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.
On February 11, 2022, Hawaiian Electric Industries (HEI) announced an increase in its quarterly cash dividend from $0.34 to $0.35 per share, payable on March 10, 2022. Shareholders on record by February 24, 2022 will receive this dividend, translating to an annual rate of $1.40 per share. The dividend yield stands at 3.4% based on a closing share price of $41.29. HEI has consistently paid dividends since 1901, demonstrating its commitment to returning value to shareholders.
American Savings Bank reported 2021 net income of $101.2 million, significantly up from $57.6 million in 2020. The bank's strong performance is attributed to solid credit quality and significant earning asset growth amid an improving Hawaii economy. In Q4 2021, net income reached $22.1 million, surpassing prior quarters. While net interest income increased to $237.2 million for the year, net interest margin decreased to 2.91%. Total deposits grew by 10.6% to $8.2 billion, yet total loans declined by 2.3% to $5.2 billion.
Hawaiian Electric Industries, Inc. (HEI) will announce its fourth quarter and full year 2021 financial results on February 14. Additionally, American Savings Bank, a subsidiary of HEI, will reveal its results on January 28. A conference call to discuss HEI's earnings and 2022 guidance will occur on February 14 at 11:15 a.m. Hawaii time. Investors are encouraged to access the webcast and related materials through HEI's website. HEI continues to support Hawaii's economic activity and sustainability through its utility and financial services.
Hawaiian Electric Industries (HE) has appointed Elisia Flores to its board of directors. She is an experienced business leader, currently serving as CEO of L&L Franchise and a director at American Savings Bank since 2018. Flores brings extensive experience in corporate finance and franchising, having previously worked at General Electric. Her addition is expected to enhance HE’s strategic vision and community engagement. Flores was recognized as Business Leader of the Year in 2020 and 2021, underscoring her impact in Hawai'i's business landscape.
Hawaiian Electric, a subsidiary of Hawaiian Electric Industries (NYSE: HE), has announced a bold initiative to reduce carbon emissions from power generation by 70% by 2030, using 2005 levels as a baseline. This ambitious goal aligns with the state's commitment to achieve a 50% reduction in overall emissions by 2030, contributing to the U.S. climate targets set at COP26. Additionally, Hawaiian Electric aims for net zero emissions by 2045. Key strategies include retiring fossil fuel plants, expanding renewable energy sources, and enhancing energy storage capabilities.
Hawaiian Electric Industries (HEI) reported third-quarter 2021 consolidated net income of $63.4 million, with earnings per share (EPS) of $0.58, down from $65.0 million and $0.59 EPS in Q3 2020. Hawaiian Electric Company net income decreased to $50.3 million from $60.1 million, primarily due to lower revenues and higher expenses. American Savings Bank's net income dropped to $19.3 million from $30.3 million in the previous quarter. HEI declared a quarterly dividend of $0.34 per share, yielding 3.3%.
The Board of Directors of Hawaiian Electric Industries (HE) declared a quarterly cash dividend of $0.34 per share, payable on December 10, 2021. The record date for shareholders is November 23, 2021, with an ex-dividend date of November 22, 2021. This dividend represents an annual rate of $1.36 per share, translating to a 3.3% yield based on the closing share price of $41.14 on the declaration date. Dividends have been paid uninterrupted since 1901.
American Savings Bank reported a net income of $19.3 million for Q3 2021, a decline from $30.3 million in Q2 2021 but an increase from $12.2 million in Q3 2020. The bank's net interest income was $60.3 million, slightly down from Q2 due to lower yields. Net interest margin decreased to 2.90%. A negative provision for credit losses of $1.7 million was noted. The total deposits rose by 1.3% to $8.0 billion. However, total loans fell by 1.3% from the previous quarter. The bank maintained a Tier 1 leverage ratio of 8.0%.
Hawaiian Electric Industries (HEI) will announce its Q3 2021 financial results on November 5, 2021. Also, its subsidiary American Savings Bank will release its Q3 results on October 29, 2021. A conference call to discuss HEI's consolidated earnings and regulatory matters will be held at 10:15 a.m. Hawaii time. Interested parties can access the call by dialing 1-844-200-6205 or via HEI's website. A replay will be available online and by phone until November 19, 2021.
HEI provides essential energy and financial services in Hawaii and is focused on sustainability efforts.
Constance "Connie" Lau will retire as president and CEO of Hawaiian Electric Industries (HEI) after 15 years, effective January 1, 2022. Scott Seu, current CEO of Hawaiian Electric, will take over as CEO of HEI, while Shelee Kimura will succeed Seu as the utility's president and CEO, marking her as the first female leader in the company's history. The leadership transition is part of a multi-year succession plan aimed at advancing HEI's commitment to clean energy and community service. The new team collectively has over 75 years of experience with HEI.