HONOLULU, Feb. 14, 2022 /PRNewswire/ --
2021 Highlights:
- 24% consolidated EPS growth driven by solid performance at
both utility and bank
-
- Utility earnings reflect focus on cost efficiency and customer
savings
- Bank results bolstered by significant negative provision,
reflecting meaningful credit quality and economic improvement over
prior year
- Hawaiian Electric advanced strategic initiatives and
delivered strong financial performance, while providing significant
customer savings
-
- Delivered $8 million in customer
savings through efficiency and productivity measures
- Provided additional $2 million
for customer bill credit program
- Announced goal to reduce carbon emissions from power generation
70% by 2030 compared to 2005 and be carbon neutral or better by
2045
- Reached 1 GW of total solar capacity on system
- Private rooftop systems grew more than 5%, resulting in 21% of
Hawaiian Electric's residential customers with rooftop solar
- Solid profitability and execution from American Savings
Bank
-
- 76% net income growth compared to 2020, largely due to
$25.8 million negative provision for
credit losses
- Strong deposit and earning asset growth, up 10.6% and 11.4%,
respectively
- Net interest margin of 2.91%, with record low funding
costs
- Continued strong capital and liquidity position
1 Unless
otherwise indicated, throughout this release earnings per share
(EPS) refers to diluted earnings per share.
|
Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI)
today reported 2021 year-end consolidated net income for common
stock of $246.2 million and EPS of $2.25 compared to $197.8
million and EPS of $1.81 for
2020. For the fourth quarter of 2021, consolidated net
income for common stock was $54.5
million and EPS was $0.50 compared to $50.5 million and EPS of $0.46 for the fourth quarter of
2020.
"We're proud of how our HEI companies performed in 2021 —
financially, for the customers who rely on us, for our communities
and for the long-term health of our state," said Scott Seu, HEI president and CEO. "Solid
execution on strategic and operational initiatives in 2021
positioned us well to progress our priorities this year.
"Our utility's focus on cost efficiency enabled us to deliver
$8 million in savings to customers in
2021. At year end we dedicated an additional $2 million to provide bill credits for eligible
customers in need of support as our state continues its economic
recovery. In addition, in 2021 we demonstrated our strong
commitment to addressing climate change. We pledged to cut carbon
emissions from power generation 70% by 2030, compared to a 2005
baseline, and achieve or exceed carbon neutrality by 2045. And
together with our customers we reached one gigawatt of solar
capacity on our system, an important milestone toward our goal. We
look forward to continuing to work with stakeholders to build on
this momentum.
"Our bank's results reflect strong performance by our teammates,
solid credit quality, significant improvement in the Hawaii economy and robust earning asset
growth. We made major strides in our digital transformation and
remain focused on making banking easy anytime and anywhere for our
customers," said Seu.
HAWAIIAN ELECTRIC COMPANY EARNINGS2
Full Year Results:
Hawaiian Electric Company's (Hawaiian Electric) full-year net
income was $177.6 million, compared
to $169.3 million in 2020, with the
difference primarily driven by the following after-tax items:
- $9 million higher net revenues
relating to the rate adjustment mechanism (RAM) and annual revenue
adjustment (ARA) mechanism, which included the customer dividend
and an offset of $4 million
($6.6 million pre-tax) of management
audit savings delivered to customers;
- $4 million from lower enterprise
resource planning (ERP) system implementation benefits to be
returned to customers, as delivery of the Oahu ERP benefits
commitment was completed in 2020;
- $3 million higher other revenues
from activities billed to third parties;
- $2 million from higher
performance incentive mechanisms (PIMs), primarily related to
achievement of Interconnection Experience PIM objectives; and
- $1 million higher allowance for
funds used during construction (AFUDC).
These items were partially offset by the following after-tax
items:
- $5 million from higher
depreciation expense due to increasing investments to integrate
more renewable energy and improve customer reliability and system
efficiency;
- $3 million higher interest
expense due to higher borrowings;
- $3 million related to lower fuel
efficiency due to planned maintenance outages; and
- $1 million higher operation and
maintenance costs, including $5
million related to more generating facility overhauls and
maintenance work performed in 2021, partially offset by
$4 million lower environmental
reserves.
Fourth Quarter Results:
Hawaiian Electric's net income for the fourth quarter of 2021
was $42.0 million, compared to
$43.0 million in the fourth quarter
of 2020. The decrease in net income compared to the prior year
quarter was primarily driven by the following after-tax
items: (i) lower revenue from a timing change in target
revenue recognition methodology, with target revenues recognized on
an annual basis remaining unchanged, (ii) higher other operations
and maintenance expense, partially offset by environmental reserves
recorded in 2020, (iii) higher depreciation, (iv) lower fuel
efficiency due to planned maintenance outages, and (v) higher
interest expense. These items were partially offset by higher
revenues from PIMs and the RAM and ARA mechanisms, which included
the customer dividend and management audit savings delivered to
customers.
2 Note: Utility amounts indicated as
after-tax in this earnings release are based upon adjusting items
using a current year composite statutory tax rate of
25.75%.
|
AMERICAN SAVINGS BANK EARNINGS
Full Year Results:
American Savings Bank's (American) full year 2021 net income was
$101.2 million compared to
$57.6 million in 2020.
Net interest income was $237.2
million compared to $233.5
million in 2020. The increase in net interest income was
primarily due to higher average earning assets driven by increased
liquidity from continued strong deposit growth, lower cost of funds
and higher fee income associated with the Paycheck Protection
Program (PPP) loan portfolio. Noninterest income was $64.7 million compared to $78.1 million in 2020. The decrease in
noninterest income was primarily due to lower mortgage banking
income and lower gains on sales of securities compared to 2020.
Results for 2021 included significant negative provision for
credit losses of $25.8 million
compared to provision for credit losses of $50.8 million in 2020. The negative provision for
credit losses reflects favorable credit trends and significant
economic improvement in 2021 compared to the prior year, and a
slight shift in loan portfolio composition with growth in the real
estate secured portfolio.
Noninterest expense was $197.2
million compared to $191.6
million in 2020. The increase in noninterest expense was
primarily due to higher incentive compensation costs, reflecting
the bank's strong 2021 performance, and higher data processing
expense as the bank upgrades its technology and data capabilities
to expand customer relationships, partially offset by lower
COVID-19 related expenses.
As of December 31, 2021 and compared to December 31, 2020:
- total earning assets were $8.5
billion, up 11.4%;
- total loans were $5.2 billion,
down 2.3%. Excluding PPP loan forgiveness, the loan portfolio grew
by 2.1%;
- the investment securities portfolio was $3.1 billion, up 40.9% as growth in deposits
continued to outpace loan growth; and
- total deposits were $8.2 billion,
up 10.6%. The average cost of funds was 0.06% for the full year
2021, ten basis points lower than the prior year.
American's return on average equity3 was 13.8%
compared to 8.1% in 2020. Return on average assets was 1.15%
compared to 0.74% in 2020.
Fourth Quarter Results:
Net income for the fourth quarter of 2021 was $22.1 million, compared to $19.3 million in the third quarter of 2021 and
$15.7 million in the fourth quarter
of 2020. Results for the fourth quarter of 2021 included a negative
provision for credit losses of $3.5
million compared to a provision for credit losses of
$11.3 million in the fourth quarter
of 2020.
Overall, American's return on average equity3 for the
fourth quarter was 12.1%, compared to 10.3% in the linked quarter
and 8.6% in the fourth quarter of 2020. Return on average assets
was 0.97% for the fourth quarter of 2021, compared to 0.86% in the
linked quarter and 0.77% in the fourth quarter of 2020.
Please refer to American's news release issued on
January 28, 2022 for additional information on American.
3 Bank return on average equity
calculated using daily average common equity.
|
HOLDING AND OTHER COMPANIES
The holding and other companies' net loss was $32.7 million in 2021 compared to $29.1 million in 2020. The fourth quarter net
loss of $9.6 million was $1.4 million higher than the prior year quarter.
The greater net loss compared to the prior year and prior year
quarter was primarily due to higher performance incentive
compensation.
BOARD INCREASES QUARTERLY DIVIDEND
On February 11, 2022, HEI
announced that the Board of Directors increased the quarterly cash
dividend to $0.35 per share from
$0.34 per share, payable on
March 10, 2022 to shareholders of
record at the close of business on February
24, 2022 (ex-dividend date is February 23, 2022). This quarterly dividend is
equivalent to an annual rate of $1.40
per share. Dividends have been paid on an uninterrupted basis since
1901. At the indicated annual dividend rate and based on the
closing price per share on February 11,
2022 of $41.29, HEI's dividend
yield is 3.4%.
WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2022
GUIDANCE
HEI will conduct a webcast and conference call to review its
consolidated results and 2022 earnings guidance and outlook on
Monday, February 14, 2022 at
11:15 a.m. Hawaii time (4:15
p.m. Eastern).
To listen to the conference call, dial 1-844-200-6205 (U.S.) or
1-929-526-1599 (international) and enter passcode 718780. Parties
may also access presentation materials 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 February 28,
2022. To access the audio replay, dial 1-866-813-9403 (U.S.)
or 44-204-525-0658 (international) and enter passcode 312244.
HEI and 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 American'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 dms.puc.hawaii.gov/dms 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.
ABOUT HEI
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, American Savings
Bank, 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.
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, 2020
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, American 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.
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF INCOME DATA
|
(Unaudited)
|
|
|
|
Three months
ended
December 31
|
|
Years ended
December 31
|
(in thousands, except per share amounts)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
693,394
|
|
$
571,095
|
|
$
2,539,636
|
|
$
2,265,320
|
Bank
|
|
75,799
|
|
80,415
|
|
306,398
|
|
313,511
|
Other
|
|
1,079
|
|
707
|
|
4,345
|
|
944
|
Total
revenues
|
|
770,272
|
|
652,217
|
|
2,850,379
|
|
2,579,775
|
Expenses
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
625,826
|
|
502,822
|
|
2,260,078
|
|
1,996,770
|
Bank
|
|
47,755
|
|
62,002
|
|
178,195
|
|
251,702
|
Other
|
|
7,828
|
|
6,719
|
|
26,040
|
|
19,810
|
Total
expenses
|
|
681,409
|
|
571,543
|
|
2,464,313
|
|
2,268,282
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
67,568
|
|
68,273
|
|
279,558
|
|
268,550
|
Bank
|
|
28,044
|
|
18,413
|
|
128,203
|
|
61,809
|
Other
|
|
(6,749)
|
|
(6,012)
|
|
(21,695)
|
|
(18,866)
|
Total operating
income
|
|
88,863
|
|
80,674
|
|
386,066
|
|
311,493
|
Retirement defined
benefits credit (expense)—other than service costs
|
|
1,139
|
|
(240)
|
|
5,848
|
|
(3,210)
|
Interest expense,
net—other than on deposit liabilities and other bank
borrowings
|
|
(23,833)
|
|
(22,220)
|
|
(94,363)
|
|
(88,694)
|
Allowance for
borrowed funds used during construction
|
|
864
|
|
751
|
|
3,250
|
|
2,992
|
Allowance for equity
funds used during construction
|
|
2,539
|
|
2,212
|
|
9,534
|
|
8,768
|
Gain on sale of
investment securities, net
|
|
—
|
|
—
|
|
528
|
|
9,275
|
Income before
income taxes
|
|
69,572
|
|
61,177
|
|
310,863
|
|
240,624
|
Income
taxes
|
|
14,578
|
|
10,219
|
|
62,807
|
|
40,910
|
Net
income
|
|
54,994
|
|
50,958
|
|
248,056
|
|
199,714
|
Preferred stock
dividends of subsidiaries
|
|
473
|
|
473
|
|
1,890
|
|
1,890
|
Net income for
common stock
|
|
$
54,521
|
|
$
50,485
|
|
$
246,166
|
|
$
197,824
|
Basic earnings per
common share
|
|
$
0.50
|
|
$
0.46
|
|
$
2.25
|
|
$
1.81
|
Diluted earnings
per common share
|
|
$
0.50
|
|
$
0.46
|
|
$
2.25
|
|
$
1.81
|
Dividends declared
per common share
|
|
$
0.34
|
|
$
0.33
|
|
$
1.36
|
|
$
1.32
|
Weighted-average
number of common shares outstanding
|
|
109,311
|
|
109,181
|
|
109,282
|
|
109,140
|
Weighted-average
shares assuming dilution
|
|
109,565
|
|
109,339
|
|
109,580
|
|
109,356
|
Net income (loss)
for common stock by segment
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
42,041
|
|
$
43,041
|
|
$
177,642
|
|
$
169,340
|
Bank
|
|
22,129
|
|
15,658
|
|
101,234
|
|
57,583
|
Other
|
|
(9,649)
|
|
(8,214)
|
|
(32,710)
|
|
(29,099)
|
Net income for
common stock
|
|
$
54,521
|
|
$
50,485
|
|
$
246,166
|
|
$
197,824
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
|
$
42,101
|
|
$
49,940
|
|
$
194,897
|
|
$
216,599
|
Return on average
common equity (%) (twelve months ended)
|
|
|
|
|
|
10.4
|
|
8.6
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI filings with the
SEC.
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF INCOME DATA
|
(Unaudited)
|
|
|
|
Three months
ended
December 31
|
|
Years ended
December 31
|
($
in thousands, except per barrel amounts)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues
|
|
$
693,394
|
|
$
571,095
|
|
$
2,539,636
|
|
$
2,265,320
|
Expenses
|
|
|
|
|
|
|
|
|
Fuel oil
|
|
197,104
|
|
124,560
|
|
644,349
|
|
515,274
|
Purchased
power
|
|
179,974
|
|
143,070
|
|
670,494
|
|
568,749
|
Other operation and
maintenance
|
|
126,232
|
|
125,361
|
|
475,412
|
|
474,192
|
Depreciation
|
|
57,347
|
|
55,498
|
|
229,469
|
|
222,733
|
Taxes, other than
income taxes
|
|
65,169
|
|
54,333
|
|
240,354
|
|
215,822
|
Total
expenses
|
|
625,826
|
|
502,822
|
|
2,260,078
|
|
1,996,770
|
Operating
income
|
|
67,568
|
|
68,273
|
|
279,558
|
|
268,550
|
Allowance for equity
funds used during construction
|
|
2,539
|
|
2,212
|
|
9,534
|
|
8,768
|
Retirement defined
benefits credit (expense)—other than service costs
|
|
972
|
|
432
|
|
3,890
|
|
(763)
|
Interest expense and
other charges, net
|
|
(18,321)
|
|
(17,026)
|
|
(72,447)
|
|
(67,794)
|
Allowance for
borrowed funds used during construction
|
|
864
|
|
751
|
|
3,250
|
|
2,992
|
Income before
income taxes
|
|
53,622
|
|
54,642
|
|
223,785
|
|
211,753
|
Income
taxes
|
|
11,082
|
|
11,102
|
|
44,148
|
|
40,418
|
Net
income
|
|
42,540
|
|
43,540
|
|
179,637
|
|
171,335
|
Preferred stock
dividends of subsidiaries
|
|
229
|
|
229
|
|
915
|
|
915
|
Net income
attributable to Hawaiian Electric
|
|
42,311
|
|
43,311
|
|
178,722
|
|
170,420
|
Preferred stock
dividends of Hawaiian Electric
|
|
270
|
|
270
|
|
1,080
|
|
1,080
|
Net income for
common stock
|
|
$
42,041
|
|
$
43,041
|
|
$
177,642
|
|
$
169,340
|
Comprehensive
income attributable to Hawaiian Electric
|
|
$
41,505
|
|
$
41,302
|
|
$
177,281
|
|
$
167,700
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
1,592
|
|
1,624
|
|
6,170
|
|
6,183
|
Hawaii
Electric Light
|
|
270
|
|
257
|
|
1,044
|
|
978
|
Maui
Electric
|
|
273
|
|
260
|
|
1,047
|
|
959
|
|
|
2,135
|
|
2,141
|
|
8,261
|
|
8,120
|
Average fuel oil cost
per barrel
|
|
$
94.78
|
|
$
58.19
|
|
$
80.06
|
|
$
63.00
|
Return on average
common equity (%) (twelve months ended)1
|
|
|
|
|
|
8.1
|
|
8.1
|
|
|
|
|
|
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in Hawaiian Electric filings with
the SEC.
|
American Savings
Bank, F.S.B.
|
STATEMENTS OF INCOME
DATA
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
Years ended December
31
|
(in thousands)
|
|
December 31,
2021
|
|
September
30,
2021
|
|
December 31,
2020
|
|
2021
|
|
2020
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
48,384
|
|
$
49,445
|
|
$
52,629
|
|
$
198,802
|
|
$
214,134
|
Interest and
dividends on investment securities
|
|
11,755
|
|
11,996
|
|
7,590
|
|
43,464
|
|
30,529
|
Total interest and
dividend income
|
|
60,139
|
|
61,441
|
|
60,219
|
|
242,266
|
|
244,663
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
|
1,062
|
|
1,176
|
|
1,709
|
|
4,981
|
|
10,654
|
Interest on other
borrowings
|
|
4
|
|
5
|
|
11
|
|
59
|
|
460
|
Total interest
expense
|
|
1,066
|
|
1,181
|
|
1,720
|
|
5,040
|
|
11,114
|
Net interest
income
|
|
59,073
|
|
60,260
|
|
58,499
|
|
237,226
|
|
233,549
|
Provision for credit
losses
|
|
(3,458)
|
|
(1,725)
|
|
11,307
|
|
(25,825)
|
|
50,811
|
Net interest
income after provision for credit losses
|
|
62,531
|
|
61,985
|
|
47,192
|
|
263,051
|
|
182,738
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
Fees from other
financial services
|
|
5,888
|
|
4,800
|
|
4,541
|
|
21,225
|
|
16,447
|
Fee income on deposit
liabilities
|
|
4,634
|
|
4,262
|
|
4,217
|
|
16,663
|
|
16,059
|
Fee income on other
financial products
|
|
2,003
|
|
2,124
|
|
1,773
|
|
8,770
|
|
6,381
|
Bank-owned life
insurance
|
|
1,107
|
|
2,026
|
|
2,051
|
|
7,318
|
|
6,483
|
Mortgage banking
income
|
|
1,808
|
|
1,272
|
|
7,801
|
|
9,305
|
|
23,734
|
Gain on sale of
investment securities, net
|
|
—
|
|
—
|
|
—
|
|
528
|
|
9,275
|
Other income,
net
|
|
220
|
|
283
|
|
(187)
|
|
851
|
|
(256)
|
Total noninterest
income
|
|
15,660
|
|
14,767
|
|
20,196
|
|
64,660
|
|
78,123
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
|
27,375
|
|
30,888
|
|
27,156
|
|
113,970
|
|
104,443
|
Occupancy
|
|
5,358
|
|
5,157
|
|
5,171
|
|
20,584
|
|
21,573
|
Data
processing
|
|
4,472
|
|
4,278
|
|
3,717
|
|
17,634
|
|
14,769
|
Services
|
|
2,718
|
|
2,272
|
|
3,214
|
|
10,327
|
|
11,121
|
Equipment
|
|
2,521
|
|
2,373
|
|
2,371
|
|
9,510
|
|
9,001
|
Office supplies,
printing and postage
|
|
1,145
|
|
1,072
|
|
1,046
|
|
4,239
|
|
4,623
|
Marketing
|
|
1,562
|
|
995
|
|
1,527
|
|
3,870
|
|
3,435
|
FDIC
insurance
|
|
823
|
|
808
|
|
775
|
|
3,235
|
|
2,342
|
Other
expense1
|
|
3,993
|
|
3,668
|
|
4,470
|
|
13,783
|
|
20,283
|
Total noninterest
expense
|
|
49,967
|
|
51,511
|
|
49,447
|
|
197,152
|
|
191,590
|
Income before
income taxes
|
|
28,224
|
|
25,241
|
|
17,941
|
|
130,559
|
|
69,271
|
Income
taxes
|
|
6,095
|
|
5,976
|
|
2,283
|
|
29,325
|
|
11,688
|
Net
income
|
|
$
22,129
|
|
$
19,265
|
|
$
15,658
|
|
$
101,234
|
|
$
57,583
|
Comprehensive
income
|
|
$
9,840
|
|
$
7,581
|
|
$
18,306
|
|
$
48,506
|
|
$
81,191
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
0.97
|
|
0.86
|
|
0.77
|
|
1.15
|
|
0.74
|
Return on average
equity
|
|
12.10
|
|
10.26
|
|
8.58
|
|
13.76
|
|
8.11
|
Return on average
tangible common equity
|
|
13.63
|
|
11.52
|
|
9.67
|
|
15.49
|
|
9.17
|
Net interest
margin
|
|
2.79
|
|
2.90
|
|
3.12
|
|
2.91
|
|
3.29
|
Efficiency
ratio
|
|
66.86
|
|
68.66
|
|
62.83
|
|
65.31
|
|
61.47
|
Net charge-offs to
average loans outstanding
|
|
0.03
|
|
0.03
|
|
0.36
|
|
0.07
|
|
0.40
|
As of period
end
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
loans receivable held for investment
|
|
0.86
|
|
0.97
|
|
0.89
|
|
|
|
|
Allowance for credit
losses to loans outstanding
|
|
1.36
|
|
1.48
|
|
1.90
|
|
|
|
|
Tangible common
equity to tangible assets
|
|
7.1
|
|
7.3
|
|
7.9
|
|
|
|
|
Tier-1 leverage
ratio
|
|
7.9
|
|
8.0
|
|
8.4
|
|
|
|
|
Dividend paid to HEI
(via ASB Hawaii, Inc.) ($ in millions)
|
|
$
19.0
|
|
$
12.0
|
|
$
3.0
|
|
$
59.0
|
|
$
31.0
|
1
|
The fourth quarter of
2021, the third quarter of 2021 and year ended December 31, 2021
include approximately $0.1 million, $0.1 million and
$0.6 million, respectively, of certain direct and incremental
COVID-19 related costs. The fourth quarter and year ended December
31, 2020 include approximately $0.6 million and $5.1 million,
respectively, of certain significant direct and incremental
COVID-19 related costs. For 2020, these costs, which have been
recorded in Other expense, include $2.5 million of
compensation expense and $2.0 million of enhanced cleaning and
sanitation costs.
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI filings with the
SEC.
|
Contact:
|
Julie R.
Smolinski
|
Telephone: (808)
543-7300
|
|
Vice President,
Investor Relations & Corporate Sustainability
|
E-mail: ir@hei.com
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hei-reports-2021-results-301481473.html
SOURCE Hawaiian Electric Industries, Inc.