Exact Name of Registrant | Commission | I.R.S. Employer | ||||||
as Specified in Its Charter | File Number | Identification No. | ||||||
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Hawaiian Electric Industries, Inc. |
(d) Exhibits | |||||
News release, dated October 30, 2023, “American Savings Bank Reports Third Quarter 2023 Financial Results” | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HAWAIIAN ELECTRIC INDUSTRIES, INC. | ||||||||
(Registrant) | ||||||||
/s/ Scott T. DeGhetto | ||||||||
Scott T. DeGhetto | ||||||||
Executive Vice President, | ||||||||
Chief Financial Officer and Treasurer | ||||||||
(Principal Financial Officer) | ||||||||
Date: October 30, 2023 | ||||||||
NEWS RELEASE | ||||||||
October 30, 2023 | ||||||||
Contact: | Mateo Garcia | Telephone: (808) 543-7300 | ||||||
Director, Investor Relations | E-mail: ir@hei.com |
Three months ended | Nine months ended September 30 | |||||||||||||||||||||||||||||||
(in thousands) | September 30, 2023 | June 30, 2023 | September 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Interest and dividend income | ||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 71,540 | $ | 67,966 | $ | 53,365 | $ | 204,348 | $ | 147,499 | ||||||||||||||||||||||
Interest and dividends on investment securities | 14,096 | 13,775 | 15,052 | 42,508 | 43,729 | |||||||||||||||||||||||||||
Total interest and dividend income | 85,636 | 81,741 | 68,417 | 246,856 | 191,228 | |||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Interest on deposit liabilities | 14,446 | 9,661 | 1,704 | 30,944 | 3,572 | |||||||||||||||||||||||||||
Interest on other borrowings | 8,598 | 8,852 | 1,055 | 25,171 | 1,199 | |||||||||||||||||||||||||||
Total interest expense | 23,044 | 18,513 | 2,759 | 56,115 | 4,771 | |||||||||||||||||||||||||||
Net interest income | 62,592 | 63,228 | 65,658 | 190,741 | 186,457 | |||||||||||||||||||||||||||
Provision for credit losses | 8,835 | 43 | (186) | 10,053 | (692) | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 53,757 | 63,185 | 65,844 | 180,688 | 187,149 | |||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||
Fees from other financial services | 4,703 | 5,009 | 4,763 | 14,391 | 15,066 | |||||||||||||||||||||||||||
Fee income on deposit liabilities | 4,924 | 4,504 | 4,879 | 14,027 | 14,122 | |||||||||||||||||||||||||||
Fee income on other financial products | 2,440 | 2,768 | 2,416 | 7,952 | 7,663 | |||||||||||||||||||||||||||
Bank-owned life insurance | 2,303 | 1,955 | 122 | 5,683 | 661 | |||||||||||||||||||||||||||
Mortgage banking income | 341 | 230 | 181 | 701 | 1,630 | |||||||||||||||||||||||||||
Gain on sale of real estate | — | 495 | — | 495 | 1,002 | |||||||||||||||||||||||||||
Other income, net | 627 | 678 | 633 | 2,106 | 1,480 | |||||||||||||||||||||||||||
Total noninterest income | 15,338 | 15,639 | 12,994 | 45,355 | 41,624 | |||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||
Compensation and employee benefits | 29,902 | 29,394 | 28,597 | 89,500 | 83,478 | |||||||||||||||||||||||||||
Occupancy | 5,154 | 5,539 | 5,577 | 16,281 | 16,996 | |||||||||||||||||||||||||||
Data processing | 5,133 | 5,095 | 4,509 | 15,240 | 13,144 | |||||||||||||||||||||||||||
Services | 3,627 | 2,689 | 2,751 | 8,911 | 7,712 | |||||||||||||||||||||||||||
Equipment | 3,125 | 2,957 | 2,432 | 8,728 | 7,163 | |||||||||||||||||||||||||||
Office supplies, printing and postage | 1,022 | 1,109 | 1,123 | 3,296 | 3,256 | |||||||||||||||||||||||||||
Marketing | 984 | 834 | 925 | 2,834 | 2,877 | |||||||||||||||||||||||||||
Other expense | 7,399 | 6,152 | 5,643 | 19,742 | 14,542 | |||||||||||||||||||||||||||
Total noninterest expense | 56,346 | 53,769 | 51,557 | 164,532 | 149,168 | |||||||||||||||||||||||||||
Income before income taxes | 12,749 | 25,055 | 27,281 | 61,511 | 79,605 | |||||||||||||||||||||||||||
Income taxes | 1,384 | 4,851 | 6,525 | 11,380 | 17,513 | |||||||||||||||||||||||||||
Net income | $ | 11,365 | $ | 20,204 | $ | 20,756 | $ | 50,131 | $ | 62,092 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | (22,866) | $ | 12,994 | $ | (78,186) | $ | 27,120 | $ | (248,126) | ||||||||||||||||||||||
OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||||||||||||||||||||||||
Return on average assets | 0.47 | 0.84 | 0.89 | 0.70 | 0.90 | |||||||||||||||||||||||||||
Return on average equity | 9.19 | 16.20 | 15.11 | 13.62 | 13.65 | |||||||||||||||||||||||||||
Return on average tangible common equity | 11.02 | 19.40 | 17.77 | 16.36 | 15.79 | |||||||||||||||||||||||||||
Net interest margin | 2.70 | 2.75 | 2.96 | 2.77 | 2.87 | |||||||||||||||||||||||||||
Efficiency ratio | 72.30 | 68.18 | 65.55 | 69.69 | 65.40 | |||||||||||||||||||||||||||
Net charge-offs to average loans outstanding | 0.07 | 0.14 | 0.03 | 0.11 | 0.01 | |||||||||||||||||||||||||||
As of period end | ||||||||||||||||||||||||||||||||
Nonaccrual loans to loans receivable held for investment | 0.16 | 0.22 | 0.35 | |||||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.23 | 1.13 | 1.24 | |||||||||||||||||||||||||||||
Tangible common equity to tangible assets | 3.9 | 4.3 | 4.0 | |||||||||||||||||||||||||||||
Tier-1 leverage ratio | 7.7 | 7.8 | 7.7 | |||||||||||||||||||||||||||||
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions) | $ | 14.0 | $ | 11.0 | $ | 5.0 | $ | 39.0 | $ | 32.0 |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 139,059 | $ | 153,042 | ||||||||||
Interest-bearing deposits | 124,531 | 3,107 | ||||||||||||
Cash and cash equivalents | 263,590 | 156,149 | ||||||||||||
Investment securities | ||||||||||||||
Available-for-sale, at fair value | 1,266,412 | 1,429,667 | ||||||||||||
Held-to-maturity, at amortized cost | 1,212,005 | 1,251,747 | ||||||||||||
Stock in Federal Home Loan Bank, at cost | 18,000 | 26,560 | ||||||||||||
Loans held for investment | 6,191,006 | 5,978,906 | ||||||||||||
Allowance for credit losses | (76,366) | (72,216) | ||||||||||||
Net loans | 6,114,640 | 5,906,690 | ||||||||||||
Loans held for sale, at lower of cost or fair value | 2,171 | 824 | ||||||||||||
Other | 698,420 | 692,143 | ||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||
Total assets | $ | 9,657,428 | $ | 9,545,970 | ||||||||||
Liabilities and shareholder’s equity | ||||||||||||||
Deposit liabilities–noninterest-bearing | $ | 2,573,010 | $ | 2,811,077 | ||||||||||
Deposit liabilities–interest-bearing | 5,651,341 | 5,358,619 | ||||||||||||
Other borrowings | 750,000 | 695,120 | ||||||||||||
Other | 224,136 | 212,269 | ||||||||||||
Total liabilities | 9,198,487 | 9,077,085 | ||||||||||||
Common stock | 1 | 1 | ||||||||||||
Additional paid-in capital | 357,742 | 355,806 | ||||||||||||
Retained earnings | 460,824 | 449,693 | ||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||
Net unrealized losses on securities | $ | (350,234) | $ | (328,904) | ||||||||||
Retirement benefit plans | (9,392) | (359,626) | (7,711) | (336,615) | ||||||||||
Total shareholder’s equity | 458,941 | 468,885 | ||||||||||||
Total liabilities and shareholder’s equity | $ | 9,657,428 | $ | 9,545,970 |
(in thousands) | Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||||||||
Maui wildfire related costs | ||||||||||||||
Pretax expenses: | ||||||||||||||
Provision for credit losses | $ | 5,900 | $ | 5,900 | ||||||||||
Professional services expense | 1,300 | 1,300 | ||||||||||||
Other expenses | 1,357 | 1,357 | ||||||||||||
Pretax expenses | 8,557 | 8,557 | ||||||||||||
Current income tax benefits | (2,293) | (2,293) | ||||||||||||
After-tax expenses | $ | 6,264 | $ | 6,264 | ||||||||||
ASB net income | ||||||||||||||
GAAP (as reported) | $ | 11,365 | $ | 50,131 | ||||||||||
Excluding expense related to Maui wildfire (after tax): | ||||||||||||||
Provision for credit losses | 4,319 | 4,319 | ||||||||||||
Professional services expense | 952 | 952 | ||||||||||||
Other expenses | 993 | 993 | ||||||||||||
Maui wildfire related cost (after tax) | 6,264 | 6,264 | ||||||||||||
Non-GAAP (core) net income | $ | 17,629 | $ | 56,395 |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||
Ratios (annualized %) | ||||||||||||||
Based on GAAP1 | ||||||||||||||
Return on average assets | 0.47 | 0.70 | ||||||||||||
Return on average equity | 9.19 | 13.62 | ||||||||||||
Return on average tangible common equity | 11.02 | 16.36 | ||||||||||||
Efficiency ratio | 72.30 | 69.69 | ||||||||||||
Based on Non-GAAP (core) | ||||||||||||||
Return on average assets | 0.73 | 0.78 | ||||||||||||
Return on average equity | 14.25 | 15.32 | ||||||||||||
Return on average tangible common equity | 17.09 | 18.40 | ||||||||||||
Efficiency ratio | 68.89 | 68.56 |
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Cover |
Oct. 30, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 30, 2023 |
Entity Registrant Name | Hawaiian Electric Industries, Inc. |
Entity File Number | 1-8503 |
Entity Tax Identification Number | 99-0208097 |
Entity Incorporation, State or Country Code | HI |
Entity Address, Address Line One | 1001 Bishop Street, Suite 2900 |
Entity Address, City or Town | Honolulu |
Entity Address, State or Province | HI |
Entity Address, Postal Zip Code | 96813 |
City Area Code | 808 |
Local Phone Number | 543-5662 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Stock, Without Par Value |
Trading Symbol | HE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000354707 |
Amendment Flag | false |
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