Exact Name of Registrant | Commission | I.R.S. Employer |
as Specified in Its Charter | File Number | Identification No. |
Hawaiian Electric Industries, Inc. | 1-8503 | 99-0208097 |
Hawaiian Electric Company, Inc. | 1-4955 | 99-0040500 |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
HEI Exhibit 99 | News release, dated May 7, 2014, “Hawaiian Electric Industries Reports First Quarter 2014 Earnings” |
HAWAIIAN ELECTRIC INDUSTRIES, INC. | HAWAIIAN ELECTRIC COMPANY, INC. |
(Registrant) | (Registrant) |
/s/ James A. Ajello | /s/ Tayne S. Y. Sekimura |
James A. Ajello | Tayne S. Y. Sekimura |
Executive Vice President and | Senior Vice President and |
Chief Financial Officer | Chief Financial Officer |
Date: May 7, 2014 | Date: May 7, 2014 |
Contact: | Shelee M.T. Kimura | |
Manager, Investor Relations & | Telephone: (808) 543-7384 | |
Strategic Planning | E-mail: skimura@hei.com |
• | $8 million lower operations and maintenance (O&M) expenses2 compared to the same quarter last year primarily due to the timing of overhauls, lower production expenses and lower customer service expenses which were elevated in the prior year quarter during the stabilization period for the new customer information system; and |
• | $6 million higher net revenues3 compared to the first quarter of 2013 primarily due to $8 million for the estimated recovery of costs for reliability and clean energy investments partially offset by $1 million due to reduced fuel efficiency performance of the generation units on Oahu which were run at lower levels compared to 2013 in part to integrate more renewable energy. |
• | $2 million higher depreciation expense resulting from additional infrastructure investments for improved reliability; and |
• | $1 million higher interest expense. |
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 net income neutral expenses covered by surcharges or by third parties of $2 million in both the first quarter of 2014 and 2013. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation. |
3 | Net revenues represent the after-tax impact of “Revenues” less the following expenses which are largely pass through items in revenues: “fuel oil”, “purchased power” and “taxes, other than income taxes” as shown on the Hawaiian Electric Company Consolidated Statements of Income. |
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||
Three months ended March 31 | 2014 | 2013 | ||||||
(in thousands, except per share amounts) | ||||||||
Revenues | ||||||||
Electric utility | $ | 720,062 | $ | 717,441 | ||||
Bank | 63,619 | 64,756 | ||||||
Other | 68 | 35 | ||||||
Total revenues | 783,749 | 782,232 | ||||||
Expenses | ||||||||
Electric utility | 649,396 | 666,320 | ||||||
Bank | 41,996 | 43,005 | ||||||
Other | 4,051 | 4,082 | ||||||
Total expenses | 695,443 | 713,407 | ||||||
Operating income (loss) | ||||||||
Electric utility | 70,666 | 51,121 | ||||||
Bank | 21,623 | 21,751 | ||||||
Other | (3,983 | ) | (4,047 | ) | ||||
Total operating income | 88,306 | 68,825 | ||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (19,456 | ) | (18,731 | ) | ||||
Allowance for borrowed funds used during construction | 614 | 730 | ||||||
Allowance for equity funds used during construction | 1,609 | 1,215 | ||||||
Income before income taxes | 71,073 | 52,039 | ||||||
Income taxes | 24,673 | 17,887 | ||||||
Net income | 46,400 | 34,152 | ||||||
Preferred stock dividends of subsidiaries | 473 | 473 | ||||||
Net income for common stock | $ | 45,927 | $ | 33,679 | ||||
Basic earnings per common share | $ | 0.45 | $ | 0.34 | ||||
Diluted earnings per common share | $ | 0.45 | $ | 0.34 | ||||
Dividends per common share | $ | 0.31 | $ | 0.31 | ||||
Weighted-average number of common shares outstanding | 101,382 | 98,135 | ||||||
Adjusted weighted-average shares | 102,165 | 98,540 | ||||||
Net income (loss) for common stock by segment | ||||||||
Electric utility | $ | 35,420 | $ | 24,429 | ||||
Bank | 14,539 | 14,155 | ||||||
Other | (4,032 | ) | (4,905 | ) | ||||
Net income for common stock | $ | 45,927 | $ | 33,679 | ||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 47,094 | $ | 33,618 | ||||
Return on average common equity (twelve months ended)1 | 10.4 | % | 8.5 | % |
(dollars in thousands) | March 31, 2014 | December 31, 2013 | ||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 269,120 | $ | 220,036 | ||||||||||||
Accounts receivable and unbilled revenues, net | 324,433 | 346,785 | ||||||||||||||
Available-for-sale investment and mortgage-related securities | 517,534 | 529,007 | ||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 86,697 | 92,546 | ||||||||||||||
Loans receivable held for investment, net | 4,147,537 | 4,110,113 | ||||||||||||||
Loans held for sale, at lower of cost or fair value | 4,363 | 5,302 | ||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $2,206,650 and $2,192,422 at the respective dates | 3,908,392 | 3,865,514 | ||||||||||||||
Regulatory assets | 579,963 | 575,924 | ||||||||||||||
Other | 537,841 | 512,627 | ||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||
Total assets | $ | 10,458,070 | $ | 10,340,044 | ||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 210,511 | $ | 212,331 | ||||||||||||
Interest and dividends payable | 28,520 | 26,716 | ||||||||||||||
Deposit liabilities | 4,477,987 | 4,372,477 | ||||||||||||||
Short-term borrowings—other than bank | 136,369 | 105,482 | ||||||||||||||
Other bank borrowings | 244,642 | 244,514 | ||||||||||||||
Long-term debt, net—other than bank | 1,492,945 | 1,492,945 | ||||||||||||||
Deferred income taxes | 538,321 | 529,260 | ||||||||||||||
Regulatory liabilities | 350,916 | 349,299 | ||||||||||||||
Contributions in aid of construction | 438,020 | 432,894 | ||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 284,043 | 288,539 | ||||||||||||||
Other | 475,575 | 524,224 | ||||||||||||||
Total liabilities | 8,677,849 | 8,578,681 | ||||||||||||||
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: 101,477,616 shares and 101,259,800 shares at the respective dates | 1,491,338 | 1,488,126 | ||||||||||||||
Retained earnings | 270,173 | 255,694 | ||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||
Net unrealized losses on securities | $ | (2,858 | ) | $ | (3,663 | ) | ||||||||||
Unrealized losses on derivatives | (466 | ) | (525 | ) | ||||||||||||
Retirement benefit plans | (12,259 | ) | (15,583 | ) | (12,562 | ) | (16,750 | ) | ||||||||
Total shareholders’ equity | 1,745,928 | 1,727,070 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,458,070 | $ | 10,340,044 |
Three months ended March 31 | 2014 | 2013 | ||||||
(in thousands) | ||||||||
Cash flows from operating activities | ||||||||
Net income | $ | 46,400 | $ | 34,152 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation of property, plant and equipment | 43,181 | 39,726 | ||||||
Other amortization | 1,609 | 935 | ||||||
Provision for loan losses | 995 | 1,858 | ||||||
Loans receivable originated and purchased, held for sale | (46,998 | ) | (79,224 | ) | ||||
Proceeds from sale of loans receivable, held for sale | 48,720 | 102,254 | ||||||
Increase in deferred income taxes | 6,298 | 19,967 | ||||||
Excess tax benefits from share-based payment arrangements | (164 | ) | (414 | ) | ||||
Allowance for equity funds used during construction | (1,609 | ) | (1,215 | ) | ||||
Change in cash overdraft | (1,038 | ) | — | |||||
Changes in assets and liabilities | ||||||||
Decrease in accounts receivable and unbilled revenues, net | 22,352 | 14,335 | ||||||
Increase in fuel oil stock | (34,260 | ) | (29,272 | ) | ||||
Increase in regulatory assets | (9,258 | ) | (17,746 | ) | ||||
Increase (decrease) in accounts, interest and dividends payable | (9,307 | ) | 38,148 | |||||
Change in prepaid and accrued income taxes and utility revenue taxes | (19,474 | ) | (50,933 | ) | ||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (818 | ) | (702 | ) | ||||
Change in other assets and liabilities | (27,208 | ) | (23,550 | ) | ||||
Net cash provided by operating activities | 19,421 | 48,319 | ||||||
Cash flows from investing activities | ||||||||
Available-for-sale investment and mortgage-related securities purchased | (79,912 | ) | (26,705 | ) | ||||
Principal repayments on available-for-sale investment and mortgage-related securities | 15,597 | 36,504 | ||||||
Proceeds from sale of available-for-sale investment securities | 79,564 | — | ||||||
Net increase in loans held for investment | (37,887 | ) | (66,934 | ) | ||||
Proceeds from sale of real estate acquired in settlement of loans | 1,429 | 3,046 | ||||||
Capital expenditures | (65,829 | ) | (71,041 | ) | ||||
Contributions in aid of construction | 6,958 | 11,710 | ||||||
Other | 5,848 | 869 | ||||||
Net cash used in investing activities | (74,232 | ) | (112,551 | ) | ||||
Cash flows from financing activities | ||||||||
Net increase in deposit liabilities | 105,510 | 82,704 | ||||||
Net increase in short-term borrowings with original maturities of three months or less | 30,887 | 50,244 | ||||||
Net increase (decrease) in retail repurchase agreements | 141 | (2,680 | ) | |||||
Proceeds from issuance of long-term debt | — | 50,000 | ||||||
Repayment of long-term debt | — | (50,000 | ) | |||||
Excess tax benefits from share-based payment arrangements | 164 | 414 | ||||||
Net proceeds from issuance of common stock | 3,054 | 4,703 | ||||||
Common stock dividends | (31,435 | ) | (24,394 | ) | ||||
Preferred stock dividends of subsidiaries | (473 | ) | (473 | ) | ||||
Other | (3,953 | ) | (3,240 | ) | ||||
Net cash provided by financing activities | 103,895 | 107,278 | ||||||
Net increase in cash and cash equivalents | 49,084 | 43,046 | ||||||
Cash and cash equivalents, beginning of period | 220,036 | 219,662 | ||||||
Cash and cash equivalents, end of period | $ | 269,120 | $ | 262,708 |
Three months ended March 31 | 2014 | 2013 | ||||||
(dollars in thousands, except per barrel amounts) | ||||||||
Revenues | $ | 720,062 | $ | 717,441 | ||||
Expenses | ||||||||
Fuel oil | 286,300 | 305,100 | ||||||
Purchased power | 164,916 | 153,364 | ||||||
Other operation and maintenance | 88,606 | 101,813 | ||||||
Depreciation | 41,603 | 38,280 | ||||||
Taxes, other than income taxes | 67,971 | 67,763 | ||||||
Total expenses | 649,396 | 666,320 | ||||||
Operating income | 70,666 | 51,121 | ||||||
Allowance for equity funds used during construction | 1,609 | 1,215 | ||||||
Interest expense and other charges, net | (15,723 | ) | (14,519 | ) | ||||
Allowance for borrowed funds used during construction | 614 | 730 | ||||||
Income before income taxes | 57,166 | 38,547 | ||||||
Income taxes | 21,247 | 13,619 | ||||||
Net income | 35,919 | 24,928 | ||||||
Preferred stock dividends of subsidiaries | 229 | 229 | ||||||
Net income attributable to Hawaiian Electric | 35,690 | 24,699 | ||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | ||||||
Net income for common stock | $ | 35,420 | $ | 24,429 | ||||
Comprehensive income attributable to Hawaiian Electric | $ | 35,429 | $ | 24,447 | ||||
OTHER ELECTRIC UTILITY INFORMATION | ||||||||
Kilowatthour sales (millions) | ||||||||
Hawaiian Electric | 1,595 | 1,591 | ||||||
Hawaii Electric Light | 260 | 263 | ||||||
Maui Electric | 271 | 269 | ||||||
2,126 | 2,123 | |||||||
Wet-bulb temperature (Oahu average; degrees Fahrenheit) | 67.1 | 66.0 | ||||||
Cooling degree days (Oahu) | 828 | 789 | ||||||
Average fuel oil cost per barrel | $ | 131.15 | $ | 130.83 | ||||
Twelve months ended March 31 | 2014 | 2013 | ||||||
Return on average common equity (%) (simple average)1 | ||||||||
Hawaiian Electric | 9.21 | 6.97 | ||||||
Hawaii Electric Light | 7.64 | 5.07 | ||||||
Maui Electric | 7.68 | 7.41 | ||||||
Hawaiian Electric Consolidated | 8.69 | 6.68 |
1 | On a core basis, the 2014 and 2013 return on average common equity (twelve months ended March 31) were 9.2% and 8.9%, respectively for Hawaiian Electric; 7.6% and 6.3%, respectively for Hawaii Electric Light; 7.7% and 8.8%, respectively for Maui Electric and 8.7% and 8.4% respectively, for Hawaiian Electric Consolidated. See reconciliation of GAAP to non-GAAP measures. |
March 31, | December 31, | |||||||
($ in thousands, except par value) | 2014 | 2013 | ||||||
Assets | ||||||||
Property, plant and equipment | ||||||||
Utility property, plant and equipment | ||||||||
Land | $ | 51,845 | $ | 51,883 | ||||
Plant and equipment | 5,762,899 | 5,701,875 | ||||||
Less accumulated depreciation | (2,134,460 | ) | (2,111,229 | ) | ||||
Construction in progress | 148,602 | 143,233 | ||||||
Utility property, plant and equipment, net | 3,828,886 | 3,785,762 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $1,224 and $1,223 at respective dates | 6,566 | 6,567 | ||||||
Total property, plant and equipment, net | 3,835,452 | 3,792,329 | ||||||
Current assets | ||||||||
Cash and cash equivalents | 17,359 | 62,825 | ||||||
Customer accounts receivable, net | 164,016 | 175,448 | ||||||
Accrued unbilled revenues, net | 131,864 | 144,124 | ||||||
Other accounts receivable, net | 16,690 | 14,062 | ||||||
Fuel oil stock, at average cost | 168,347 | 134,087 | ||||||
Materials and supplies, at average cost | 60,089 | 59,044 | ||||||
Prepayments and other | 32,299 | 52,857 | ||||||
Regulatory assets | 77,455 | 69,738 | ||||||
Total current assets | 668,119 | 712,185 | ||||||
Other long-term assets | ||||||||
Regulatory assets | 502,508 | 506,186 | ||||||
Unamortized debt expense | 9,124 | 9,003 | ||||||
Other | 67,386 | 67,426 | ||||||
Total other long-term assets | 579,018 | 582,615 | ||||||
Total assets | $ | 5,082,589 | $ | 5,087,129 | ||||
Capitalization and liabilities | ||||||||
Capitalization | ||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 15,429,105 shares) | $ | 102,880 | $ | 102,880 | ||||
Premium on capital stock | 541,449 | 541,452 | ||||||
Retained earnings | 961,337 | 948,624 | ||||||
Accumulated other comprehensive income, net of income taxes-retirement benefit plans | 617 | 608 | ||||||
Common stock equity | 1,606,283 | 1,593,564 | ||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||
Long-term debt, net | 1,206,545 | 1,206,545 | ||||||
Total capitalization | 2,847,121 | 2,834,402 | ||||||
Current liabilities | ||||||||
Current portion of long-term debt | 11,400 | 11,400 | ||||||
Short-term borrowings from non-affiliates | 34,996 | — | ||||||
Accounts payable | 182,826 | 189,559 | ||||||
Interest and preferred dividends payable | 24,100 | 21,652 | ||||||
Taxes accrued | 193,734 | 249,445 | ||||||
Regulatory liabilities | 1,437 | 1,916 | ||||||
Other | 62,476 | 63,881 | ||||||
Total current liabilities | 510,969 | 537,853 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes | 515,041 | 507,161 | ||||||
Regulatory liabilities | 349,479 | 347,383 | ||||||
Unamortized tax credits | 75,544 | 73,539 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 257,601 | 262,162 | ||||||
Other | 88,814 | 91,735 | ||||||
Total deferred credits and other liabilities | 1,286,479 | 1,281,980 | ||||||
Contributions in aid of construction | 438,020 | 432,894 | ||||||
Total capitalization and liabilities | $ | 5,082,589 | $ | 5,087,129 |
Three months ended March 31, | 2014 | 2013 | ||||||
(in thousands) | ||||||||
Cash flows from operating activities | ||||||||
Net income | $ | 35,919 | $ | 24,928 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation of property, plant and equipment | 41,603 | 38,280 | ||||||
Other amortization | 1,621 | 957 | ||||||
Increase in deferred income taxes | 20,344 | 17,975 | ||||||
Change in tax credits, net | 2,032 | 1,382 | ||||||
Allowance for equity funds used during construction | (1,609 | ) | (1,215 | ) | ||||
Change in cash overdraft | (1,038 | ) | — | |||||
Changes in assets and liabilities | ||||||||
Decrease in accounts receivable | 8,804 | 38,703 | ||||||
Decrease (increase) in accrued unbilled revenues | 12,260 | (1,317 | ) | |||||
Increase in fuel oil stock | (34,260 | ) | (29,272 | ) | ||||
Increase in materials and supplies | (1,045 | ) | (3,345 | ) | ||||
Increase in regulatory assets | (9,258 | ) | (17,746 | ) | ||||
Increase (decrease) in accounts payable | (16,024 | ) | 38,934 | |||||
Change in prepaid and accrued income taxes and utility revenue taxes | (47,526 | ) | (53,666 | ) | ||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (205 | ) | (47 | ) | ||||
Change in other assets and liabilities | (10,981 | ) | (1,050 | ) | ||||
Net cash provided by operating activities | 637 | 53,501 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (64,462 | ) | (67,915 | ) | ||||
Contributions in aid of construction | 6,958 | 11,710 | ||||||
Net cash used in investing activities | (57,504 | ) | (56,205 | ) | ||||
Cash flows from financing activities | ||||||||
Common stock dividends | (22,707 | ) | (20,070 | ) | ||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (499 | ) | (499 | ) | ||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 34,996 | 43,052 | ||||||
Other | (389 | ) | 2 | |||||
Net cash provided by financing activities | 11,401 | 22,485 | ||||||
Net increase (decrease) in cash and cash equivalents | (45,466 | ) | 19,781 | |||||
Cash and cash equivalents, beginning of period | 62,825 | 17,159 | ||||||
Cash and cash equivalents, end of period | $ | 17,359 | $ | 36,940 |
Three months ended | ||||||||||||
(in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
Interest and dividend income | ||||||||||||
Interest and fees on loans | $ | 43,682 | $ | 43,405 | $ | 42,603 | ||||||
Interest and dividends on investment and mortgage-related securities | 3,035 | 3,372 | 3,464 | |||||||||
Total interest and dividend income | 46,717 | 46,777 | 46,067 | |||||||||
Interest expense | ||||||||||||
Interest on deposit liabilities | 1,225 | 1,222 | 1,312 | |||||||||
Interest on other borrowings | 1,405 | 1,437 | 1,164 | |||||||||
Total interest expense | 2,630 | 2,659 | 2,476 | |||||||||
Net interest income | 44,087 | 44,118 | 43,591 | |||||||||
Provision for loan losses | 995 | 554 | 1,858 | |||||||||
Net interest income after provision for loan losses | 43,092 | 43,564 | 41,733 | |||||||||
Noninterest income | ||||||||||||
Fees from other financial services | 5,128 | 5,732 | 7,643 | |||||||||
Fee income on deposit liabilities | 4,421 | 4,797 | 4,314 | |||||||||
Fee income on other financial products | 2,290 | 2,117 | 1,794 | |||||||||
Mortgage banking income | 628 | 1,413 | 3,346 | |||||||||
Gains on sale of securities | 2,847 | — | — | |||||||||
Other income, net | 1,588 | 1,470 | 1,592 | |||||||||
Total noninterest income | 16,902 | 15,529 | 18,689 | |||||||||
Noninterest expense | ||||||||||||
Compensation and employee benefits | 20,286 | 22,195 | 20,088 | |||||||||
Occupancy | 3,953 | 4,197 | 4,123 | |||||||||
Data processing | 3,060 | 2,970 | 2,987 | |||||||||
Services | 2,273 | 2,160 | 2,103 | |||||||||
Equipment | 1,645 | 1,826 | 1,774 | |||||||||
Other expense | 7,153 | 7,951 | 7,595 | |||||||||
Total noninterest expense | 38,370 | 41,299 | 38,670 | |||||||||
Income before income taxes | 21,624 | 17,794 | $ | 21,752 | ||||||||
Income taxes | 7,085 | 5,610 | 7,597 | |||||||||
Net income | $ | 14,539 | $ | 12,184 | $ | 14,155 | ||||||
Comprehensive income | $ | 15,563 | $ | 23,802 | $ | 15,484 | ||||||
OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||||
Return on average assets | 1.10 | 0.94 | 1.12 | |||||||||
Return on average equity | 11.03 | 9.56 | 11.28 | |||||||||
Return on average tangible common equity | 13.06 | 11.39 | 13.49 | |||||||||
Net interest margin | 3.64 | 3.67 | 3.78 | |||||||||
Net charge-offs to average loans outstanding | 0.02 | 0.15 | 0.12 | |||||||||
As of period end | ||||||||||||
Nonperforming assets to loans outstanding and real estate owned * | 1.12 | 1.20 | 1.89 | |||||||||
Allowance for loan losses to loans outstanding | 0.98 | 0.97 | 1.11 | |||||||||
Tier-1 leverage ratio * | 9.0 | 9.1 | 9.1 | |||||||||
Total risk-based capital ratio * | 12.7 | 12.1 | 12.8 | |||||||||
Tangible common equity to total assets | 8.44 | 8.50 | 8.38 | |||||||||
Dividend paid to HEI (through ASHI) (for the periods presented, in millions) | $ | 9 | $ | 10 | $ | 10 |
(in thousands) | March 31, 2014 | December 31, 2013 | ||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents (including $40 million of securities purchased under resale agreements at March 31, 2014) | $ | 251,083 | $ | 156,603 | ||||||||||||
Available-for-sale investment and mortgage-related securities | 517,534 | 529,007 | ||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 86,697 | 92,546 | ||||||||||||||
Loans receivable held for investment | 4,188,460 | 4,150,229 | ||||||||||||||
Allowance for loan losses | (40,923 | ) | (40,116 | ) | ||||||||||||
Loans receivable held for investment, net | 4,147,537 | 4,110,113 | ||||||||||||||
Loans held for sale, at lower of cost or fair value | 4,363 | 5,302 | ||||||||||||||
Other | 282,079 | 268,063 | ||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||
Total assets | $ | 5,371,483 | $ | 5,243,824 | ||||||||||||
Liabilities and shareholder’s equity | ||||||||||||||||
Deposit liabilities—noninterest-bearing | $ | 1,284,957 | $ | 1,214,418 | ||||||||||||
Deposit liabilities—interest-bearing | 3,193,030 | 3,158,059 | ||||||||||||||
Other borrowings | 244,642 | 244,514 | ||||||||||||||
Other | 120,324 | 105,679 | ||||||||||||||
Total liabilities | 4,842,953 | 4,722,670 | ||||||||||||||
Common stock | 336,617 | 336,054 | ||||||||||||||
Retained earnings | 203,086 | 197,297 | ||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||
Net unrealized losses on securities | $ | (2,858 | ) | $ | (3,663 | ) | ||||||||||
Retirement benefit plans | (8,315 | ) | (11,173 | ) | (8,534 | ) | (12,197 | ) | ||||||||
Total shareholder’s equity | 528,530 | 521,154 | ||||||||||||||
Total liabilities and shareholder’s equity | $ | 5,371,483 | $ | 5,243,824 |
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | ||||||
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI) | ||||||
Unaudited | ||||||
($ in millions) | ||||||
Twelve months ended March 31, | 2014 | 2013 | ||||
HEI CONSOLIDATED NET INCOME | ||||||
GAAP (as reported) | $ | 173.8 | $ | 134.0 | ||
Excluding special items (after-tax): | ||||||
Settlement agreement for the partial writedown of certain utility assets | — | 24.4 | ||||
Non-GAAP (core) | $ | 173.8 | $ | 158.5 | ||
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | ||||||
Based on GAAP | 10.4 | % | 8.5 | % | ||
Based on non-GAAP (core)2 | 10.4 | % | 10.0 | % | ||
Note: Columns may not foot due to rounding | ||||||
1 Accounting principles generally accepted in the United States of America | ||||||
2 Calculated as core net income divided by average GAAP common equity |
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | |||||||
Hawaiian Electric Company, Inc. and Subsidiaries | |||||||
Unaudited | |||||||
($ in millions) | |||||||
Twelve months ended March 31, | 2014 | 2013 | |||||
HAWAIIAN ELECTRIC CONSOLIDATED NET INCOME | |||||||
GAAP (as reported) | $ | 133.9 | $ | 96.4 | |||
Excluding special items (after-tax): | |||||||
Settlement agreement for the partial writedown of certain utility assets | — | 24.4 | |||||
Non-GAAP (core) | $ | 133.9 | $ | 120.8 | |||
HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average): | |||||||
Based on GAAP | 8.7 | % | 6.7 | % | |||
Based on non-GAAP (core)2 | 8.7 | % | 8.4 | % |
Hawaiian Electric | Hawaii Electric Light | Maui Electric | |||||||||||||||||||
Twelve months ended March 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
NET INCOME | |||||||||||||||||||||
GAAP (as reported) | $ | 94.6 | $ | 65.1 | $ | 20.9 | $ | 14.0 | $ | 18.5 | $ | 17.3 | |||||||||
Excluding special items (after-tax): | |||||||||||||||||||||
Settlement agreement for the partial writedown of certain utility assets | — | 17.7 | — | 3.4 | — | 3.4 | |||||||||||||||
Non-GAAP (core) | $ | 94.6 | $ | 82.8 | $ | 20.9 | $ | 17.4 | $ | 18.5 | $ | 20.7 | |||||||||
RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average): | |||||||||||||||||||||
Based on GAAP | 9.2 | % | 7.0 | % | 7.6 | % | 5.1 | % | 7.7 | % | 7.4 | % | |||||||||
Based on non-GAAP (core)2 | 9.2 | % | 8.9 | % | 7.6 | % | 6.3 | % | 7.7 | % | 8.8 | % | |||||||||
Three months ended March 31, | 2014 | 2013 | |||||||||||||||||||
HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M) EXPENSE | |||||||||||||||||||||
GAAP (as reported) | $ | 88.6 | $ | 101.8 | |||||||||||||||||
Excluding O&M-related net income neutral items3 | (2.0 | ) | (1.6 | ) | |||||||||||||||||
Adjusted O&M expense (Non-GAAP measure) | $ | 86.6 | $ | 100.2 | |||||||||||||||||
Note: Columns may not foot due to rounding | |||||||||||||||||||||
1 Accounting principles generally accepted in the United States of America | |||||||||||||||||||||
2 Calculated as core net income divided by average GAAP common equity | |||||||||||||||||||||
3 Expenses covered by surcharges or by third parties recorded in revenues |
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