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.
Hawaiian Electric Industries (NYSE - HE) reported a consolidated net income of $63.9 million and EPS of $0.58 for Q2 2021, up from $48.9 million and $0.45 in Q2 2020. The utility's performance-based regulation (PBR) framework began in June, allowing for customer savings. American Savings Bank's net income rose to $30.3 million, attributed to a credit-driven reserve release. HEI's board declared a $0.34 quarterly dividend, yielding 3.1% based on an August 6 share price of $43.83. Overall, HEI continues to focus on cost efficiencies and renewable energy integration.
On August 6, 2021, Hawaiian Electric Industries (HE) declared a quarterly cash dividend of $0.34 per share, payable on September 10, 2021. Shareholders of record by August 19, 2021 can expect this dividend, reflecting an annual rate of $1.36 per share and a yield of 3.1% based on the closing price of $43.83. HE has consistently paid dividends since 1901, demonstrating strong financial health and commitment to shareholders.
American Savings Bank reported net income of $30.3 million for Q2 2021, an increase from $29.6 million in Q1 2021 and $14.0 million in Q2 2020. The net interest income rose to $60.8 million from $57.1 million quarter-over-quarter, aided by fee income and a low cost of funds of 0.07%. A credit-driven reserve release resulted in a negative provision for credit losses of $12.2 million. Total loans decreased by 2.7% while deposits increased by 6.6%.
Hawaiian Electric Industries (HEI) will announce its second quarter 2021 financial results on August 9. American Savings Bank, a subsidiary of HEI, will disclose its results earlier on July 30. Following the earnings report on August 9, HEI will hold a conference call at 10:15 a.m. Hawaii time to discuss consolidated earnings and guidance. Interested parties can join via phone or through HEI's website. HEI supplies power to approximately 95% of Hawaii's population and provides various financial services through American.
Hawaiian Electric Industries (NYSE: HE) reported a strong financial performance for Q1 2021, with consolidated net income of $64.4 million and EPS of $0.59, compared to $33.4 million and $0.31 in Q1 2020. The utility sector saw increased earnings due to cost management and operational efficiency. American Savings Bank also reported net income of $29.6 million, attributed to a release of $8.4 million in credit loss provisions. HEI declared a quarterly dividend of $0.34 per share, reflecting a 3.1% dividend yield.
On May 6, 2021, Hawaiian Electric Industries (HE) declared a quarterly cash dividend of $0.34 per share, payable on June 10, 2021, to shareholders of record as of May 20, 2021. This dividend reflects an annual rate of $1.36 per share, translating to a 3.1% dividend yield based on the $43.47 closing share price on the declaration date. HEI has a history of uninterrupted dividend payments since 1901, demonstrating a commitment to returning value to shareholders.
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%.