# EDGAR Filing Document

**Accession Number:** 0000354707
**File Stem:** 0000354707-23-000011
**Filing Date:** 2023-1
**Character Count:** 23756
**Document Hash:** 5bf39a62db648140368fb56e82bbf9dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354707-23-000011.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0000354707-23-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230130

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN ELECTRIC INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000354707
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 990208097
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08503
- **FILM NUMBER:** 23568267

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 BISHOP STREET, SUITE 2900
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085435662

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 730
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96808-0730

?xml version="1.0" ? he-20230130

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: January 30, 2023

---

| | | |
|:---|:---|:---|
| Exact Name of Registrant | Commission | I.R.S. Employer |
| <u>as Specified in Its Charter</u> | <u>File Number</u> | <u>Identification No.</u> |
| Hawaiian Electric Industries, Inc. | 1-8503 | 99-0208097 |

---

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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;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 <br> <u>Hawaiian Electric Industries, Inc.</u> <u>Common Stock, Without Par Value</u> <u>HE</u> <u>New York Stock Exchange</u>

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. ☐

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**Item 7.01 Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;On January 30, 2023, HEI issued a news release, "American Savings Bank Reports Fourth Quarter and Full Year 2022 Financial Results." This news release is furnished as Exhibit 99."

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (d) <u>Exhibits</u> | |
| <u>[Exhibit 99](heiexhibit99-8xkasb01x30x23.htm)</u> | News release, dated January 30, 2023, "American Savings Bank Reports Fourth Quarter and Full Year 2022 Financial Results" |
| 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.

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;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/ Paul K. Ito |
| Paul K. Ito |
| Executive Vice President, |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |
| Date: January 30, 2023 |

---

## Ex-99

<u>Exhibit 99</u>![revisedlogo.jpg](revisedlogo.jpg)

---

| | | |
|:---|:---|:---|
| | | NEWS RELEASE |
| January 30, 2023 | January 30, 2023 |  |
| Contact: | Mateo Garcia | Telephone: (808) 543-7300 |
|  | Director, Investor Relations | E-mail: ir@hei.com |

---

**AMERICAN SAVINGS BANK REPORTS FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS**

***Full Year 2022 Performance Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Executed on market opportunities, growing loans by 15%, the strongest in over a decade***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Strong credit quality drove 0.03% net charge off ratio (lowest since 2014), and low provision for credit losses ($2 million)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest income up 6.5% versus 2021***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest margin remained strong at 2.89%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Continued strong capital and liquidity position***

HONOLULU - American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. **(NYSE - HE)**, today reported 2022 net income of $80.0 million, compared to $101.2 million in 2021. Net income for 2021 reflected a $25.8 million negative provision for credit losses following large provisioning in 2020 related to the COVID-19 pandemic, compared to a provision for credit losses totaling $2.0 million in 2022 (pre-tax). Net income for 2021 also included $14.3 million in Paycheck Protection Program (PPP) fee income, compared to $2.9 million in PPP fee income in 2022 (pre-tax).

"We are pleased with our 2022 results, which reflect strong execution by our team, solid credit quality and a healthy Hawaii economy," said Ann Teranishi, president and chief executive officer of ASB. "Excluding unique pandemic recovery-related items that benefited our 2021 net income, we saw meaningful growth in earnings year over year. We also saw the strongest loan growth in recent memory, reflecting great work by our team and the resilience of Hawaii's consumers and businesses. We continued to see positive credit trends despite the inflationary

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environment, and rising interest rates benefited our net interest margin and profitability," said Teranishi.

Net income for the fourth quarter of 2022 was $17.9 million, compared to $20.8 million in the third quarter of 2022 and $22.1 million in the fourth quarter of 2021.

**Financial Highlights**

Net interest income was $252.6 million in 2022 compared to $237.2 million in 2021. The increase in net interest income for the year was primarily due to higher yields on loans and investment securities, strong loan growth across nearly the entire portfolio and higher balances of investment securities. Fourth quarter 2022 net interest income was $66.1 million compared to $65.7 million in the linked quarter and $59.1 million in the fourth quarter of 2021. Higher net interest income compared to the linked and prior year quarters was primarily due to higher yields and balances on loans, partially offset by higher funding costs. Net interest margin was 2.89% in 2022, compared to 2.91% in 2021. Net interest margin for the fourth quarter of 2022 was 2.91% compared to 2.96% in the linked quarter and 2.79% in the fourth quarter of 2021.

Strong loan growth during the year required additional credit loss reserves, but those additional reserves were partially offset by provision releases due to favorable credit trends. The provision for credit losses for 2022 was $2.0 million compared to a negative provision for credit losses of $25.8 million in 2021. The fourth quarter 2022 provision for credit losses was $2.7 million compared to a negative provision for credit losses of $0.2 million in the linked quarter and a negative provision for credit losses of $3.5 million in the fourth quarter of 2021. As of December 31, 2022, ASB's allowance for credit losses to outstanding loans was 1.21% compared to 1.24% as of September 30, 2022 and 1.36% as of December 31, 2021.

The 2022 net charge-off ratio was 0.03% compared to 0.07% in 2021. The net charge-off ratio for the fourth quarter of 2022 was 0.06%, compared to 0.03% in both the linked quarter and the fourth quarter of 2021. Nonaccrual loans as a percent of total loans receivable held for investment were 0.28% as of December 31, 2022, compared to 0.35% as of September 30, 2022 and 0.86% as of December 31, 2021.

Noninterest income for 2022 was $57.0 million compared to $64.7 million in 2021. The decrease in noninterest income was primarily due to lower mortgage banking income, lower bank-owned life insurance (BOLI) income and lower fees from other financial services, partially offset by higher fee income on deposit liabilities, gains on sales of real estate and fee income on other financial products. Noninterest income was $15.3 million in the fourth quarter of 2022 compared to $13.0 million in the linked quarter and $15.7 million in the fourth quarter of 2021.

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The increase compared to the linked quarter was primarily due to higher BOLI income and a gain on sale of real estate. The decrease compared to the prior year quarter was primarily due to lower mortgage banking income and lower fees from other financial services, partially offset by higher BOLI income and a gain on sale of real estate.

Noninterest expense for 2022 was $205.3 million compared to $197.2 million in 2021. The increase in noninterest expense was driven by a pension accounting change that resulted in lower pension expense in 2021, and higher occupancy costs in 2022 primarily from the write-off of leases related to branch closures. Fourth quarter noninterest expense was $56.1 million compared to $51.6 million in the linked quarter and $50.0 million in the fourth quarter of 2022. The increase compared to the linked and prior year quarters was primarily due to higher compensation and benefits expenses and higher occupancy costs.

Total earning assets as of December 31, 2022 were $9.1 billion, up 7.2% from December 31, 2021.

Total loans were $6.0 billion as of December 31, 2022, up 15% from December 31, 2021, reflecting growth across the entire portfolio with the exception of PPP loans. Commercial real estate, residential and home equity line of credit were the strongest sources of loan growth for the year.

Total deposits were $8.2 billion as of December 31, 2022, a decrease of 0.03% from December 31, 2021. The average cost of funds was 0.16% for the full year 2022, 10 basis points higher than the prior year. For the fourth quarter of 2022, the average cost of funds was 0.38%, up 25 basis points versus the linked quarter and up 33 basis points versus the prior year quarter.

ASB's return on average equity for the full year 2022 was 14.1% compared to 13.8% in 2021. Return on average assets for the full year was 0.86% in 2022 compared to 1.15% in 2021. For the fourth quarter of 2022, return on average equity was 15.7%, compared to 15.1% in the linked quarter and 12.1% in the fourth quarter of 2021. Return on average assets was 0.76% for the fourth quarter of 2022, compared to 0.89% in the linked quarter and 0.97% in the same quarter last year.

In the fourth quarter of 2022, ASB paid dividends of $10.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.78% as of December 31, 2022.

**HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2023 GUIDANCE**

Concurrent with ASB's regulatory filing 30 days after the end of the quarter, ASB announced its fourth quarter and full year 2022 financial results today. Please note that these

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reported results relate only to ASB and are not necessarily indicative of HEI's consolidated financial results for the fourth quarter and full year 2022.

HEI plans to announce its fourth quarter and full year 2022 consolidated financial results on Tuesday, February 14, 2023 and will also conduct a webcast and conference call at 11:15 a.m. Hawaii time (4:15 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB's earnings, and 2023 guidance.

To listen to the conference call, dial 1-844-200-6205 (U.S.) or +1-929-526-1599 (international) and enter passcode 864795. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call link on HEI's website at <u>www.hei.com</u> 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 February 28, 2023. To access the audio replay, dial 1-866-813-9403 (U.S.) or +44-204-525-0658 (international) and enter passcode 326110.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI's website, <u>www.hei.com</u>, 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 <u>dms.puc.hawaii.gov/dms</u> to review documents filed with, and issued 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. Its banking subsidiary, ASB,

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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 <u>www.hei.com</u>.

**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, 2021 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, 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. ###

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American Savings Bank, F.S.B.

STATEMENTS OF INCOME DATA

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Years ended December 31 | Years ended December 31 |
| (in thousands) | December 31, 2022 | September 30,<br>2022 | December 31, 2021 | 2022 | 2021 |
| **Interest and dividend income** |  |  |  |  |  |
| Interest and fees on loans | $60331 | $53365 | $48384 | $207830 | $198802 |
| Interest and dividends on investment securities | 14315 | 15052 | 11755 | 58044 | 43464 |
| &nbsp;&nbsp;&nbsp;Total interest and dividend income | 74646 | 68417 | 60139 | 265874 | 242266 |
| **Interest expense** |  |  |  |  |  |
| Interest on deposit liabilities | 3755 | 1704 | 1062 | 7327 | 4981 |
| Interest on other borrowings | 4775 | 1055 | 4 | 5974 | 59 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 8530 | 2759 | 1066 | 13301 | 5040 |
| **Net interest income** | **66116** | **65658** | **59073** | **252573** | **237226** |
| Provision for credit losses | 2729 | (186) | (3458) | 2037 | (25825) |
| **Net interest income after provision for credit losses** | **63387** | **65844** | **62531** | **250536** | **263051** |
| **Noninterest income** |  |  |  |  |  |
| Fees from other financial services | 4764 | 4763 | 5888 | 19830 | 21225 |
| Fee income on deposit liabilities | 4640 | 4879 | 4634 | 18762 | 16663 |
| Fee income on other financial products | 2628 | 2416 | 2003 | 10291 | 8770 |
| Bank-owned life insurance | 1872 | 122 | 1107 | 2533 | 7318 |
| Mortgage banking income | 62 | 181 | 1808 | 1692 | 9305 |
| Gain on sale of real estate | 776 |  |  | 1778 |  |
| Gain on sale of investment securities, net |  |  |  |  | 528 |
| Other income, net | 606 | 633 | 220 | 2086 | 851 |
| &nbsp;&nbsp;&nbsp;Total noninterest income | 15348 | 12994 | 15660 | 56972 | 64660 |
| **Noninterest expense** |  |  |  |  |  |
| Compensation and employee benefits | 30361 | 28597 | 27375 | 113839 | 113970 |
| Occupancy | 7030 | 5577 | 5358 | 24026 | 20584 |
| Data processing | 4537 | 4509 | 4472 | 17681 | 17634 |
| Services | 2967 | 2751 | 2718 | 10679 | 10327 |
| Equipment | 2937 | 2432 | 2521 | 10100 | 9510 |
| Office supplies, printing and postage | 1142 | 1123 | 1145 | 4398 | 4239 |
| Marketing | 1091 | 925 | 1562 | 3968 | 3870 |
| FDIC insurance | 978 | 914 | 823 | 3591 | 3235 |
| Other expense | 5056 | 4729 | 3993 | 16985 | 13783 |
| &nbsp;&nbsp;&nbsp;Total noninterest expense | 56099 | 51557 | 49967 | 205267 | 197152 |
| **Income before income taxes** | **22636** | **27281** | **28224** | **102241** | **130559** |
| Income taxes | 4739 | 6525 | 6095 | 22252 | 29325 |
| **Net income** | $**17897** | $**20756** | $**22129** | $**79989** | $**101234** |
| **Comprehensive income (loss)** | $**29282** | $**(78186)** | $**9840** | $**(218844)** | $**48506** |
| OTHER BANK INFORMATION (annualized %, except as of period end) | OTHER BANK INFORMATION (annualized %, except as of period end) |  |  |  |  |
| Return on average assets | 0.76 | 0.89 | 0.97 | 0.86 | 1.15 |
| Return on average equity | 15.73 | 15.11 | 12.10 | 14.08 | 13.76 |
| Return on average tangible common equity | 19.20 | 17.77 | 13.63 | 16.46 | 15.49 |
| Net interest margin | 2.91 | 2.96 | 2.79 | 2.89 | 2.91 |
| Efficiency ratio | 68.86 | 65.55 | 66.86 | 66.31 | 65.31 |
| Net charge-offs to average loans outstanding | 0.06 | 0.03 | 0.03 | 0.03 | 0.07 |
| As of period end |  |  |  |  |  |
| Nonaccrual loans to loans receivable held for investment | 0.28 | 0.35 | 0.86 |  |  |
| Allowance for credit losses to loans outstanding | 1.21 | 1.24 | 1.36 |  |  |
| Tangible common equity to tangible assets | 4.1 | 4.0 | 7.1 |  |  |
| Tier-1 leverage ratio | 7.8 | 7.7 | 7.9 |  |  |
| Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions) | $10.0 | $5.0 | $19.0 | $42.0 | $59.0 |

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

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American Savings Bank, F.S.B.

BALANCE SHEETS DATA

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
| **Assets** |  |  |  |  |
| Cash and due from banks |  | $153042 |  | $100051 |
| Interest-bearing deposits |  | 3107 |  | 151189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 156149 |  | 251240 |
| Investment securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale, at fair value |  | 1429667 |  | 2574618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at amortized cost |  | 1251747 |  | 522270 |
| Stock in Federal Home Loan Bank, at cost |  | 26560 |  | 10000 |
| Loans held for investment |  | 5978906 |  | 5211114 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses |  | (72216) |  | (71130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans |  | 5906690 |  | 5139984 |
| Loans held for sale, at lower of cost or fair value |  | 824 |  | 10404 |
| Other |  | 692143 |  | 590897 |
| Goodwill |  | 82190 |  | 82190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** |  | $9545970 |  | $9181603 |
| **Liabilities and shareholder's equity** |  |  |  |  |
| Deposit liabilities–noninterest-bearing |  | $2811077 |  | $2976632 |
| Deposit liabilities–interest-bearing |  | 5358619 |  | 5195580 |
| Other borrowings |  | 695120 |  | 88305 |
| Other |  | 212269 |  | 193268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  | 9077085 |  | 8453785 |
| Common stock |  | 1 |  | 1 |
| Additional paid-in capital |  | 355806 |  | 353895 |
| Retained earnings |  | 449693 |  | 411704 |
| Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized losses on securities | $(328904) |  | $(32037) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit plans | (7711) | (336615) | (5745) | (37782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholder's equity** |  | 468885 |  | 727818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholder's equity** |  | $9545970 |  | $9181603 |

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

<br>