secwatch.observer — SEC 8-K summary
======================================

Issuer:     HAWAIIAN ELECTRIC INDUSTRIES INC (HE)
CIK:        0000354707
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0000354707-24-000004
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/354707/000035470724000004/0000354707-24-000004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/354707/000035470724000004/he-20240130.htm
  HTML page:      https://secwatch.observer/filing/0000354707-24-000004

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer