Hawaiian Electric Industries Reports First Quarter 2012 Earnings & Declares Dividend EPS of $0.40 Reflects Improvement at Both Utility and Bank

Hawaiian Electric Company Invests Over $40 Million in Infrastructure

Loan Growth Continues at American Savings Bank

Board Declares Dividend of $0.31 Per Share

HONOLULU, May 8, 2012 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2012 of $38.3 million, or $0.40 diluted earnings per share (EPS), compared to $28.5 million, or $0.30 diluted EPS for the first quarter of 2011. 

(Logo: http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)

"HEI delivered solid results in the first quarter of 2012 and continued to reinvest earnings into our Hawaii-based businesses.  Our three utilities, Hawaiian Electric, Maui Electric and Hawaii Electric Light Company, invested over $40 million -- one and a half times their earnings -- in infrastructure for a more modern and reliable electric grid that will be able to integrate significant amounts of renewable energy across our islands.  As we announced last week, American Savings Bank increased its loan portfolio for the sixth consecutive quarter, adding more than $100 million in loans to customers over the last year," said Constance H. Lau, HEI president and chief executive officer.

"Like many companies across Hawaii, our companies' futures are linked to an economically and environmentally vibrant Hawaii.  Reducing Hawaii's dependence on oil is of paramount importance to our state and our customers," said Lau.  Since the end of 2010, over 90% of the increase in the typical Oahu customer's bill was due to the increase in the cost of oil which went up over $40 per barrel.  "That's why we remain committed to encouraging the development of renewable energy in Hawaii and we are making progress with 12% of our customers' energy usage provided by renewable energy," said Lau.      

Hawaiian Electric Company Continues to Invest in Clean Energy and Reliability

Hawaiian Electric Company's[1] net income for the first quarter of 2012 was $27.3 million compared to $19.2 million in the first quarter of 2011.  The main driver of the improvement was the recovery of costs for reliability and clean energy investments on Oahu.  In 2011, the Oahu utility continued to ramp up its clean energy and reliability initiatives which resulted in spending in advance of revenues to recover the costs.  This put pressure on first half 2011 earnings until the Oahu utility was able to start the recovery of these costs in July 2011.

Operations and maintenance (O&M) expenses[2] (after-tax) were $1 million lower for the first quarter of 2012 compared to the first quarter of the prior year; however, management continues to estimate O&M expenses to be approximately 6% higher for the year compared to 2011 as work continues on strengthening the electric grid.

All three Hawaiian Electric utilities are now fully decoupled and no longer impacted by changes in sales volumes under Hawaii's new regulatory framework.  Hawaiian Electric on Oahu decoupled last year and Hawaii Electric Light Company on Hawaii Island and Maui Electric in Maui County just received Hawaii Public Utilities Commission approval to decouple in April and May 2012, respectively.  The new decoupled regulatory model helps the utilities fulfill their critical role in carrying out the state's energy policy to reduce Hawaii's dependence on oil and to provide clean, secure, reliable power at stable costs for our customers. 

[1] Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.

[2] Excludes demand side management (DSM) program costs. DSM program costs were $1 million in the first quarter of 2012 compared to $2 million in the first quarter of 2011. DSM program costs are recovered through a surcharge.

American Savings Bank Continues Solid Performance

American Savings Bank (American) net income for the first quarter of 2012 was $15.9 million compared to $13.9 million in the first quarter of 2011.  Net income improved by $2.0 million primarily due to lower provision for loan losses as consumer credit quality improved with Hawaii's gradual economic recovery and higher noninterest income from higher gains on sales of very low fixed rate residential mortgages.

Overall, American achieved strong profitability in the quarter with a return on average equity of 12.9% and a return on average assets of 1.29%. 

Also refer to the American news release on Form 8-K filed on April 30, 2012.

Holding and Other Companies

The holding and other companies' net losses were $4.9 million in the first quarter of 2012 compared to $4.6 million in the first quarter of 2011.

BOARD DECLARES QUARTERLY DIVIDEND

On May 8, 2012, the board of directors maintained HEI's quarterly cash dividend of 31 cents per share, payable on June 13, 2012, to shareholders of record at the close of business on May 21, 2012 (ex-dividend date is May 17, 2012).  The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid continuously since 1901.  At the indicated annual dividend rate and the closing share price on May 7, 2012 of $26.51, HEI's yield is 4.7%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its first quarter 2012 earnings on Wednesday, May 9, 2012, at 7:00 a.m. Hawaii time (1:00 p.m. Eastern time).  The event can be accessed through HEI's website at www.hei.com or by dialing (866) 314-5050, passcode:  22527679 for the teleconference call.  The presentation for the webcast will be on HEI's website under the headings "Investor Relations," "News & Events" and "Presentations & Webcasts."  HEI and Hawaiian Electric Company, Inc. (HECO) intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information.  Such disclosures will be included on HEI's website in the Investor Relations section.  Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, HECO's and American's press releases, Securities and Exchange Commission (SEC) filings and public conference calls and webcasts.  The information on HEI's website is not incorporated by reference in this document or in the Company'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 in order to review documents filed with and issued by the PUC.  No information on the PUC website is incorporated by reference in this document or in the Company's SEC filings.

An online replay of the webcast will be available at the same website beginning about two hours after the event.  Replays of the teleconference call will also be available approximately two hours after the event through May 23, 2012, by dialing (888) 286-8010, passcode: 92305336.

HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, HECO, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions.

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 "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 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 "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, 2011 and HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements.  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, HECO, 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

(Unaudited)


Three months ended



March 31,

(in thousands, except per share amounts) 


2012


2011

Revenues





Electric utility


$  749,610


$  645,335

Bank


65,252


65,313

Other


(2)


(15)

    Total revenues


814,860


710,633

Expenses





Electric utility


692,356


600,127

Bank


42,340


43,559

Other


4,348


3,572

    Total expenses


739,044


647,258

Operating income (loss)





Electric utility


57,254


45,208

Bank


22,912


21,754

Other


(4,350)


(3,587)

     Total operating income 


75,816


63,375

Interest expense–other than on deposit liabilities 





     and other bank borrowings


(18,539)


(20,140)

Allowance for borrowed funds used during construction


870


520

Allowance for equity funds used during construction


1,940


1,244

Income before income taxes


60,087


44,999

Income taxes


21,298


16,064

Net income 


38,789


28,935

Preferred stock dividends of subsidiaries


473


473

Net income for common stock


$   38,316


$   28,462

Basic earnings per common share


$       0.40


$       0.30

Diluted earnings per common share


$       0.40


$       0.30

Dividends per common share


$       0.31


$       0.31

Weighted-average number of common shares outstanding


96,167


94,817

Adjusted weighted-average shares


96,561


95,182






Net income (loss) for common stock  by segment





     Electric utility


$    27,300


$    19,189

     Bank


15,877


13,851

     Other


(4,861)


(4,578)

Net income for common stock


$    38,316


$    28,462

Comprehensive income attributable to common shareholders


$    38,627


$    26,624







This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)


March 31,

December 31,

(dollars in thousands)

2012

2011

Assets



Cash and cash equivalents

$    236,346

$      270,265

Accounts receivable and unbilled revenues, net

306,760

344,322

Available-for-sale investment and mortgage-related securities

631,063

624,331

Investment in stock of Federal Home Loan Bank of Seattle 

97,764

97,764

Loans receivable held for investment, net

3,672,401

3,642,818

Loans held for sale, at lower of cost or fair value

14,657

9,601

Property, plant and equipment, net of accumulated depreciation of



    $2,061,649 in 2012 and $2,049,821 in 2011 

3,375,654

3,334,501

Regulatory assets

677,674

669,389

Other

538,443

517,550

Goodwill

82,190

82,190

     Total assets

$  9,632,952

$   9,592,731

Liabilities and shareholders' equity



Liabilities



Accounts payable

$    183,733

$      216,176

Interest and dividends payable

23,778

25,041

Deposit liabilities

4,125,204

4,070,032

Short-term borrowings—other than bank

156,288

68,821

Other bank borrowings

232,843

233,229

Long-term debt, net—other than bank

1,282,602

1,340,070

Deferred income taxes

375,510

354,051

Regulatory liabilities

316,560

315,466

Contributions in aid of construction

378,039

356,203

Retirement benefits liability

513,187

530,410

Other

456,817

516,990

     Total liabilities

8,044,561

8,026,489




Preferred stock of subsidiaries - not subject to mandatory redemption

34,293

34,293




Shareholders' equity



Preferred stock, no par value, authorized 10,000,000 shares; issued:  none

-

-

Common stock, no par value, authorized 200,000,000 shares; issued



    and outstanding:  96,541,143 shares in 2012 and 96,038,328 shares in 2011 

1,362,880

1,349,446

Retained earnings

210,044

201,640

Accumulated other comprehensive loss, net of tax benefits

(18,826)

(19,137)

     Total shareholders' equity

1,554,098

1,531,949

     Total liabilities and shareholders' equity

$  9,632,952

$   9,592,731





This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended March 31

2012

2011

(in thousands)



Cash flows from operating activities



Net income 

$       38,789

$     28,935

Adjustments to reconcile net income to net cash used in operating activities



      Depreciation of property, plant and equipment

37,911

37,708

      Other amortization

1,419

2,354

      Provision for loan losses

3,546

4,550

      Loans receivable originated and purchased, held for sale

(89,087)

(35,015)

      Proceeds from sale of loans receivable, held for sale

85,252

43,048

      Change in deferred income taxes

21,260

16,687

      Change in excess tax benefits from share-based payment arrangements

(44)

(22)

      Allowance for equity funds used during construction

(1,940)

(1,244)

      Change in cash overdraft

-

(2,688)

      Changes in assets and liabilities



           Decrease (increase) in accounts receivable and unbilled revenues, net

37,562

(19,880)

           Increase in fuel oil stock

(14,458)

(3,513)

           Decrease in accounts, interest and dividends payable

(36,991)

(40,016)

           Change in prepaid and accrued income taxes and utility revenue taxes

(41,126)

(1,594)

           Contributions to defined benefit pension and other postretirement benefit plans

(26,815)

(31,200)

           Change in other assets and liabilities

(30,994)

(11,344)

Net cash used in operating activities

(15,716)

(13,234)

Cash flows from investing activities



Available-for-sale investment and mortgage-related securities purchased

(53,931)

(109,307)

Principal repayments on available-for-sale investment and mortgage-related securities

46,355

114,529

Net increase in loans held for investment

(34,212)

(70,269)

Proceeds from sale of real estate acquired in settlement of loans

3,371

1,253

Capital expenditures

(65,300)

(38,491)

Contributions in aid of construction

22,855

5,749

Other

-

145

Net cash used in investing activities

(80,862)

(96,391)

Cash flows from financing activities



Net increase in deposit liabilities

55,172

59,883

Net increase (decrease) in short-term borrowings with original maturities of three months or less

87,467

(24,923)

Net increase (decrease) in retail repurchase agreements

(379)

7,368

Proceeds from issuance of long-term debt

-

125,000

Repayment of long-term debt

(57,500)

(50,000)

Change in excess tax benefits from share-based payment arrangements

44

22

Net proceeds from issuance of common stock

5,940

5,674

Common stock dividends

(23,855)

(23,593)

Preferred stock dividends of subsidiaries

(473)

(473)

Other

(3,757)

(3,730)

Net cash provided by financing activities

62,659

95,228

Net decrease in cash and cash equivalents 

(33,919)

(14,397)

Cash and cash equivalents, beginning of period

270,265

330,651

Cash and cash equivalents, end of period

$     236,346

$   316,254





This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)





Three months ended March 31


2012


2011

(dollars in thousands, except per barrel amounts)






Operating revenues


$     747,938


$      644,301

Operating expenses





Fuel oil


327,839


260,860

Purchased power


164,789


147,958

Other operation 


61,849


65,531

Maintenance


30,038


29,196

Depreciation


36,482


36,432

Taxes, other than income taxes


70,995


59,995

Income taxes


17,365


11,610

     Total operating expenses


709,357


611,582

Operating income


38,581


32,719

Other income





Allowance for equity funds used during construction


1,940


1,244

Other, net


1,265


910

     Total other income


3,205


2,154

Interest and other charges





Interest on long-term debt


14,383


14,383

Amortization of net bond premium and expense


745


783

Other interest charges (credits)


(271)


539

Allowance for borrowed funds used during construction


(870)


(520)

     Total interest and other charges


13,987


15,185

Net income 


27,799


19,688

Preferred stock dividends of subsidiaries


229


229

Net income attributable to HECO


27,570


19,459

Preferred stock dividends of HECO


270


270

Net income for common stock


$       27,300


$        19,189

Comprehensive income attributable to common shareholder


$       27,377


$        19,216

OTHER ELECTRIC UTILITY INFORMATION





Kilowatthour sales (millions)





   HECO


1,696


1,785

   HELCO


271


273

   MECO


284


292




2,251


2,350

Wet-bulb temperature (Oahu average; degrees Fahrenheit)


67.2


68.1

Cooling degree days (Oahu)


861


920

Average fuel oil cost per barrel


$134.37


$101.03

Customer accounts (end of period)





   HECO


297,640


296,533

   HELCO


81,404


80,758

   MECO


68,363


67,860




447,407


445,151




 Twelve months ended 




March 31

Return on average common equity (%) (simple average)


2012


2011

   HECO


7.69


5.47

   HELCO


9.56


7.37

   MECO


6.40


5.68

   HECO Consolidated


7.85


5.87








This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)





March 31,

December 31,

(dollars in thousands, except share data)

2012

2011

Assets



Utility plant, at cost



Land

$          51,504

$          51,514

Plant and equipment

5,095,080

5,052,027

Less accumulated depreciation

(1,980,964)

(1,966,894)

Construction in progress

150,667

138,838

     Net utility plant

3,316,287

3,275,485

Current assets



Cash and cash equivalents

5,850

48,806

Customer accounts receivable, net 

158,879

183,328

Accrued unbilled revenues, net

126,642

137,826

Other accounts receivable, net

8,071

8,623

Fuel oil stock, at average cost

186,006

171,548

Materials and supplies, at average cost

46,749

43,188

Prepayments and other

31,210

34,602

Regulatory assets

26,364

20,283

     Total current assets 

589,771

648,204

Other long-term assets



Regulatory assets

651,310

649,106

Unamortized debt expense

12,477

12,786

Other

86,219

86,361

     Total other long-term assets

750,006

748,253

          Total assets

$      4,656,064

$     4,671,942

Capitalization and liabilities



Capitalization



Common stock, $6 2/3 par value, authorized 50,000,000 shares; outstanding 



    14,233,723 shares in 2012 and 2011

$          94,911

$          94,911

Premium on capital stock

426,921

426,921

Retained earnings

893,323

884,284

Accumulated other comprehensive income (loss), net of income taxes

45

(32)

     Common stock equity

1,415,200

1,406,084

Cumulative preferred stock – not subject to mandatory redemption

34,293

34,293

Long-term debt, net

1,000,602

1,000,570

     Total capitalization

2,450,095

2,440,947

Current liabilities



Short-term borrowings – nonaffiliates

84,942

-

Current portion of long-term debt

-

57,500

Accounts payable

158,691

188,580

Interest and preferred dividends payable

18,835

19,483

Taxes accrued

183,273

224,768

Other

58,947

69,353

     Total current liabilities

504,688

559,684

Deferred credits and other liabilities



Deferred income taxes

357,974

337,863

Regulatory liabilities

316,560

315,466

Unamortized tax credits

61,941

60,614

Retirement benefits liability

478,517

495,121

Other

108,250

106,044

     Total deferred credits and other liabilities

1,323,242

1,315,108

Contributions in aid of construction

378,039

356,203

          Total capitalization and liabilities

$      4,656,064

$     4,671,942





This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended March 31

2012

2011

(in thousands)



Cash flows from operating activities



Net income

$    27,799

$    19,688

Adjustments to reconcile net income to net cash used in operating activities



      Depreciation of property, plant and equipment

36,482

36,432

      Other amortization

1,561

2,288

      Change in deferred income taxes

20,061

13,521

      Change in tax credits, net

1,356

755

      Allowance for equity funds used during construction

(1,940)

(1,244)

      Change in cash overdraft

-

(2,688)

      Changes in assets and liabilities



           Decrease (increase) in accounts receivable

25,001

(11,271)

           Decrease (increase) in accrued unbilled revenues

11,184

(9,402)

           Increase in fuel oil stock

(14,458)

(3,513)

           Increase in materials and supplies

(3,561)

(1,065)

           Increase in regulatory assets

(13,948)

(7,872)

           Decrease in accounts payable

(33,174)

(42,123)

           Change in prepaid and accrued income taxes and utility revenue taxes

(44,561)

240

           Contributions to defined benefit pension and other postretirement benefit plans

(26,183)

(30,693)

           Change in other assets and liabilities

3,444

9,315

Net cash used in operating activities

(10,937)

(27,632)

Cash flows from investing activities



Capital expenditures

(63,436)

(37,556)

Contributions in aid of construction

22,855

5,749

Net cash used in investing activities

(40,581)

(31,807)

Cash flows from financing activities



Common stock dividends

(18,261)

(17,640)

Preferred stock dividends of HECO and subsidiaries

(499)

(499)

Repayment of long-term debt

(57,500)

-

Net increase in short-term borrowings from nonaffiliates and 



affiliate with original maturities of three months or less

84,942

-

Other

(120)

(4)

Net cash provided by (used in) financing activities

8,562

(18,143)

Net decrease in cash and cash equivalents

(42,956)

(77,582)

Cash and cash equivalents, beginning of the period

48,806

122,936

Cash and cash equivalents, end of period

$      5,850

$    45,354





This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



American Savings Bank, F.S.B. 

STATEMENTS OF INCOME DATA

(Unaudited)


Three months ended



March 31, 


December 31, 


March 31, 

(in thousands)


2012


2011


2011

Interest income







Interest and fees on loans


$      44,888


$      46,500


$      46,097

Interest on investment and mortgage-related securities


3,805


3,352


3,769

     Total interest income


48,693


49,852


49,866

Interest expense







Interest on deposit liabilities


1,779


1,837


2,593

Interest on other borrowings


1,261


1,362


1,367

     Total interest expense


3,040


3,199


3,960

Net interest income


45,653


46,653


45,906

Provision for loan losses


3,546


4,082


4,550

Net interest income after provision for loan losses


42,107


42,571


41,356

Noninterest income







Fees from other financial services


7,337


7,476


6,946

Fee income on deposit liabilities


4,278


4,486


4,449

Fee income on other financial products


1,549


1,364


1,673

Other income


3,395


3,498


2,379

     Total noninterest income


16,559


16,824


15,447

Noninterest expense







Compensation and employee benefits


18,646


17,820


17,505

Occupancy


4,225


4,313


4,240

Data processing


2,111


1,676


1,970

Services


1,783


1,990


1,771

Equipment


1,730


1,762


1,657

Other expense


6,707


8,997


7,933

     Total noninterest expense


35,202


36,558


35,076

Income before income taxes


23,464


22,837


21,727

Income taxes 


7,587


7,497


7,876

Net income


$      15,877


$      15,340


$      13,851

Comprehensive net income


$      15,899


$        7,400


$      11,586








OTHER BANK INFORMATION (%)







Return on average assets 


1.29


1.26


1.15

Return on average equity  


12.87


12.24


11.20

Return on average tangible common equity


15.44


14.65


13.44

Net interest margin


4.04


4.16


4.16

Net charge-offs to average loans outstanding (annualized) 


0.28


0.48


0.49

Efficiency ratio


56


57


57

As of period end







Nonperforming assets to loans outstanding and real estate owned **


2.02


2.01


1.82

Allowance for loan losses to loans outstanding 


1.05


1.03


1.14

Tier-1 leverage ratio **


9.1


9.0


9.1

Total risk-based capital ratio **


12.9


12.9


13.5

Tangible common equity to total assets


8.46


8.42


8.57








**  Regulatory basis















This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.



American Savings Bank, F.S.B. 

BALANCE SHEETS DATA

(Unaudited)


March 31,

December 31,

(in thousands)

2012

2011




Assets



Cash and cash equivalents

$       229,635

$      219,678

Available-for-sale investment and mortgage-related securities

631,063

624,331

Investment in stock of Federal Home Loan Bank of Seattle

97,764

97,764

Loans receivable held for investment, net

3,672,401

3,642,818

Loans held for sale, at lower of cost or fair value

14,657

9,601

Other

235,407

233,592

Goodwill

82,190

82,190

     Total assets

$    4,963,117

$    4,909,974




Liabilities and shareholder's equity



Deposit liabilities–noninterest-bearing

$    1,054,512

$      993,828

Deposit liabilities–interest-bearing

3,070,692

3,076,204

Other borrowings

232,843

233,229

Other

110,117

118,078

     Total liabilities

4,468,164

4,421,339




Common stock

332,299

331,880

Retained earnings

172,003

166,126

Accumulated other comprehensive loss, net of tax benefits

(9,349)

(9,371)

     Total shareholder's equity

494,953

488,635

     Total liabilities and shareholder's equity

$    4,963,117

$    4,909,974





This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

 

 

Contact:

Shelee M.T. Kimura



Manager, Investor Relations &

Telephone: (808) 543-7384


Strategic Planning

E-mail: skimura@hei.com

 

 

 

SOURCE Hawaiian Electric Industries, Inc.



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