---
schema_version: "secwatch.filing_event.v1"
accession: "0000354707-24-000004"
form_type: "8-K"
ticker: "HE"
cik: "0000354707"
company_name: "HAWAIIAN ELECTRIC INDUSTRIES INC"
filed_at: "2024-01-30T23:59:59+00:00"
generated_at: "2026-06-06T15:19:56.446629+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# American Savings Bank 2023 net income $53.4M, down 33% YoY; Q4 net $3.2M after repositioning loss

## Summary
- 2023 net income $53.4M vs $80.0M in 2022; core net income (ex-wildfire & repositioning) $72.6M.
- Q4 2023 net income $3.2M includes $11.0M after-tax loss on sale of securities and $2.0M wildfire expenses; core Q4 net $16.2M.
- Net interest margin 2.74% for 2023, down from 2.89% in 2022; average cost of funds rose 77 bps to 0.93%.
- Nonaccrual loans rose to 0.46% of loans from 0.28% year ago; Tier 1 leverage ratio 7.7% as of Dec 31, 2023.
- No dividend paid to HEI in Q4; balance sheet repositioning sold low-yielding securities to reduce high-cost deposits.

## SEC filing metadata
- accession: 0000354707-24-000004
- form_type: 8-K
- ticker: HE
- cik: 0000354707
- company_name: HAWAIIAN ELECTRIC INDUSTRIES INC
- filed_at: 2024-01-30T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/354707/000035470724000004/0000354707-24-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/354707/000035470724000004/he-20240130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000354707-24-000004
- JSON: https://secwatch.observer/filing/0000354707-24-000004.json
- Plain text: https://secwatch.observer/filing/0000354707-24-000004.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.