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Hawaiian Electric Industries, Inc. reports on the financial performance and regulatory developments of its electric utility business in Hawaii. Its utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is focused on renewable energy progress, decarbonization, grid modernization, hardening, resilience and public safety.
Recurring HE news includes quarterly and annual results, operations and maintenance costs, storm response, insurance and power supply expenses, liquidity, credit ratings and utility financing. Company updates also cover Maui wildfire-related expenses and settlement obligations, wildfire safety strategy, Public Utilities Commission matters, renewable portfolio standard progress and capital actions tied to utility infrastructure investment.
American Savings Bank reported a net income of $29.6 million for Q1 2021, up from $15.7 million in Q4 2020 and $15.8 million in Q1 2020. Despite challenges in bank profitability, strong residential mortgage production and ASB CARES loans were highlighted. Net interest income decreased to $57.1 million from $58.5 million in Q4 2020. A provision for credit losses was released, improving the bank's balance sheet. Total loans stood at $5.3 billion, while deposits rose by 4.9% to $7.7 billion.
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Hawaiian Electric Industries (HEI) will announce its first quarter 2021 financial results on May 7, 2021. American Savings Bank, a subsidiary of HEI, will report its results on April 30, 2021. A conference call to discuss consolidated earnings and earnings guidance will occur on May 7 at 7:30 a.m. Hawaii time. Interested parties can access the call by phone or through HEI's website. Additionally, a replay will be available online after the event until May 21, 2021. HEI serves around 95% of Hawaii's population and focuses on clean energy initiatives.
Hawaiian Electric Industries (HEI) reported consolidated net income of $197.8 million for 2020, with an EPS of $1.81, down from $217.9 million and $1.99 in 2019. The company's utility, Hawaiian Electric, saw a rise in net income to $169.3 million, driven by cost savings and solar integrations, enhancing community support during the pandemic. American Savings Bank, however, faced challenges, reporting a drop in net income to $57.6 million amid credit risks, despite record mortgage originations. HEI's board raised the quarterly dividend to $0.34 per share, yielding 3.9%.
On February 9, 2021, Hawaiian Electric Industries (HE) announced an increase in its quarterly cash dividend from $0.33 to $0.34 per share, payable on March 10, 2021, to shareholders of record as of February 25, 2021. This adjustment represents an annual rate of $1.36 per share, yielding 4.0% based on the closing price of $33.98 on the announcement date. HE has maintained uninterrupted dividend payments since 1901, reflecting its commitment to returning value to shareholders.
American Savings Bank reported a 2020 net income of $57.6 million, down from $89.0 million in 2019, with a Q4 2020 net income of $15.7 million.
Despite challenges, the bank achieved record mortgage originations and effective cost control. The net interest income decreased to $233.5 million from $248.1 million year-over-year, affected by lower interest rates. The provision for credit losses increased to $50.8 million due to COVID-19 impacts. Total loans grew by 4.4%, while deposits surged by 17.8%.
Hawaiian Electric Industries, Inc. (HE) will announce its fourth quarter and full year 2020 financial results on February 16. The company, which supplies power to 95% of Hawaii's population, will also provide 2021 earnings guidance. American Savings Bank, a subsidiary of HE, is set to announce its financial results on January 29. Investors can access earnings calls and presentation materials through HE's website. A replay of the call will be available shortly after the event, continuing until March 2, 2021.
Hawaiian Electric Industries reported a consolidated net income of $65 million for Q3 2020, with earnings per share of $0.59, up from $63.4 million and $0.58 in Q3 2019. Hawaiian Electric's net income rose to $60.1 million, benefiting from lower operations and maintenance costs and higher RAM revenues. However, American Savings Bank's net income fell to $12.2 million, impacted by reduced gains on securities sales and higher credit loss provisions. HEI maintains a quarterly cash dividend of $0.33 per share, achieving a 4.0% yield based on its recent stock price.
On November 3, 2020, Hawaiian Electric Industries, Inc. (HE) announced its quarterly cash dividend of $0.33 per share, payable on December 10, 2020, to shareholders of record by November 20, 2020. This maintains an uninterrupted dividend payout since 1901, translating to an annual rate of $1.32 per share. At a share price of $34.45, the dividend yield stands at 3.8%.
HEI serves approximately 95% of Hawaii's population and aims to support Hawaii's clean energy goals.
American Savings Bank reported a net income of $12.2 million for Q3 2020, down from $14.0 million in Q2 2020 and $22.9 million in Q3 2019. The net interest income rose to $57.3 million but was below the $62.1 million of the previous year. The provision for credit losses reached $14.0 million, including $12.3 million for pandemic-related reserves. Total loans increased by 7.3% YoY to $5.5 billion, and total deposits rose 12.2% to $7.0 billion.