Hawaiian Electric Industries (HE) 8-K Regulation FD Disclosure

Hawaiian Electric Industries, Inc.

2017 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	16
Power Supply Information	18
American Savings Bank
Selected Information	20
Statements of Income Information	21
Balance Sheets Information	22
Other
State of Hawaii Information	23
Appendix - Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures	24

i

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016			2015			2014			2013
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	2,555,625		$	2,380,654		$	2,602,982		$	3,239,542		$	3,238,470
Net income for common stock		165,297			248,256			159,877			168,129			161,709
Basic earnings per common share		1.52			2.30			1.50			1.65			1.63
Diluted earnings per common share		1.52			2.29			1.50			1.63			1.62
Dividends per common share		1.24			1.24			1.24			1.24			1.24
Operating income (loss)
Electric utility		$	257,521		$	284,468		$	274,116		$	275,768		$	245,513
Bank		98,716			87,352			83,812			79,295			89,146
Other		(17,946		)	(23,645		)	(35,375		)	(22,463		)	(17,151		)
		$	338,291		$	348,175		$	322,553		$	332,600		$	317,508
Assets 1
Electric utility		$	6,196,281		$	5,975,428		$	5,672,210		$	5,550,021		$	5,058,065
Bank		6,798,659			6,421,357			6,014,755			5,566,222			5,244,686
Other		104,888			28,721			95,053			60,900			29,170
		$	13,099,828		$	12,425,506		$	11,782,018		$	11,177,143		$	10,331,921
Capital structure 1, 2
Short-term borrowings - other than bank		$	117,945		$	—		$	103,063		$	118,972		$	105,482
Long-term debt, net - other than bank		1,683,797			1,619,019			1,578,368			1,498,547			1,483,960
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,097,386			2,066,753			1,927,640			1,790,573			1,726,406
		$	3,933,421		$	3,720,065		$	3,643,364		$	3,442,385		$	3,350,141
Capital structure ratios 1, 2
Short-term borrowings - other than bank		3.0		%	-- %			2.9		%	3.5		%	3.2		%
Long-term debt, net - other than bank		42.8			43.5			43.3			43.5			44.3
Preferred stock of subsidiaries		0.9			0.9			0.9			1.0			1.0
Common stock equity		53.3			55.6			52.9			52.0			51.5
		100.0%			100.0%			100.0%			100.0%			100.0%
Key financial ratios
Market price to book value per common share 1		188		%	174		%	161		%	192		%	153		%
Price earnings ratio 3		23.8x			14.4x			19.3x			20.5x			16.1x
Return on average common equity		7.9		%	12.4		%	8.6		%	9.6		%	9.7		%
Indicated annual yield 1		3.4		%	3.7		%	4.3		%	3.7		%	4.8		%
Dividend payout ratio		82		%	54		%	82		%	75		%	76		%
Full-time employees
Hawaiian Electric and its subsidiaries		2,724			2,662			2,727			2,759			2,764
ASB		1,115			1,093			1,152			1,162			1,159
Consolidated HEI		3,880			3,796			3,918			3,965			3,966
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 has been updated to reflect the retrospective adoption of Accounting Standards Update (ASU) No. 2015-03.
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		2017			2016			2015			2014			2013
(in thousands, except per share amounts)
Revenues
Electric utility		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323		$	2,980,172
Bank		297,640			285,924			267,733			252,497			258,147
Other		419			362			83			(278		)	151
Total revenues		2,555,625			2,380,654			2,602,982			3,239,542			3,238,470
Expenses
Electric utility		2,000,045			1,809,900			2,061,050			2,711,555			2,734,659
Bank		198,924			198,572			183,921			173,202			169,001
Other		18,365			24,007			35,458			22,185			17,302
Total expenses		2,217,334			2,032,479			2,280,429			2,906,942			2,920,962
Operating income (loss)
Electric utility		257,521			284,468			274,116			275,768			245,513
Bank		98,716			87,352			83,812			79,295			89,146
Other		(17,946		)	(23,645		)	(35,375		)	(22,463		)	(17,151		)
Total operating income		338,291			348,175			322,553			332,600			317,508
Merger termination fee		—			90,000			—			—			—
Interest expense, net—other than on deposit liabilities
and other bank borrowings		(78,972		)	(75,803		)	(77,150		)	(76,352		)	(75,479		)
Allowance for borrowed funds used during construction		4,778			3,144			2,457			2,579			2,246
Allowance for equity funds used during construction		12,483			8,325			6,928			6,771			5,561
Income before income taxes		276,580			373,841			254,788			265,598			249,836
Income taxes		109,393			123,695			93,021			95,579			86,237
Net income		167,187			250,146			161,767			170,019			163,599
Preferred stock dividends of subsidiaries		1,890			1,890			1,890			1,890			1,890
Net income for common stock		$	165,297		$	248,256		$	159,877		$	168,129		$	161,709
Basic earnings per common share		$	1.52		$	2.30		$	1.50		$	1.65		$	1.63
Diluted earnings per common share		$	1.52		$	2.29		$	1.50		$	1.63		$	1.62
Weighted-average number of common shares outstanding		108,749			108,102			106,418			101,968			98,968
Weighted-average shares assuming dilution		108,933			108,309			106,721			102,937			99,623
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016			2015			2014			2013
(in thousands)
Net income for common stock		$	165,297		$	248,256		$	159,877		$	168,129		$	161,709
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		(4,370		)	(5,699		)	(2,334		)	5,840			(13,686		)
Reclassification adjustment for net realized gains included in net income, net of taxes		—			(360		)	—			(1,715		)	(738		)
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses, net of tax benefits		—			(281		)	—			—			—
Reclassification adjustment to net income, net of taxes		454			(119		)	235			236			235
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		65,531			(43,510		)	5,889			(234,166		)	223,177
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		15,737			14,518			22,465			11,344			23,280
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(78,724		)	28,584			(25,139		)	207,833			(222,595		)
Other comprehensive income (loss), net of taxes		(1,372		)	(6,867		)	1,116			(10,628		)	9,673
Comprehensive income attributable to Hawaiian Electric Industries, Inc.		$	163,925		$	241,389		$	160,993		$	157,501		$	171,382
Notes: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
	A reconciliation of GAAP to non-GAAP (core) measures is located in the Appendix.

2

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31		2017			2016			2015			2014			2013
(in thousands)
ASSETS
Cash and cash equivalents		$	261,881		$	278,452		$	300,478		$	175,542		$	220,036
Accounts receivable and unbilled revenues, net		263,209			237,950			242,766			313,696			346,785
Available-for-sale investment securities, at fair value		1,401,198			1,105,182			820,648			550,394			529,007
Held-to-maturity investment securities, at amortized cost		44,515			—			—			—			—
Stock in Federal Home Loan Bank, at cost		9,706			11,218			10,678			69,302			92,546
Loans receivable, net		4,628,381			4,701,977			4,570,412			4,397,457			4,115,415
Property, plant and equipment, net		5,025,916			4,603,465			4,377,658			4,148,774			3,865,514
Regulatory assets		869,297			957,451			896,731			905,264			575,924
Other		513,535			447,621			480,457			534,524			504,504
Goodwill		82,190			82,190			82,190			82,190			82,190
	Total assets	$	13,099,828		$	12,425,506		$	11,782,018		$	11,177,143		$	10,331,921
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	219,551		$	168,504		$	164,565		$	211,761		$	239,047
Deposit liabilities		5,890,597			5,548,929			5,025,254			4,623,415			4,372,477
Short-term borrowings - other than bank		117,945			—			103,063			118,972			105,482
Other bank borrowings		190,859			192,618			328,582			290,656			244,514
Long-term debt, net - other than bank		1,683,797			1,619,019			1,578,368			1,498,547			1,483,960
Deferred income taxes		388,430			728,806			680,877			633,570			530,786
Regulatory liabilities		880,770			410,693			371,543			344,849			349,299
Contributions in aid of construction		565,668			543,525			506,087			466,432			432,894
Other		1,030,532			1,112,366			1,061,746			1,164,075			812,763
	Total liabilities	10,968,149			10,324,460			9,820,085			9,352,277			8,571,222
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		1,662,491			1,660,910			1,629,136			1,521,297			1,488,126
Retained earnings		476,836			438,972			324,766			296,654			255,030
Accumulated other comprehensive loss, net of tax benefits		(41,941		)	(33,129		)	(26,262		)	(27,378		)	(16,750		)
	Total shareholders' equity	2,097,386			2,066,753			1,927,640			1,790,573			1,726,406
	Total liabilities and shareholders' equity	$	13,099,828		$	12,425,506		$	11,782,018		$	11,177,143		$	10,331,921
Notes:	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.

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, 2012	97,928	$	1,403,484		$	215,947		$	(26,423	)	$	1,593,008
Net income for common stock	—	—			161,709			—			161,709
Other comprehensive income, net of taxes	—	—			—			9,673			9,673
Issuance of common stock:
Partial settlement of equity forward	1,300	33,409			—			—			33,409
Dividend reinvestment and stock purchase plan	1,612	41,692			—			—			41,692
Retirement savings and other plans	420	9,203			—			—			9,203
Expenses and other, net	—	338			—			—			338
Common stock dividends	—	—			(122,626		)	—			(122,626		)
Balance, December 31, 2013	101,260	1,488,126			255,030			(16,750		)	1,726,406
Net income for common stock	—	—			168,129			—			168,129
Other comprehensive loss, net of tax benefits	—	—			—			(10,628		)	(10,628		)
Issuance of common stock:
Partial settlement of equity forward	1,000	24,873			—			—			24,873
Dividend reinvestment and stock purchase plan	95	2,461			—			—			2,461
Retirement savings and other plans	210	6,816			—			—			6,816
Expenses and other, net	—	(979		)	—			—			(979		)
Common stock dividends	—	—			(126,505		)	—			(126,505		)
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
Retirement savings and other plans	195	5,578			—			—			5,578
Expenses and other, net	—	(6,922		)	—			—			(6,922		)
Common stock dividends	—	—			(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
Expenses and other, net	—	(4,368		)	—			—			(4,368		)
Common stock dividends	—	—			(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:
Retirement savings and other plans	205	4,664			—			—			4,664
Expenses and other, net	—	(3,083		)	—			—			(3,083		)
Common stock dividends	—	—			(134,873		)	—			(134,873		)
Balance, December 31, 2017	108,788	$	1,662,491		$	476,836		$	(41,941	)	$	2,097,386
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			2017			2016			2015
(in thousands)
Cash flows from operating activities
Net income			$	167,187		$	250,146		$	161,767
Adjustments to reconcile net income
	to net cash provided by operating activities
		Depreciation of property, plant and equipment	200,658			194,273			183,966
		Other amortization	21,340			10,473			11,619
		Provision for loan losses	10,901			16,763			6,275
		Impairment of utility assets	—			—			6,021
		Loans receivable originated and purchased, held for sale	(115,104		)	(236,769		)	(268,279		)
		Proceeds from sale of loans receivable, held for sale	127,951			236,062			275,296
		Deferred income taxes	37,835			47,118			41,432
		Share-based compensation expense	5,404			4,789			6,542
		Allowance for equity funds used during construction	(12,483		)	(8,325		)	(6,928		)
		Other	(3,324		)	(12,422		)	1,672
		Changes in assets and liabilities
		Decrease (increase) in accounts receivable and unbilled revenues, net	(12,875		)	(898		)	62,304
		Increase (decrease) in accounts, interest and dividends payable	34,985			(9,643		)	(52,663		)
		Change in other assets and liabilities	(42,034		)	4,091			(72,166		)
Net cash provided by operating activities			420,441			495,658			356,858
Cash flows from investing activities
Available-for-sale investment securities purchased			(528,379		)	(533,956		)	(429,262		)
Principal repayments on available-for-sale investment securities			220,231			219,845			153,271
Proceeds from sale of available-for-sale investment securities			—			16,423			—
Purchases of held-to-maturity investment securities			(44,515		)	—			—
Purchase of stock from Federal Home Loan Bank			(2,868		)	(7,773		)	(1,600		)
Redemption of stock from Federal Home Loan Bank			4,380			7,233			60,223
Net decrease (increase) in loans held for investment			15,887			(194,042		)	(181,343		)
Proceeds from sale of commercial loans			36,760			52,299			—
Proceeds from sale of real estate acquired in settlement of loans			1,019			829			1,329
Proceeds from sale of real estate held for sale			—			1,764			7,283
Capital expenditures			(495,187		)	(330,043		)	(363,804		)
Contributions in aid of construction			64,733			30,100			40,239
Contributions to low income housing investments			(17,505		)	—			—
Acquisition of business			(76,323		)	—			—
Other			6,468			856			7,940
Net cash used in investing activities			$	(815,299	)	$	(736,465	)	$	(705,724	)
			(Continued on next page)

5

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2017			2016			2015
(in thousands)
Cash flows from financing activities
Net increase in deposit liabilities	$	341,668		$	523,675		$	401,839
Net increase (decrease) in short-term borrowings
with original maturities of three months or less	67,992			(103,063		)	(15,909		)
Proceeds from issuance of short-term debt	125,000			—			—
Repayment of short-term debt	(75,000		)	—			—
Net increase (decrease) in retail repurchase agreements	61,776			(43,601		)	37,925
Proceeds from other bank borrowings	59,500			180,835			50,000
Repayments of other bank borrowings	(123,034		)	(272,902		)	(50,000		)
Proceeds from issuance of long-term debt	532,325			115,000			80,000
Repayment of long-term debt and funds transferred for redemption
of special purpose revenue bonds	(465,000		)	(75,000		)	—
Withheld shares for employee taxes on vested share-based compensation	(3,828		)	(2,416		)	(3,260		)
Net proceeds from issuance of common stock	—			13,220			104,435
Common stock dividends	(134,873		)	(117,274		)	(131,765		)
Preferred stock dividends of subsidiaries	(1,890		)	(1,890		)	(1,890		)
Other	(6,349		)	2,197			2,427
Net cash provided by financing activities	378,287			218,781			473,802
Net increase (decrease) in cash and cash equivalents	(16,571		)	(22,026		)	124,936
Cash and cash equivalents, January 1	278,452			300,478			175,542
Cash and cash equivalents, December 31	$	261,881		$	278,452		$	300,478
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

6

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31				2017			2016			2015			2014			2013
(in thousands)
Short-term borrowings - other than bank 1				$	117,945		$	—		$	103,063		$	118,972		$	105,482
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2				1,368,479			1,319,260			1,278,702			1,199,025			1,209,583
Hamakua Energy, LLC 4.02% notes, due 2030				67,325			—			—			—			—
HEI 2.99% term loan, due 2022				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 term loan LIBOR + .75%, paid in 2017				—			125,000			125,000			125,000			—
HEI term loan LIBOR + .75%, paid in 2017				—			75,000			—			—			—
HEI 4.41% senior notes, paid in 2016				—			—			75,000			75,000			75,000
HEI 6.51% medium-term notes, Series C paid in 2014				—			—			—			—			100,000
Less unamortized debt issuance cost				(2,007		)	(241		)	(334		)	(478		)	(623		)
				1,683,797			1,619,019			1,578,368			1,498,547			1,483,960
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				1,662,491			1,660,910			1,629,136			1,521,297			1,488,126
Retained earnings				476,836			438,972			324,766			296,654			255,030
Accumulated other comprehensive loss, net of tax benefits				(41,941		)	(33,129		)	(26,262		)	(27,378		)	(16,750		)
				2,097,386			2,066,753			1,927,640			1,790,573			1,726,406
				$	3,933,421		$	3,720,065		$	3,643,364		$	3,442,385		$	3,350,141
LONG-TERM DEBT MATURITIES as of December 31, 2017
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
		2018		2019			2020			2021			2022			Thereafter			Total
(in thousands)
Long-term debt - other than bank 1
	Electric utilities2	$	50,000	$	—		$	96,000		$	—		$	52,000		$	1,178,546		$	1,376,546
	HEI	—		—			—			50,000			150,000			50,000			250,000
	Hamakua Energy, LLC	3,887		3,739			3,669			3,864			4,146			48,020			67,325
	Less unamortized debt issuance cost																		(10,074		)
		$	53,887	$	3,739		$	99,669		$	53,864		$	206,146		$	1,276,566		$	1,683,797
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 and 15 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		2017			2016			2015			2014			2013
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	81,894		$	99,926		$	92,794		$	96,677		$	81,519
	Hawaii Electric Light	20,146			21,255			20,755			18,689			20,136
	Maui Electric	17,911			21,136			22,165			22,275			21,277
Other subsidiaries		—			—			—			—			(3		)
Utilities consolidated		119,951			142,317			135,714			137,641			122,929
ASB consolidated		66,997			57,279			54,730			51,301			57,727
HEI and other		(21,651		)	48,660			(30,567		)	(20,813		)	(18,947		)
Consolidated HEI		$	165,297		$	248,256		$	159,877		$	168,129		$	161,709
Diluted earnings per common share		$	1.52		$	2.29		$	1.50		$	1.63		$	1.62
Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	6.5		%	8.3		%	8.0		%	8.7		%	8.0		%
	Hawaii Electric Light	7.0			7.3			7.2			6.7			7.4
	Maui Electric	6.8			8.1			8.5			8.8			8.9
Utilities consolidated		6.6			8.1			8.0			8.4			8.0
ASB consolidated		11.3			10.1			10.0			9.7			11.3
Consolidated HEI		7.9		%	12.4		%	8.6		%	9.6		%	9.7		%
NON-GAAP (CORE) EARNINGS AND RETURN ON AVERAGE COMMON EQUITY 1
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016			2015			2014			2013
(dollars in millions, except per share amounts)
Core net income		$	179.5		$	190.1		$	175.7		$	173.0		$	161.7
Core diluted earnings per common share		$	1.65		$	1.75		$	1.65		$	1.68		$	1.62
Adjusted return on average common
equity (simple average)		8.6		%	9.5		%	9.4		%	9.8		%	9.7		%
Note: Columns may not foot due to rounding
1	See the reconciliation of GAAP to non-GAAP measures in the Appendix.

8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016		2015		2014		2013
(in thousands)
CAPITAL STRUCTURE1
Long-term debt, net, including current portion2		$	1,368,479		$	1,319,260	$	1,278,702	$	1,199,025	$	1,209,583
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		1,845,283			1,799,787		1,728,325		1,682,144		1,593,564
		$	3,248,055		$	3,153,340	$	3,041,320	$	2,915,462	$	2,837,440
CAPITAL STRUCTURE RATIOS (%) 1,2
Long-term debt, net, including current portion		42.1			41.8		42.1		41.1		42.6
Preferred stock		1.1			1.1		1.1		1.2		1.2
Common stock equity		56.8			57.1		56.8		57.7		56.2
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Ratio of earnings to fixed charges (SEC method)		3.64			4.11		3.97		4.04		3.72
Authorized return on rate base 3
	Hawaiian Electric	7.57			8.11		8.11		8.11		8.11
	Hawaii Electric Light	7.80			8.31		8.31		8.31		8.31
	Maui Electric	7.34			7.34		7.34		7.34		7.34
Earned rate-making return on simple average rate base 4
	Hawaiian Electric	6.08			7.48		7.39		7.76		7.26
	Hawaii Electric Light	6.54			6.73		6.58		6.28		6.77
	Maui Electric	6.10			6.99		7.19		7.48		7.24
Authorized return on simple average common equity 3
	Hawaiian Electric	9.50			10.00		10.00		10.00		10.00
	Hawaii Electric Light	9.50			10.00		10.00		10.00		10.00
	Maui Electric	9.00			9.00		9.00		9.00		9.00
Earned rate-making return on simple average common equity 5
	Hawaiian Electric	6.83			9.46		9.20		9.85		8.95
	Hawaii Electric Light	7.30			7.61		7.49		6.65		7.46
	Maui Electric	6.84			8.34		8.76		9.47		9.35
Book return on simple average common equity 6
	Hawaiian Electric	6.46			8.26		8.02		8.74		7.98
	Hawaii Electric Light	6.97			7.28		7.22		6.71		7.41
	Maui Electric	6.76			8.08		8.52		8.81		8.91
RATE BASE (in millions, simple average)
Hawaiian Electric		$	1,975	7	$	1,879	$	1,814	$	1,756	$	1,662
Hawaii Electric Light		490		7	482		479		476		464
Maui Electric		438		7	431		440		439		421
		$	2,903		$	2,792	$	2,733	$	2,671	$	2,547
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.1		3.1
Accumulated depreciation as percent of gross plant1		34.0			34.5		34.6		35.0		35.8
Weighted-average AFUDC rate		7.7			7.6		7.6		7.7		7.6
1	At December 31.
2	Financial data for periods prior to January 1, 2016 has been updated to reflect the retrospective adoption of ASU No. 2015-03.
3	Reflects latest final decision and order as of the end of the respective years, with the exception of Hawaiian Electric and Hawaiian Electric Light's
	2017 authorized returns which reflect the latest interim decision and orders.
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 12/31/17 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,027, $495 and $449, respectively.

9

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016			2015			2014			2013
(in thousands)
Revenues		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323		$	2,980,172
Expenses
Fuel oil		587,768			454,704			654,600			1,131,685			1,185,552
Purchased power		586,634			562,740			594,096			722,008			710,681
Other operation and maintenance		417,910			405,533			413,089			410,612			403,270
Depreciation		192,784			187,061			177,380			166,387			154,025
Taxes, other than income taxes		214,949			199,862			221,885			280,863			281,131
Total expenses		2,000,045			1,809,900			2,061,050			2,711,555			2,734,659
Operating income		257,521			284,468			274,116			275,768			245,513
Allowance for equity funds used during construction		12,483			8,325			6,928			6,771			5,561
Interest expense and other charges, net		(69,637		)	(66,824		)	(66,370		)	(64,757		)	(59,279		)
Allowance for borrowed funds used during construction		4,778			3,144			2,457			2,579			2,246
Income before income taxes		205,145			229,113			217,131			220,361			194,041
Income taxes		83,199			84,801			79,422			80,725			69,117
Net income		121,946			144,312			137,709			139,636			124,924
Preferred stock dividends of subsidiaries		915			915			915			915			915
Net income attributable to Hawaiian Electric		121,031			143,397			136,794			138,721			124,009
Preferred stock dividends of Hawaiian Electric		1,080			1,080			1,080			1,080			1,080
Net income for common stock		119,951			142,317			135,714			137,641			122,929
Retained earnings, January 1		1,091,800			1,043,082			997,773			948,624			907,273
Reclass of AOCI for tax rate reduction impact		209			—			—			—			—
Common stock dividends		(87,767		)	(93,599		)	(90,405		)	(88,492		)	(81,578		)
Retained earnings, December 31		$	1,124,193		$	1,091,800		$	1,043,082		$	997,773		$	948,624
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.

10

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2017			2016			2015			2014			2013
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment
Land		$	53,177		$	53,153		$	52,792		$	52,299		$	51,883
Plant and equipment		6,946,563			6,605,732			6,315,698			6,009,482			5,701,875
Less accumulated depreciation		(2,476,352		)	(2,369,282		)	(2,266,004		)	(2,175,510		)	(2,111,229		)
Construction in progress		283,239			211,742			175,309			158,616			143,233
	Utility property, plant and equipment, net	4,806,627			4,501,345			4,277,795			4,044,887			3,785,762
Nonutility property, plant and equipment,
	less accumulated depreciation	7,580			7,407			7,272			6,563			6,567
	Total property, plant and equipment, net	4,814,207			4,508,752			4,285,067			4,051,450			3,792,329
Current assets
Cash and equivalents		12,517			74,286			24,449			13,762			62,825
Customer accounts receivable, net		127,889			123,688			132,778			158,484			175,448
Accrued unbilled revenues, net		107,054			91,693			84,509			137,374			144,124
Other accounts receivable, net		7,163			5,233			10,408			4,283			14,062
Fuel oil stock, at average cost		86,873			66,430			71,216			106,046			134,087
Materials and supplies, at average cost		54,397			53,679			54,429			57,250			59,044
Prepayments and other		25,355			23,100			36,640			33,468			32,155
Regulatory assets		88,390			66,032			72,231			71,421			69,738
	Total current assets	509,638			504,141			486,660			582,088			691,483
Other long-term assets
Regulatory assets		780,907			891,419			824,500			833,843			506,186
Unamortized debt expense		611			208			497			802			641
Other		90,918			70,908			75,486			81,838			67,426
	Total other long-term assets	872,436			962,535			900,483			916,483			574,253
	Total assets	$	6,196,281		$	5,975,428		$	5,672,210		$	5,550,021		$	5,058,065
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	1,845,283		$	1,799,787		$	1,728,325		$	1,682,144		$	1,593,564
Cumulative preferred stock - not subject to mandatory redemption		34,293			34,293			34,293			34,293			34,293
Long-term debt, net		1,318,516			1,319,260			1,278,702			1,199,025			1,198,200
	Total capitalization	3,198,092			3,153,340			3,041,320			2,915,462			2,826,057
Current liabilities
Current portion of long-term debt		49,963			—			—			—			11,383
Short-term borrowings from non-affiliate		4,999			—			—			—			—
Accounts payable		159,610			117,814			114,846			163,934			189,559
Interest and preferred dividends payable		22,575			22,838			23,111			22,316			21,652
Taxes accrued		199,101			172,730			191,084			250,402			249,445
Regulatory liabilities		3,401			3,762			2,204			632			1,916
Other		59,456			55,221			54,079			61,664			63,881
	Total current liabilities	499,105			372,365			385,324			498,948			537,836
Deferred credits and other liabilities
Deferred income taxes		394,041			733,659			654,806			573,439			486,459
Regulatory liabilities		877,369			406,931			369,339			344,217			347,383
Unamortized tax credits		90,369			88,961			84,214			79,492			73,539
Defined benefit pension and other postretirement benefit plans liability		472,948			599,726			552,974			595,395			262,162
Other		98,689			76,921			78,146			76,636			91,735
	Total deferred credits and other liabilities	1,933,416			1,906,198			1,739,479			1,669,179			1,261,278
Contributions in aid of construction		565,668			543,525			506,087			466,432			432,894
	Total capitalization and liabilities	$	6,196,281		$	5,975,428		$	5,672,210		$	5,550,021		$	5,058,065
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.

11

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31			2017			2016			2015
(in thousands)
Cash flows from operating activities
Net income			$	121,946		$	144,312		$	137,709
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		192,784			187,061			177,380
	Other amortization		8,498			6,935			8,939
	Impairment of utility assets		—			—			6,021
	Deferred income taxes		38,037			74,386			75,626
	Allowance for equity funds used during construction		(12,483		)	(8,325		)	(6,928		)
	Other		(1,066		)	(3,700		)	6,516
		Changes in assets and liabilities
		Decrease in accounts receivable	2,914			8,551			23,727
		Decrease (increase) in accrued unbilled revenues	(15,361		)	(7,184		)	40,093
		Decrease (increase) in fuel oil stock	(20,443		)	4,786			34,830
		Decrease (increase) in materials and supplies	(718		)	750			2,821
		Increase in regulatory assets	(17,256		)	(18,273		)	(24,182		)
		Increase (decrease) in accounts payable	25,734			(10,614		)	(54,555		)
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	29,862			2,123			(63,096		)
		Increase in defined benefit pension and other postretirement
		benefit plans liability	604			484			1,125
		Change in other assets and liabilities	(17,866		)	(11,375		)	(32,620		)
Net cash provided by operating activities			335,186			369,917			333,406
Cash flows from investing activities
Capital expenditures			(441,598		)	(320,437		)	(350,161		)
Contributions in aid of construction			64,733			30,100			40,239
Other			4,578			2,138			1,140
Net cash used in investing activities			(372,287		)	(288,199		)	(308,782		)
Cash flows from financing activities
Common stock dividends			(87,767		)	(93,599		)	(90,405		)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995		)	(1,995		)	(1,995		)
Proceeds from issuance of common stock			14,000			24,000			—
Proceeds from issuance of long-term debt			315,000			40,000			80,000
Funds transferred for redemption of special purpose revenue bonds			(265,000		)	—			—
Net increase in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		4,999			—			—
Other			(3,905		)	(287		)	(1,537		)
Net cash used in financing activities			(24,668		)	(31,881		)	(13,937		)
Net increase (decrease) in cash and cash equivalents			(61,769		)	49,837			10,687
Cash and cash equivalents, January 1			74,286			24,449			13,762
Cash and cash equivalents, December 31			$	12,517		$	74,286		$	24,449
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.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31					2017		2016		2015		2014		2013
(dollars in thousands, except par values)
				Shares outstanding
		Par value		12/31/17
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		2017		2016		2015		2014		2013
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2005A, 4.80%, due 2025		$	—	$	—	$	—	$	40,000	$	40,000
Series 2007A, 4.65%, due 2037		—		100,000		100,000		100,000		100,000
Refunding series 2007B, 4.60%, due 2026		—		62,000		62,000		62,000		62,000
Series 2009, 6.50%, due 2039		90,000		90,000		90,000		90,000		90,000
Refunding series 2015, 3.25%, due 2025		40,000		40,000		40,000		—		—
Refunding series 2017A, 3.10%, due 2026		62,000		—		—		—		—
Refunding series 2017B, 4.00%, due 2037		100,000		—		—		—		—
		292,000		292,000		292,000		292,000		292,000
Hawaii Electric Light
Refunding series 1999A, 5.50%, due 2014		—		—		—		—		11,400
Refunding series 2005A, 4.80%, due 2025		—		—		—		5,000		5,000
Series 2007A, 4.65%, due 2037		—		20,000		20,000		20,000		20,000
Refunding series 2007B, 4.60%, due 2026		—		8,000		8,000		8,000		8,000
Series 2009, 6.50%, due 2039		60,000		60,000		60,000		60,000		60,000
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		—		—
Refunding series 2017A, 3.10%, due 2026		8,000		—		—		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		—		—		—		—
		93,000		93,000		93,000		93,000		104,400
Maui Electric
Refunding series 2005A, 4.80%, due 2025		—		—		—		2,000		2,000
Series 2007A, 4.65%, due 2037		—		20,000		20,000		20,000		20,000
Refunding series 2007B, 4.60%, due 2026		—		55,000		55,000		55,000		55,000
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		—		—
Refunding series 2017A, 3.10%, due 2026		55,000		—		—		—		—
Refunding series 2017B, 4.00%, due 2037		20,000		—		—		—		—
		77,000		77,000		77,000		77,000		77,000
		462,000		462,000		462,000		462,000		473,400
Less funds on deposit with trustees		—		—		—		—		—
		$	462,000	$	462,000	$	462,000	$	462,000	$	473,400
								(Continued on next page)

14

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2017			2016			2015			2014			2013
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
	Hawaiian Electric, 4.31%, Series 2017A, due 2047	$	40,000		$	—		$	—		$	—		$	—
	Maui Electric, 4.31%, Series 2017A, due 2047	10,000			—			—			—			—
	Hawaiian Electric, 4.54%, Series 2016A, due 2046	40,000			40,000			—			—			—
	Hawaiian Electric, 5.23%, Series 2015A, due 2045	50,000			50,000			50,000			—			—
	Hawaii Electric Light, 5.23%, Series 2015A, due 2045	25,000			25,000			25,000			—			—
	Maui Electric, 5.23%, Series 2015A, due 2045	5,000			5,000			5,000			—			—
	Hawaii Electric Light, 3.83%, Series 2013A, due 2020	14,000			14,000			14,000			14,000			14,000
	Hawaiian Electric, 4.45%, Series 2013A, due 2022	40,000			40,000			40,000			40,000			40,000
	Hawaii Electric Light, 4.45%, Series 2013B, due 2022	12,000			12,000			12,000			12,000			12,000
	Hawaiian Electric, 4.84%, Series 2013B, due 2027	50,000			50,000			50,000			50,000			50,000
	Hawaii Electric Light, 4.84%, Series 2013C, due 2027	30,000			30,000			30,000			30,000			30,000
	Maui Electric, 4.84%, Series 2013A, due 2027	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 5.65% Series 2013C, due 2043	50,000			50,000			50,000			50,000			50,000
	Maui Electric, 5.65% Series 2013B, due 2043	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 3.79%, Series 2012A, due 2018	30,000			30,000			30,000			30,000			30,000
	Hawaii Electric Light, 3.79%, Series 2012A, due 2018	11,000			11,000			11,000			11,000			11,000
	Maui Electric, 3.79%, Series 2012A, due 2018	9,000			9,000			9,000			9,000			9,000
	Hawaiian Electric, 4.03%, Series 2012B, due 2020	62,000			62,000			62,000			62,000			62,000
	Maui Electric, 4.03%, Series 2012B, due 2020	20,000			20,000			20,000			20,000			20,000
	Hawaiian Electric, 4.55%, Series 2012C, due 2023	50,000			50,000			50,000			50,000			50,000
	Hawaii Electric Light, 4.55%, Series 2012B, due 2023	20,000			20,000			20,000			20,000			20,000
	Maui Electric, 4.55%, Series 2012C, due 2023	30,000			30,000			30,000			30,000			30,000
	Hawaiian Electric, 4.72%, Series 2012D, due 2029	35,000			35,000			35,000			35,000			35,000
	Hawaiian Electric, 5.39%, Series 2012E, due 2042	150,000			150,000			150,000			150,000			150,000
	Hawaiian Electric, 4.53%, Series 2012F, due 2032	40,000			40,000			40,000			40,000			40,000
		863,000			813,000			773,000			693,000			693,000
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034		51,546			51,546			51,546			51,546			51,546
Long-term debt, including amounts due within one year		1,376,546			1,326,546			1,286,546			1,206,546			1,217,946
Less unamortized discount		—			—			—			—			(1		)
Less current portion of long-term debt, net		(49,963		)	—			—			—			(11,383		)
Less unamortized debt issuance costs		(8,067		)	(7,286		)	(7,844		)	(7,521		)	(8,362		)
Long-term debt, net		$	1,318,516		$	1,319,260		$	1,278,702		$	1,199,025		$	1,198,200
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.

15

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017		2016		2015		2014		2013
SERVICE AREA
Service area (square miles)		5,815		5,815		5,815		5,815		5,815
Service area population (estimated, in thousands)		n/a		1,357		1,353		1,345		1,337
CUSTOMER ACCOUNTS 1
Residential		406,241		402,818		400,655		398,256		394,910
Commercial		53,732		55,089		54,878		54,924		54,616
Large light and power		656		670		659		596		556
Other		1,596		1,585		1,608		1,640		1,660
		462,225		460,162		457,800		455,416		451,742
CUSTOMER ACCOUNTS BY COMPANY 1
Hawaiian Electric		304,948		304,261		302,958		301,953		299,528
Hawaii Electric Light		85,925		85,029		84,309		83,421		82,637
Maui Electric		71,352		70,872		70,533		70,042		69,577
Consolidated		462,225		460,162		457,800		455,416		451,742
KILOWATTHOUR SALES (millions)
Residential		2,334		2,333		2,396		2,380		2,451
Commercial		2,868		2,911		2,978		3,022		3,106
Large light and power		3,443		3,555		3,533		3,524		3,463
Other		45		46		50		50		50
		8,690		8,845		8,957		8,976		9,070
KILOWATTHOUR SALES MIX (%)
Residential		26.9		26.4		26.8		26.5		27.0
Commercial		33.0		32.9		33.3		33.7		34.3
Large light and power		39.6		40.2		39.4		39.3		38.2
Other		0.5		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		6,548		6,660		6,754		6,782		6,859
Hawaii Electric Light		1,047		1,067		1,065		1,062		1,076
Maui Electric		1,095		1,118		1,138		1,132		1,135
Consolidated		8,690		8,845		8,957		8,976		9,070
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(1.7	)	(1.4	)	(0.4	)	(1.1	)	(1.7	)
Hawaii Electric Light		(2.0	)	0.2		0.2		(1.3	)	(0.8	)
Maui Electric		(2.1	)	(1.8	)	0.5		(0.2	)	(0.9	)
Consolidated		(1.8	)	(1.3	)	(0.2	)	(1.0	)	(1.5	)
RENEWABLE GENERATION RPS (%) 2
Hawaiian Electric		21		19		17		15		11
Hawaii Electric Light		57		54		49		47		48
Maui Electric		34		37		35		34		29
Consolidated		27		26		23		21		18
Source: State of Hawaii Data Book 2014 (prior years)
1	At December 31
2	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.
n/a	Not available
								(Continued on next page)

16

CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017			2016			2015			2014			2013
REVENUES (thousands)
Electric sales revenue
	Residential	$	691,857		$	638,776		$	709,886		$	879,605		$	892,438
	Commercial	766,921			711,553			798,202			1,027,588			1,044,166
	Large light and power	776,808			720,878			802,366			1,051,119			1,015,079
	Other	12,009			11,306			13,356			17,163			17,008
Total electric sales revenues		2,247,595			2,082,513			2,323,810			2,975,475			2,968,691
Other revenues		9,971			11,855			11,356			11,848			11,481
Total revenues		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323		$	2,980,172
Less:
Fuel oil		587,768			454,704			654,600			1,131,685			1,185,552
Purchased power		586,634			562,740			594,096			722,008			710,681
Taxes, other than income taxes		214,949			199,862			221,885			280,863			281,131
Net revenues		$	868,215		$	877,062		$	864,585		$	852,767		$	802,808
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	1,598,504		$	1,474,384		$	1,644,181		$	2,142,245		$	2,124,174
Hawaii Electric Light		333,467			311,385			345,549			422,200			431,517
Maui Electric		325,678			308,705			345,517			422,965			424,603
Eliminations		(83		)	(106		)	(81		)	(87		)	(122		)
Consolidated		$	2,257,566		$	2,094,368		$	2,335,166		$	2,987,323		$	2,980,172
AVERAGE REVENUE PER KWH SOLD (cents)
Residential		29.64			27.38			29.62			36.96			36.41
Commercial		26.74			24.44			26.81			34.00			33.62
Large light and power		22.56			20.28			22.71			29.82			29.31
Other		26.82			24.61			27.05			34.36			34.02
		25.86			23.54			25.90			33.15			32.73
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		24.31			22.01			24.23			31.47			30.86
Hawaii Electric Light		31.68			29.00			32.29			39.59			39.98
Maui Electric		29.58			27.45			30.21			37.17			37.20
Consolidated		25.86			23.54			25.90			33.15			32.73
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,829			5,856			6,052			6,036			6,283
Hawaii Electric Light		5,408			5,397			5,485			5,514			5,697
Maui Electric		6,000			6,067			6,351			6,408			6,554
Consolidated		5,779			5,806			5,996			6,000			6,220
Average monthly electric sales revenue per residential customer		$	143		$	132		$	148		$	185		$	189

17

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017	2016	2015	2014	2013
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
	Steam-conventional	3,703	3,799	3,948	4,013	4,243
	Combustion turbine	46	22	35	19	13
	Diesel	245	230	220	192	179
	Combined-cycle	829	835	846	842	864
		4,823	4,886	5,049	5,066	5,299
Biofuels		55	37	54	42	34
Hydro and wind		10	17	22	23	19
Total net generated		4,888	4,940	5,125	5,131	5,352
Purchased
Non-renewable		2,851	2,918	2,956	2,978	2,951
Renewable 1		1,396	1,431	1,352	1,329	1,244
Total purchased		4,247	4,349	4,308	4,307	4,195
		9,135	9,289	9,433	9,438	9,547
GENERATION MIX (%)
Fuel oil
Steam-conventional		40.5	40.9	41.9	42.6	44.4
Combustion turbine		0.5	0.2	0.4	0.2	0.1
Diesel		2.7	2.5	2.3	2.0	1.9
Combined-cycle		9.1	9.0	9.0	8.9	9.1
		52.8	52.6	53.6	53.7	55.5
Biofuels		0.6	0.4	0.6	0.5	0.4
Hydro and wind		0.1	0.2	0.2	0.2	0.2
Total generation		53.5	53.2	54.4	54.4	56.1
Purchased
Non-renewable		31.2	31.4	31.3	31.5	30.9
Renewable 1		15.3	15.4	14.3	14.1	13.0
Total purchased		46.5	46.8	45.6	45.6	43.9
		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.
					(Continued on next page)

18

POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2017		2016		2015		2014		2013		2012
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Steam-conventional		1,086		1,085		1,085		1,207		1,207		1,207
Combustion turbine		150		150		150		150		150		150
Diesel		146		143		151		147		147		147
Biodiesel (CIP CT-1)		121		121		113		113		113		113
Combined-cycle		170		170		170		170		170		170
		1,673		1,669		1,669		1,787		1,787		1,787
Firm purchase power contracts 4
Non-renewable		448		448		448		448		448		448
Renewable		103		103		107		127		119		97
		551		551		555		575		567		545
		2,224		2,220		2,224		2,362		2,354		2,332
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,679		1,679		1,679		1,786		1,778		1,756
Hawaii Electric Light		277		274		274		292		292		292
Maui Electric		268		267		271		284		284		284
		2,224		2,220		2,224		2,362		2,354		2,332
SYSTEM PEAK LOAD BY COMPANY (MW) 3
Hawaiian Electric		1,184		1,192		1,206		1,165		1,144		1,141
Hawaii Electric Light		190		189		192		188		190		189
Maui Electric		210		212		212		201		201		205
		1,584		1,593		1,610		1,554		1,535		1,535
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,546		8,501		8,762		8,728		9,043		9,395
Average fuel oil cost per barrel		$	68.78	$	53.49	$	74.71	$	129.65	$	131.10	$	138.09
Average fuel oil cost per million BTU (cents)		1,114.3		862.3		1,206.5		2,087.6		2,103.2		2,210.4
Fuel oil cost per net KWH generated (cents)		12.048		9.235		12.828		22.156		22.230		23.281
BTU per net KWH generated by company
	Hawaiian Electric	10,879		10,750		10,716		10,630		10,536		10,448
	Hawaii Electric Light	11,087		11,412		11,205		11,221		11,658		12,025
	Maui Electric	10,406		10,119		9,958		10,177		10,088		10,193
	Consolidated	10,812		10,710		10,632		10,613		10,570		10,533
OTHER DATA
Losses and system uses (%)		4.7		4.6		4.8		4.7		4.8		4.8
Reserve margin (%) 3		42.0		40.8		40.4		54.5		57.2		56.0
Annual load factor (%) 3		65.8		66.6		66.9		69.3		71.0		72.1
Cost per KWH purchased (cents)		13.813		12.939		13.790		16.765		16.940		17.694
1	At December 31.
2	Excludes hydro run-of-river units.
3	Net; noncoincident and nonintegrated.
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.

19

SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31		2017	2016	2015	2014		2013
CAPITAL RATIOS (%)
Common equity tier 1
	ASB	12.95	12.17	12.07	N/A		N/A
	Requirement	4.50	4.50	4.50	N/A		N/A
Tier 1 capital
	ASB	12.95	12.17	12.07	11.28		11.17
	Requirement	6.00	6.00	6.00	4.00		4.00
Total capital
	ASB	14.20	13.42	13.27	12.35		12.13
	Requirement	8.00	8.00	8.00	8.00		8.00
Tier 1 leverage
	ASB	8.58	8.59	8.82	8.91		9.12
	Requirement	4.00	4.00	4.00	1.50		1.50
KEY STATISTICS (%)
Return on average assets
	ASB	1.02	0.92	0.95	0.95		1.13
	Peers 1	0.95	1.03	0.99	1.03		0.98
	High performing peers 1	1.17	1.19	1.24	1.23		1.24
Return on average equity
	ASB	11.20	9.90	9.93	9.60		11.43
	Peers 1	8.39	9.52	8.94	9.60		8.97
	High performing peers 1	11.02	10.87	11.36	11.57		11.27
Net interest margin
	ASB	3.69	3.59	3.53	3.62		3.74
	Peers 1	3.50	3.49	3.62	3.63		3.65
	High performing peers 1	3.57	3.48	3.71	3.90		4.01
Revenue growth
	ASB	4.51	6.54	6.09	(2.57	)	(2.43	)
	Peers 1	9.68	9.28	8.71	6.81		2.91
	High performing peers 1	6.73	5.23	5.19	6.81		0.46
Efficiency ratio
	ASB	61.60	61.89	64.87	64.66		63.46
	Peers 1	57.51	57.65	60.34	62.35		62.72
	High performing peers 1	51.58	52.96	50.78	50.15		48.19
Net charge-offs to loans outstanding
	ASB	0.27	0.24	0.04	0.01		0.09
	Peers 1	0.07	0.10	0.11	0.17		0.25
	High performing peers 1	0.06	0.10	0.09	0.15		0.14
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		38	36	30	36		40
Loan Growth (%)		(1.52)	2.63	4.08	6.78		9.71
Branch locations 2		49	52	56	56		57
Number of ATMs 2		113	114	116	116		116
1	Based upon publicly traded banks and thrifts with $3.5 billion to $8.0 billion in total assets, list revised annually.
	High performing peers are a subset of the bank peer group generally based upon performance metrics, such as return on average assets,
	above the average of the entire peer group.
2	At December 31.

20

STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31	2017		2016		2015		2014		2013
(in thousands)
Interest and dividend income
Interest and fees on loans	$	207,255	$	199,774	$	184,782	$	179,341	$	172,969
Interest and dividends on investment securities	28,823		19,184		15,120		11,945		13,095
Total interest and dividend income	236,078		218,958		199,902		191,286		186,064
Interest expense
Interest on deposit liabilities	9,660		7,167		5,348		5,077		5,092
Interest on other borrowings	2,496		5,588		5,978		5,731		4,985
Total interest expense	12,156		12,755		11,326		10,808		10,077
Net interest income	223,922		206,203		188,576		180,478		175,987
Provision for loan losses	10,901		16,763		6,275		6,126		1,507
Net interest income after provision for loan losses	213,021		189,440		182,301		174,352		174,480
Noninterest income
Fees from other financial services	22,796		22,384		22,211		21,747		27,099
Fee income on deposit liabilities	22,204		21,759		22,368		19,249		18,363
Fee income on other financial products	7,205		8,707		8,094		8,131		8,405
Net gains on sale of securities	—		598		—		2,847		1,226
Mortgage banking income	2,201		6,625		6,330		2,913		8,309
Other income, net	7,156		6,893		8,828		6,324		8,681
Total noninterest income	61,562		66,966		67,831		61,211		72,083
Noninterest expense
Compensation and employee benefits	95,751		90,117		90,518		79,885		82,910
Occupancy and equipment	23,931		23,259		22,942		23,761		24,042
Data processing	13,280		13,030		12,103		11,690		10,952
Services	10,994		11,054		10,204		10,269		9,015
Other expense	31,911		31,594		30,553		30,663		30,496
Total noninterest expense	175,867		169,054		166,320		156,268		157,415
Income before income taxes	98,716		87,352		83,812		79,295		89,148
Income taxes	31,719		30,073		29,082		27,994		31,421
Net income	$	66,997	$	57,279	$	54,730	$	51,301	$	57,727
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.

21

BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited
December 31		2017			2016			2015			2014			2013
(in thousands)
ASSETS
Cash and cash equivalents		$	234,099		$	189,211		$	220,881		$	161,463		$	156,603
Restricted cash		—			1,764			—			—			—
Investment securities
	Available-for-sale investment securities, at fair value	1,401,198			1,105,182			820,648			550,394			529,007
	Held-to-maturity investment securities, at amortized cost	44,515			—			—			—			—
Investment in stock of Federal Home Loan Bank, at cost		9,706			11,218			10,678			69,302			92,546
Loans receivable, net		4,628,381			4,701,977			4,570,412			4,397,457			4,115,415
Real estate acquired in settlement of loans, net		133			1,189			1,030			891			1,205
Other and other intangibles, net		398,437			328,626			308,916			304,525			267,720
Goodwill		82,190			82,190			82,190			82,190			82,190
Total assets		$	6,798,659		$	6,421,357		$	6,014,755		$	5,566,222		$	5,244,686
LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	5,890,597		$	5,548,929		$	5,025,254		$	4,623,415		$	4,372,477
Other borrowings		190,859			192,618			328,582			290,656			244,514
Other		110,356			101,635			101,029			118,363			107,205
Total liabilities		6,191,812			5,843,182			5,454,865			5,032,434			4,724,196
Common stock		345,019			342,705			340,497			338,412			336,054
Retained earnings		292,957			257,943			236,664			211,934			196,633
Accumulated other comprehensive loss, net of tax benefits		(31,129		)	(22,473		)	(17,271		)	(16,558		)	(12,197		)
Total shareholder's equity		606,847			578,175			559,890			533,788			520,490
Total liabilities and shareholder's equity		$	6,798,659		$	6,421,357		$	6,014,755		$	5,566,222		$	5,244,686
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.

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STATE OF HAWAII INFORMATION
Unaudited
Years ended December 31, except as noted		2017		2016		2015		2014		2013
POPULATION BY COUNTY (thousands) 1
Honolulu		n/a		993		993		988		985
Hawaii		n/a		198		196		194		191
Maui		n/a		166		164		163		161
Kauai		n/a		72		72		71		69
		n/a		1,429		1,425		1,416		1,406
VISITOR DATA
Visitor arrivals by air (thousands)		9,257		8,822		8,563		8,196		8,003
Visitor days by air (thousands)		83,412		79,669		78,086		74,983		74,050
Visitor expenditures by air (millions)		16,734		15,754		14,938		14,809		14,352
Year-over-year change (%)
Visitor arrivals by air		4.9		3.0		4.5		2.4		1.7
Visitor days		4.7		2.3		4.1		1.3		0.5
Visitor expenditures by air		6.2		5.5		0.9		3.2		1.1
CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized 2		$	3,128	$	3,241	$	3,964	$	3,315	$	2,721
Government contracts awarded		$	1,192	$	1,673	$	1,555	$	1,097	$	1,194
Estimated value of completed construction		n/a		$	8,288	$	8,112	$	7,024	$	7,330
OTHER DATA
Real gross state product (billions of 2009 $s)		$	75.2	$	74.0	$	72.7	$	69.7	$	70.0
Honolulu Consumer Price Index (% change)		2.5		2.0		1.0		1.4		1.8
Total non-agriculture wage and salary jobs (thousands) 3		654.8		647.6		638.6		627.2		618.6
Unemployment rate (average annual %)		2.5		3.0		3.6		4.4		4.9
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2016 (prior years), Hawaii State Department of Business, Economic Development & Tourism, Hawaii Tourism
Authority, United States Department of Labor, Bureau of Labor Statistics, and U.S. Census Bureau.
1	Resident population estimates, including military personnel, excluding visitors, as of July 1
2	Excludes public construction.
3	Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a	Not available

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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. 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 (including diluted earnings per common share), the return on average common equity (ROACE) and the adjusted non-GAAP core 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 also 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 and adjusted non-GAAP (core) diluted earnings per common share 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		2017			2016			2015			2014			2013
HEI CONSOLIDATED NET INCOME
GAAP (as reported)		$	165.3		$	248.3		$	159.9		$	168.1		$	161.7
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			4.9			—
	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		$	179.5		$	190.1		$	175.7		$	173.0		$	161.7
HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE (EPS)
GAAP (as reported)		$	1.52		$	2.29		$	1.50		$	1.63		$	1.62
Non-GAAP (core)		$	1.65		$	1.75		$	1.65		$	1.68		$	1.62
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		7.9		%	12.4		%	8.6		%	9.6		%	9.7		%
Based on non-GAAP (core)5		8.6		%	9.5		%	9.4		%	9.8		%	9.7		%
Hawaiian Electric Company, Inc. and Subsidiaries
UTILITY NET INCOME
GAAP (as reported)		$	120.0		$	142.3		$	135.7		$	137.6		$	122.9
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)		$	129.1		$	144.5		$	136.2		$	137.6		$	122.9
UTILITY RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		6.6		%	8.1		%	8.0		%	8.4		%	8.0		%
Based on non-GAAP (core)5		7.1		%	8.2		%	8.0		%	8.4		%	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 core net income divided by average GAAP common equity

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