29.58			27.45			30.21
Consolidated		28.80			29.07			25.86			23.54			25.90
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		6,006			5,921			5,829			5,856			6,052
Hawaii Electric Light		5,467			5,652			5,408			5,397			5,485
Maui Electric		6,402			6,258			6,000			6,067			6,351
Consolidated		5,967			5,923			5,779			5,806			5,996
Average monthly electric sales revenue per residential customer		$	161		$	161		$	143		$	132		$	148

18

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019	2018	2017	2016	2015
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
	Steam-conventional	3,693	3,743	3,703	3,799	3,948
	Combined-cycle	799	884	829	835	846
	Diesel	364	214	245	230	220
	Combustion turbine	46	44	46	22	35
		4,902	4,885	4,823	4,886	5,049
Biofuels		54	62	55	37	54
Hydro		11	19	10	17	22
Solar		5	—	—	—	—
Total net generated		4,972	4,966	4,888	4,940	5,125
Purchased
Non-renewable		2,990	2,847	2,851	2,918	2,956
Renewable 1,2		1,179	1,292	1,396	1,431	1,352
Total purchased		4,169	4,139	4,247	4,349	4,308
		9,141	9,105	9,135	9,289	9,433
GENERATION MIX (%)
Fuel oil
Steam-conventional		40.4	41.1	40.5	40.9	41.9
Combined-cycle		8.7	9.7	9.1	9.0	9.0
Diesel		4.0	2.3	2.7	2.5	2.3
Combustion turbine		0.5	0.5	0.5	0.2	0.4
		53.6	53.6	52.8	52.6	53.6
Biofuels		0.6	0.7	0.6	0.4	0.6
Hydro		0.1	0.2	0.1	0.2	0.2
Solar		0.1	—	—	—	—
Total generation		54.4	54.5	53.5	53.2	54.4
Purchased
Non-renewable		32.7	31.3	31.2	31.4	31.3
Renewable 1,2		12.9	14.2	15.3	15.4	14.3
Total purchased		45.6	45.5	46.5	46.8	45.6
		100.0	100.0	100.0	100.0	100.0
1	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
2	Since May 2018, Puna Geothermal Venture (PGV) has been offline due to lava flow on Hawaii Island; therefore, PGV has not been included into the Utilities' firm renewable energy purchase since May 2018.
					(Continued on next page)

19

POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2019		2018		2017		2016		2015
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Steam-conventional		1,086		1,086		1,086		1,085		1,085
Combustion turbine 3		279		280		150		150		150
Combined-cycle		170		170		170		170		170
Diesel		146		146		146		143		151
Biodiesel 3		57		57		121		121		113
		1,738		1,739		1,673		1,669		1,669
Firm purchase power contracts 4
Non-renewable		448		448		448		448		448
Renewable 5		68		69		103		103		107
		516		517		551		551		555
		2,254		2,256		2,224		2,220		2,224
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,744		1,745		1,679		1,679		1,679
Hawaii Electric Light		242		242		277		274		274
Maui Electric		268		269		268		267		271
		2,254		2,256		2,224		2,220		2,224
SYSTEM PEAK LOAD BY COMPANY (MW) 6
Hawaiian Electric		1,193		1,190		1,184		1,192		1,206
Hawaii Electric Light		192		191		190		189		192
Maui Electric		217		217		210		212		212
		1,602		1,598		1,584		1,593		1,610
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,771		8,653		8,546		8,501		8,762
Average fuel oil cost per barrel		$	82.17	$	87.90	$	68.78	$	53.49	$	74.71
Average fuel oil cost per million BTU (cents)		1,337.6		1,420.2		1,114.3		862.3		1,206.5
Fuel oil cost per net KWH generated (cents)		14.527		15,374		12.048		9.235		12.828
BTU per net KWH generated by company
	Hawaiian Electric	10,852		10,894		10,879		10,750		10,716
	Hawaii Electric Light	11,605		11,067		11,087		11,412		11,205
	Maui Electric	10,460		10,406		10,406		10,119		9,958
	Consolidated	10,860		10,826		10,812		10,710		10,632
OTHER DATA
Losses and system uses (%)		4.2		4.4		4.7		4.6		4.8
Reserve margin (%) 6		40.7		42.8		42.0		40.8		40.4
Annual load factor (%) 6		65.2		65.0		65.8		66.6		66.9
Average cost per KWH purchased from IPPs (cents)		15.191		15.445		13.813		12.939		13.790
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	In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primary consumes diesel. CIP CT-1 could still utilize biodiesel if necessary.
4	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy Partners (HEP). Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV). Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
5	Since May 2018, Puna Geothermal Venture (PGV) has been offline due to lave flow on Hawaii Island; therefore, PGV's capability has not been incorporated into the Utilities' firm contract power capability as of December 31, 2018 and 2019.
6	Net; noncoincident and nonintegrated.

20

SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31		2019	2018	2017		2016	2015
CAPITAL RATIOS (%)
Common equity tier 1
	ASB	13.18	12.80	12.95		12.17	12.07
	Requirement	4.50	4.50	4.50		4.50	4.50
Tier 1 capital
	ASB	13.18	12.80	12.95		12.17	12.07
	Requirement	6.00	6.00	6.00		6.00	6.00
Total capital
	ASB	14.31	13.93	14.20		13.42	13.27
	Requirement	8.00	8.00	8.00		8.00	8.00
Tier 1 leverage
	ASB	9.06	8.70	8.58		8.59	8.82
	Requirement	4.00	4.00	4.00		4.00	4.00
KEY STATISTICS (%)
Return on average assets
	ASB	1.25	1.20	1.02		0.92	0.95
	Peers 1	1.26	1.27	0.95		1.03	0.99
Return on average equity
	ASB	13.48	13.51	11.20		9.90	9.93
	Peers 1	10.60	10.51	8.39		9.52	8.94
Net interest margin
	ASB	3.85	3.83	3.69		3.59	3.53
	Peers 1	3.59	3.69	3.50		3.49	3.62
Revenue growth
	ASB	7.42	4.64	4.51		6.54	6.09
	Peers 1	6.73	10.26	9.68		9.28	8.71
Efficiency ratio
	ASB	57.77	59.39	61.60		61.89	64.87
	Peers 1	56.19	55.97	57.51		57.65	60.34
Net charge-offs to loans outstanding
	ASB	0.45	0.34	0.27		0.24	0.04
	Peers 1	0.09	0.07	0.07		0.10	0.11
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		56	50	38		36	30
Loan Growth (%)		5.72	3.68	(1.52	)	2.63	4.08
Branch locations 2		49	49	49		52	56
Number of ATMs		111	113	113		114	116
1	Bank peers for 2018 and 2019 are based upon publicly traded banks and thrifts with $4 billion to $9 billion in total assets. Peer group for 2017 and years prior were based on publicly traded banks and thrifts with $3.5 billion to $8 billion in total assets. Lists revised annually.
2	At December 31.

21

STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31		2019		2018		2017		2016		2015
(in thousands)
Interest and dividend income
Interest and fees on loans		$	233,632	$	220,463	$	207,255	$	199,774	$	184,782
Interest and dividends on investment securities		32,922		37,762		28,823		19,184		15,120
Total interest and dividend income		266,554		258,225		236,078		218,958		199,902
Interest expense
Interest on deposit liabilities		16,830		13,991		9,660		7,167		5,348
Interest on other borrowings		1,610		1,548		2,496		5,588		5,978
Total interest expense		18,440		15,539		12,156		12,755		11,326
Net interest income		248,114		242,686		223,922		206,203		188,576
Provision for loan losses		23,480		14,745		10,901		16,763		6,275
Net interest income after provision for loan losses		224,634		227,941		213,021		189,440		182,301
Noninterest income
Fees from other financial services		19,275		18,937		22,796		22,384		22,211
Fee income on deposit liabilities		20,877		21,311		22,204		21,759		22,368
Fee income on other financial products		6,507		7,052		7,205		8,707		8,094
Gains on sale of investment securities, net		653		—		—		598		—
Gain on sale of real estate		10,762		—		—		—		—
Mortgage banking income		4,943		1,493		2,201		6,625		6,330
Other income, net		9,761		7,257		7,156		6,893		8,828
Total noninterest income		72,778		56,050		61,562		66,966		67,831
Noninterest expense
Compensation and employee benefits 1		103,009		98,387		94,931		89,242		90,518
Occupancy and equipment		30,032		24,259		23,931		23,259		22,942
Data processing		15,306		14,268		13,280		13,030		12,103
Services		10,239		10,847		10,994		11,054		10,204
Other expense 1		26,792		29,652		32,731		32,469		30,553
Total noninterest expense		185,378		177,413		175,867		169,054		166,320
Income before income taxes		112,034		106,578		98,716		87,352		83,812
Income taxes		23,061		24,069		31,719		30,073		29,082
Net income		$	88,973	$	82,509	$	66,997	$	57,279	$	54,730
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.
1	Amounts for periods prior to December 31, 2018 (but after December 31, 2015) have been updated to reflect the retrospective adoption of ASU 2017-07.

22

BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited
December 31		2019			2018			2017			2016			2015
(in thousands)
ASSETS
Cash and cash equivalents		$	178,398		$	126,284		$	234,099		$	189,211		$	220,881
Restricted cash		—			—			—			1,764			—
Investment securities
	Available-for-sale investment securities, at fair value	1,232,826			1,388,533			1,401,198			1,105,182			820,648
	Held-to-maturity investment securities, at amortized cost	139,451			141,875			44,515			—			—
Investment in stock of Federal Home Loan Bank, at cost		8,434			9,958			9,706			11,218			10,678
Loans receivable, net		5,080,107			4,792,707			4,628,381			4,701,977			4,570,412
Real estate acquired in settlement of loans, net		—			406			133			1,189			1,030
Other and other intangibles, net		511,611			485,941			398,437			328,626			308,916
Goodwill		82,190			82,190			82,190			82,190			82,190
Total assets		$	7,233,017		$	7,027,894		$	6,798,659		$	6,421,357		$	6,014,755
LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	6,271,902		$	6,158,852		$	5,890,597		$	5,548,929		$	5,025,254
Other borrowings		115,110			110,040			190,859			192,618			328,582
Other		146,954			124,613			110,356			101,635			101,029
Total liabilities		6,533,966			6,393,505			6,191,812			5,843,182			5,454,865
Common stock		349,454			347,171			345,019			342,705			340,497
Retained earnings		358,259			325,286			292,957			257,943			236,664
Accumulated other comprehensive loss, net of tax benefits		(8,662		)	(38,068		)	(31,129		)	(22,473		)	(17,271		)
Total shareholder's equity		699,051			634,389			606,847			578,175			559,890
Total liabilities and shareholder's equity		$	7,233,017		$	7,027,894		$	6,798,659		$	6,421,357		$	6,014,755
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

STATE OF HAWAII INFORMATION
Unaudited
Years ended December 31, except as noted	2019		2018		2017		2016		2015
POPULATION BY COUNTY (thousands) 1
Honolulu	n/a		980		989		993		993
Hawaii	n/a		201		200		198		196
Maui	n/a		167		166		166		164
Kauai	n/a		72		72		72		72
	—		1,420		1,427		1,429		1,425
VISITOR DATA
Visitor arrivals by air (thousands)	10,282		9,827		9,257		8,822		8,563
Visitor days by air (thousands)	90,229		88,009		83,412		79,669		78,086
Visitor expenditures by air (millions)	17,702		17,778		16,734		15,754		14,938
Year-over-year change (%)
Visitor arrivals by air	5.3		5.9		4.9		3.0		4.5
Visitor days	2.9		5.4		4.7		2.3		4.1
Visitor expenditures by air	1.4		6.9		6.2		5.5		0.9
CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized 2	$	3,221	$	3,269	$	3,128	$	3,241	$	3,964
Government contracts awarded	$	594	$	1,948	$	1,192	$	1,673	$	1,555
Estimated value of completed construction	n/a		$	9,456	$	8,384	$	8,288	$	8,112
OTHER DATA
State real gross domestic product (millions of 2012 $s) 3	$	83,664	$	82,652	$	80,716	$	74,026	$	71,051
Honolulu Consumer Price Index (% change)	2.0		2.0		2.5		2.0		1.0
Total non-agriculture wage and salary jobs (thousands) 4	659		661		655		648		639
Unemployment rate (average annual %)	2.8		2.3		2.5		3.0		3.6
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2018 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii
Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.
1       Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2019 not available at time of printing.
2       Excludes public construction.
3       Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes.
4       Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a: Not available

24

Appendix

EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and Hawaiian Electric Company management use certain non-GAAP measures to evaluate the performance of HEI and the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities given the non-recurring nature of certain items. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP¹ earnings to non-GAAP (core) earnings and the adjusted return on average common equity (ROACE) for HEI consolidated and the utility.

The reconciling adjustments from GAAP earnings to core earnings include income, costs and associated taxes related to the terminated merger between HEI and NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc. and the terminated liquefied natural gas (LNG) contract which required the Hawaii Public Utilities Commission approval of the merger with NextEra Energy, Inc. For more information on the transactions, see HEI’s Form 8-K filed on July 18, 2016, and HEI’s Form 8-K filed on July 19, 2016. In addition, the reconciling adjustments from GAAP earnings to core earnings exclude the impact of the federal tax reform act due to the adjustment of deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company’s fundamental core earnings. Management has shown adjusted non-GAAP (core) net income, adjusted non-GAAP (core) diluted earnings per common share and adjusted non-GAAP (core) ROACE in order to provide better comparability of core net income, EPS and ROACE between periods.

RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)
Unaudited
($ in millions, except per share amounts)
Years ended December 31		2019			2018			2017			2016			2015
HEI CONSOLIDATED NET INCOME
GAAP (as reported)		$	217.9		$	201.8		$	165.3		$	248.3		$	159.9
Excluding special items (after-tax):
	(Income) expenses related to the terminated merger with NextEra Energy
	and cancelled spin-off of ASB Hawaii	—			—			—			(60.3		)	15.8
	Costs related to the terminated LNG contract2	—			—			—			2.1			—
	Bonus related to enactment of federal tax reform3	—			—			0.7			—			—
	Federal tax reform impacts4	—			—			13.4			—			—
Non-GAAP (core) net income		$	217.9		$	201.8		$	179.5		$	190.1		$	175.7
HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE (EPS)
GAAP (as reported)		$	1.99		$	1.85		$	1.52		$	2.29		$	1.50
Non-GAAP (core) diluted earnings per common share		$	1.99		$	1.85		$	1.65		$	1.75		$	1.65
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		9.8		%	9.5		%	7.9		%	12.4		%	8.6		%
Based on non-GAAP (core)5		9.8		%	9.5		%	8.6		%	9.5		%	9.4		%
Hawaiian Electric Company, Inc. and Subsidiaries
UTILITY NET INCOME
GAAP (as reported)		$	156.8		$	143.7		$	120.0		$	142.3		$	135.7
Excluding special items (after-tax):
	Costs related to the terminated merger with Next Era Energy	—			—			—			0.1			0.5
	Costs related to the terminated LNG contract2	—			—			—			2.1			—
	Federal tax reform impacts4	—			—			9.2			—			—
Non-GAAP (core) net income		$	156.8		$	143.7		$	129.1		$	144.5		$	136.2
UTILITY RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		7.8		%	7.6		%	6.6		%	8.1		%	8.0		%
Based on non-GAAP (core)5		7.8		%	7.6		%	7.1		%	8.2		%	8.0		%
Note: Columns may not foot due to rounding
1	Accounting principles generally accepted in the United States of America.
2	The LNG contract was terminated as it was conditioned on the merger with NextEra Energy closing.
3	Bonus paid by American Savings Bank related to enactment of federal tax reform.
4	Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances.
5	Calculated as non-GAAP (core) net income divided by average GAAP common equity.

25

XML

Cover	Apr. 03, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 03, 2020
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, 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	1001 Bishop Street, Suite 2500
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