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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: October 30, 2024
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097


State of Hawaii
(State or other jurisdiction of incorporation)
 
1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813
(Address of principal executive offices and zip code)
 
Registrant’s telephone number, including area code:
 (808) 543-5662
 
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 ☐

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. ☐


Item 7.01 Regulation FD Disclosure.
    On October 30, 2024, HEI issued a news release, “American Savings Bank Reports Third Quarter 2024 Financial Results.” This news release is furnished as Exhibit 99.


Item 9.01 Financial Statements and Exhibits.
    
(d) Exhibits
News release, dated October 30, 2024, “American Savings Bank Reports Third Quarter 2024 Financial Results”
104Cover 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.














SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HAWAIIAN ELECTRIC INDUSTRIES, INC.
(Registrant)
/s/ Scott T. DeGhetto
Scott T. DeGhetto
Executive Vice President,
   Chief Financial Officer and Treasurer
(Principal Financial Officer)
Date: October 30, 2024

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Exhibit 99
revisedlogo.jpg
NEWS RELEASE
October 30, 2024
Contact:Mateo GarciaTelephone: (808) 543-7300
Director, Investor RelationsE-mail: ir@hei.com

AMERICAN SAVINGS BANK REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS
3Q 2024 Net Income of $18.8 million

•Net interest margin expanded to 2.82%, up 3 basis points from the prior quarter
•Continued strong credit quality and capital position

HONOLULU - American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2024 net income of $18.8 million, compared to a net loss of $45.8 million in the second quarter of 2024 and net income of $11.4 million in the third quarter of 2023. Core net income1 for the quarter was $19.4 million, compared to $20.7 million in the second quarter and $17.6 million in the third quarter of last year.
“American Savings Bank continues to perform well, generating strong net income and profitability while continuing the net interest margin expansion we’ve seen throughout 2024. We remain well-positioned to support our customers and community for the long term, with a strong capital and liquidity position, strong credit quality, and ample lending capacity,” said Ann Teranishi, president and chief executive officer of ASB.
Financial Highlights
Third quarter 2024 net interest income was $62.2 million compared to $61.7 million in the linked quarter and $62.6 million in the third quarter of 2023. The increase in net interest income compared to the linked quarter was primarily due to higher interest and dividend income due to higher earning asset yields, partially offset by higher deposit costs. The lower net interest income compared to the prior year quarter was primarily due to higher deposit costs and lower earning asset balances, partially offset by higher interest and fees on loans due to higher earning asset
1 See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP
reconciliation at the end of this release.
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yields. Net interest margin for the third quarter of 2024 was 2.82% compared to 2.79% in the linked quarter, and 2.70% in the prior year quarter. The yield on earning assets improved 6 basis points during the quarter, while cost of funding increased 3 basis points.
In the third quarter of 2024, ASB recorded a provision for credit losses of $0.2 million compared to a negative provision for credit losses of $1.9 million in the linked quarter and a provision for credit losses of $8.8 million in the third quarter of 2023. The quarter’s provision for credit losses reflects continued strong credit quality and a healthy Hawaii economy. As of September 30, 2024, ASB’s allowance for credit losses to outstanding loans was 1.07% compared to 1.11% as of June 30, 2024 and 1.23% as of September 30, 2023.
The net charge-off ratio for the third quarter of 2024 was 0.15%, compared to 0.15% in the linked quarter, and 0.07% in the prior year quarter. Nonaccrual loans as a percentage of total loans receivable held for investment were 0.42%, compared to 0.53% in the linked quarter and 0.16% in the prior year quarter.
Noninterest income was $17.5 million in the third quarter of 2024, compared to $15.8 million in the linked quarter and $15.3 million in the third quarter of 2023. The increase compared to the linked and prior year quarters included higher fee income and higher bank-owned life insurance income.
Noninterest expense was $56.0 million compared to $136.5 million in the linked quarter and $56.3 million in the third quarter of 2023. The linked quarter’s noninterest expense reflected a goodwill impairment charge of $82.2 million pre-tax ($66.1 million after tax) taken in connection with HEI’s ongoing review of strategic options for ASB. Noninterest expense in the third quarter included net pre-tax wildfire-related expenses of $1.1 million.
Total loans were $6.1 billion as of September 30, 2024, down 2.3% from December 31, 2023.
Total deposits were $8.0 billion as of September 30, 2024, down 1.8% from December 31, 2023. Core deposits declined 2.1% from December 31, 2023, while certificates of deposit were approximately flat. As of September 30, 2024, 83% of deposits were F.D.I.C. insured or fully collateralized, with approximately 79% of deposits F.D.I.C. insured. For the third quarter of 2024, the average cost of funds was 118 basis points, up from 115 basis points in the linked quarter and 102 basis points in the prior year quarter.
Wholesale funding totaled $520 million as of September 30, 2024, unchanged from June 30, 2024.
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In the third quarter of 2024, ASB did not pay a dividend to HEI, supporting ASB’s healthy capital levels. ASB had a Tier 1 leverage ratio of 8.6% as of September 30, 2024.
HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS
Concurrent with ASB’s regulatory filing 30 days after the end of the quarter, ASB announced its third quarter 2024 financial results today. Please note that these reported results relate only to ASB and are not necessarily indicative of HEI’s consolidated financial results for the third quarter 2024.
HEI plans to announce its third quarter 2024 consolidated financial results on Friday, November 8, 2024 and will also conduct a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB’s earnings.
To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) 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 November 22, 2024. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.
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 https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued
3

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.
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, and modernize and harden the grid to ensure resilience and public safety. 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.
NON-GAAP MEASURES
Measures described as “core” are non-GAAP measures which exclude after-tax Maui wildfire-related costs and the goodwill impairment taken in connection with HEI’s ongoing review of strategic options for ASB. See “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.
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 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, 2023 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,
4

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.

###
5

American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended Nine months ended September 30
(in thousands)September 30,
2024		June 30,
2024		September 30,
2023		20242023
Interest and dividend income   
Interest and fees on loans$73,654 $72,960 $71,540 $219,585 $204,348 
Interest and dividends on investment securities14,001 13,218 14,096 42,183 42,508 
Total interest and dividend income87,655 86,178 85,636 261,768 246,856 
Interest expense
Interest on deposit liabilities19,018 18,015 14,446 54,465 30,944 
Interest on other borrowings6,403 6,479 8,598 21,036 25,171 
Total interest expense25,421 24,494 23,044 75,501 56,115 
Net interest income62,234 61,684 62,592 186,267 190,741 
Provision for credit losses248 (1,910)8,835 (3,821)10,053 
Net interest income after provision for credit losses61,986 63,594 53,757 190,088 180,688 
Noninterest income
Fees from other financial services5,188 5,133 4,703 15,195 14,391 
Fee income on deposit liabilities5,156 4,630 4,924 14,684 14,027 
Fee income on other financial products3,131 2,960 2,440 8,834 7,952 
Bank-owned life insurance2,993 2,255 2,303 8,832 5,683 
Mortgage banking income363 364 341 1,151 701 
Gain on sale of real estate— — — — 495 
Other income, net658 423 627 1,767 2,106 
Total noninterest income17,489 15,765 15,338 50,463 45,355 
Noninterest expense
Compensation and employee benefits31,485 29,802 29,902 93,746 89,500 
Occupancy5,630 5,220 5,154 15,913 16,281 
Data processing4,974 4,960 5,133 14,780 15,240 
Services3,816 4,250 3,627 12,217 8,911 
Equipment2,436 2,477 3,125 7,562 8,728 
Office supplies, printing and postage1,014 1,006 1,022 3,038 3,296 
Marketing885 747 984 2,408 2,834 
Goodwill impairment— 82,190 — 82,190 — 
Other expense5,806 5,813 7,399 16,561 19,742 
Total noninterest expense56,046 136,465 56,346 248,415 164,532 
Income (loss) before income taxes23,429 (57,106)12,749 (7,864)61,511 
Income tax expense (benefit)4,651 (11,319)1,384 (1,789)11,380 
Net income (loss)$18,778 $(45,787)$11,365 $(6,075)$50,131 
Comprehensive income (loss)$58,982 $(44,154)$(22,866)$25,994 $27,120 
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets0.81 (1.97)0.47 (0.09)0.70 
Return on average equity14.28 (33.97)9.19 (1.52)13.62 
Return on average tangible common equity14.28 (39.84)11.02 (1.69)16.36 
Net interest margin2.82 2.79 2.70 2.78 2.77 
Efficiency ratio70.30 176.20 72.30 104.94 69.69 
Net charge-offs to average loans outstanding0.15 0.15 0.07 0.15 0.11 
As of period end
Nonaccrual loans to loans receivable held for investment0.42 0.53 0.16 
Allowance for credit losses to loans outstanding1.07 1.11 1.23 
Tangible common equity to tangible assets6.0 5.4 3.9 
Tier-1 leverage ratio 8.6 8.4 7.7 
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)$— $— $14.0 $— $39.0 
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.
6

American Savings Bank, F.S.B.
BALANCE SHEETS DATA
(Unaudited)
(in thousands)September 30, 2024December 31, 2023
Assets 
Cash and due from banks$155,869 $184,383 
Interest-bearing deposits176,784 251,072 
Cash and cash equivalents332,653 435,455 
Investment securities
Available-for-sale, at fair value1,084,083 1,136,439 
Held-to-maturity, at amortized cost1,159,229 1,201,314 
Stock in Federal Home Loan Bank, at cost29,204 14,728 
Loans held for investment6,037,410 6,180,810 
Allowance for credit losses(64,796)(74,372)
Net loans5,972,614 6,106,438 
Loans held for sale, at lower of cost or fair value2,704 15,168 
Other687,359 681,460 
Goodwill— 82,190 
Total assets$9,267,846 $9,673,192 
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing$2,486,717 $2,599,762 
Deposit liabilities–interest-bearing5,512,493 5,546,016 
Other borrowings520,000 750,000 
Other191,512 247,563 
Total liabilities8,710,722 9,143,341 
Common stock1 1 
Additional paid-in capital359,346 358,067 
Retained earnings457,980 464,055 
Accumulated other comprehensive loss, net of tax benefits  
     Net unrealized losses on securities$(251,703) $(282,963) 
     Retirement benefit plans(8,500)(260,203)(9,309)(292,272)
Total shareholder’s equity557,124 529,851 
Total liabilities and shareholder’s equity$9,267,846 $9,673,192 

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.


7

Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures

HEI and ASB management use certain non-GAAP measures to evaluate the performance of HEI and the bank.
Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. 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 returns on average equity and average assets for the bank.
The reconciling adjustments from GAAP earnings to core earnings are limited to the costs related to the Maui wildfires and the goodwill impairment taken in connection with HEI’s ongoing review of strategic options for ASB. Management does not consider these items to be representative of the company’s fundamental core earnings.

Reconciliation of GAAP to non-GAAP Measures
American Savings Bank F.S.B.
Unaudited
Three months ended September 30Nine months ended September 30
(in thousands)2024202320242023
Maui wildfire related costs and goodwill impairment
Pretax expenses:
Provision for credit losses$(200)$5,900 $(2,500)$5,900 
Professional services expense1,134 1,300 4,043 1,300 
Other expenses, net(42)1,357 (308)1,357 
Pretax Maui wildfire related costs, net892 8,557 1,235 8,557 
     Pretax goodwill impairment— — 82,190 — 
     Income tax benefit(239)(2,293)(16,391)(2,293)
After-tax expenses$653 $6,264 $67,034 $6,264 
ASB net income (loss)
GAAP (as reported)$18,778 $11,365 $(6,075)$50,131 
Excluding expense relating to Maui wildfire costs and goodwill impairment (after tax):
Provision for credit losses (146)4,319 (1,830)4,319 
Professional services expense 830 952 2,960 952 
Other expenses, net(31)993 (226)993 
Goodwill impairment— — 66,130 — 
Maui wildfire related cost, net and goodwill impairment (after tax)653 6,264 67,034 6,264 
Non-GAAP (core) net income$19,431 $17,629 $60,959 $56,395 

1 Accounting principles generally accepted in the United States of America
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Three months ended September 30Nine months ended September 30
2024202320242023
Ratios (annualized %)
Based on GAAP
Return on average assets0.81 0.47 (0.09)0.70 
Return on average equity14.28 9.19 (1.52)13.62 
Return on average tangible common equity14.28 11.02 (1.69)16.36 
Efficiency ratio70.30 72.30 104.94 69.69 
Based on Non-GAAP (core)
Return on average assets0.84 0.73 0.87 0.78 
Return on average equity14.78 14.25 15.24 15.32 
Return on average tangible common equity14.78 17.09 16.94 18.40 
Efficiency ratio68.93 68.89 68.64 68.56 

9
v3.24.3
Cover
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 30, 2024
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
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