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 February 11, 2016, “Hawaiian Electric Industries Reports 2015 Year-End & Fourth Quarter 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: February 11, 2016 | Date: February 11, 2016 |
Exhibit No. | Description |
HEI Exhibit 99 | News release, dated February 11, 2016, “Hawaiian Electric Industries Reports 2015 Year-End & Fourth Quarter Earnings” |
Contact: | Clifford H. Chen | |
Manager, Investor Relations & Strategic Planning | Telephone: (808) 543-7300 | |
E-mail: ir@hei.com | ||
• | Reported net income of $159.9 million in 2015 vs $168.1 million in 2014, down 5%; |
• | Reported EPS of $1.50 in 2015 vs $1.63 in 2014, down 8%; |
• | Reported ROE of 8.6%; Core1 ROE of 9.4% |
• | Continued legacy of delivering value for customers and Hawaii: |
• | Record 22%2 of electricity used by Hawaiian Electric customers was from renewable sources |
◦ | Surpassed Hawaii’s 2015 renewable portfolio standard target of 15% |
◦ | Avoided-oil equivalent of 1.9 million barrels which would have cost our state over $140 million3 in imported oil in 2015 |
◦ | 2015 residential bills lower by 18% due to lower fuel prices compared to 2014 |
◦ | Led the nation in the integration of customer-sited solar: by the end of 2015, over 20% of single family homes on the islands we serve and approximately 13% of our customers have solar systems |
• | Continuing cost management efforts limited utility other operations and maintenance (O&M) expense4 increases to 1% over the 2014 level, in line with the Honolulu inflation rate of 1% |
• | Bank provided over $1.9 billion of credit to consumers and businesses and originated over 3,500 mortgages |
• | Bank credit quality excellent with net charge-offs of 4 basis points on a loan book of $4.6 billion |
1 | Non-GAAP measure which excludes merger-related and spin-off costs after-tax. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation. |
2 | Based upon preliminary Renewable Portfolio Standard information as of 12/31/15. |
3 | Estimate based on the 2015 average price per barrel of $74.71 and as compared to 2008 oil usage levels. |
4 | Excludes net income neutral expenses covered by surcharges or by third parties and merger-related costs. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation. |
• | Contributed nearly twenty thousand volunteer hours and over $2 million of charitable contributions to community organizations |
• | History of continuous dividends since 1901 |
• | Progress on proposed merger with NextEra Energy and spin-off of American Savings Bank: |
◦ | Received shareholder approval for the merger with NextEra Energy, Inc. |
◦ | Filed Hawaii Public Utilities Commission (PUC) application for the proposed merger and PUC has initiated hearings |
◦ | Filed SEC Form 10 for the bank spin-off |
• | $7 million higher depreciation expense as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; and |
• | $3 million higher O&M expenses4 impacted by a regulatory decision denying recovery of enterprise resource planning software costs, additional reserves for environmental costs and higher employee benefit costs offset in part by higher 2014 costs for initial phase smart grid installations. |
5 | 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. |
6 | 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, Inc. and Subsidiaries’ Consolidated Statements of Income. |
• | $5 million lower O&M expenses4 in the fourth quarter of 2015 largely due to lower maintenance costs including vegetation management costs, the deferral of RFP costs and higher fourth quarter of 2014 costs for initial phase smart grid installations and the upgrade of the customer information system partially offset by the additional reserves for environmental costs in 2015; and |
• | $2 million higher net revenues in 2015 attributable to the recovery of costs for clean energy and reliability investments. |
• | $2 million higher depreciation expense in the fourth quarter of 2015 as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; and |
• | $1 million higher interest expense and other charges. |
• | $5 million higher net interest income as contributions from loan and investment portfolio growth more than offset the lower yield on earning assets; and |
• | $4 million higher noninterest income primarily due to higher mortgage banking income ($2 million) resulting from selling a larger portion of low rate mortgage loan originations and higher deposit-related fee initiatives ($2 million). |
• | $1 million lower provision for loan losses primarily related to the recovery during the fourth quarter of 2015 of previously charged-off loans; and |
• | $1 million higher net interest income due to strong loan and investment portfolio growth. |
• | $1 million higher net interest income due to strong loan and investment portfolio growth; |
• | $1 million higher provision for loan losses in the fourth quarter of 2014 primarily due to the downgrade of one performing commercial real estate loan; and |
• | $1 million higher noninterest income. |
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||
Three months ended December 31 | Years ended December 31 | |||||||||||||||
(in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | ||||||||||||||||
Electric utility | $ | 555,434 | $ | 725,267 | $ | 2,335,166 | $ | 2,987,323 | ||||||||
Bank | 68,511 | 64,726 | 267,733 | 252,497 | ||||||||||||
Other | 87 | 47 | 83 | (278 | ) | |||||||||||
Total revenues | 624,032 | 790,040 | 2,602,982 | 3,239,542 | ||||||||||||
Expenses | ||||||||||||||||
Electric utility | 487,772 | 666,389 | 2,061,050 | 2,711,555 | ||||||||||||
Bank | 45,858 | 46,424 | 183,921 | 173,202 | ||||||||||||
Other | 7,180 | 9,060 | 35,458 | 22,185 | ||||||||||||
Total expenses | 540,810 | 721,873 | 2,280,429 | 2,906,942 | ||||||||||||
Operating income (loss) | ||||||||||||||||
Electric utility | 67,662 | 58,878 | 274,116 | 275,768 | ||||||||||||
Bank | 22,653 | 18,302 | 83,812 | 79,295 | ||||||||||||
Other | (7,093 | ) | (9,013 | ) | (35,375 | ) | (22,463 | ) | ||||||||
Total operating income | 83,222 | 68,167 | 322,553 | 332,600 | ||||||||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (19,915 | ) | (17,704 | ) | (77,150 | ) | (76,352 | ) | ||||||||
Allowance for borrowed funds used during construction | 539 | 702 | 2,457 | 2,579 | ||||||||||||
Allowance for equity funds used during construction | 1,562 | 1,838 | 6,928 | 6,771 | ||||||||||||
Income before income taxes | 65,408 | 53,003 | 254,788 | 265,598 | ||||||||||||
Income taxes | 22,615 | 19,277 | 93,021 | 95,579 | ||||||||||||
Net income | 42,793 | 33,726 | 161,767 | 170,019 | ||||||||||||
Preferred stock dividends of subsidiaries | 473 | 473 | 1,890 | 1,890 | ||||||||||||
Net income for common stock | $ | 42,320 | $ | 33,253 | $ | 159,877 | $ | 168,129 | ||||||||
Basic earnings per common share | $ | 0.39 | $ | 0.32 | $ | 1.50 | $ | 1.65 | ||||||||
Diluted earnings per common share | $ | 0.39 | $ | 0.32 | $ | 1.50 | $ | 1.63 | ||||||||
Dividends per common share | $ | 0.31 | $ | 0.31 | $ | 1.24 | $ | 1.24 | ||||||||
Weighted-average number of common shares outstanding | 107,460 | 102,561 | 106,418 | 101,968 | ||||||||||||
Adjusted weighted-average shares | 107,797 | 103,991 | 106,721 | 102,937 | ||||||||||||
Net income (loss) for common stock by segment | ||||||||||||||||
Electric utility | $ | 32,993 | $ | 29,112 | $ | 135,714 | $ | 137,641 | ||||||||
Bank | 14,953 | 12,113 | 54,730 | 51,301 | ||||||||||||
Other | (5,626 | ) | (7,972 | ) | (30,567 | ) | (20,813 | ) | ||||||||
Net income for common stock | $ | 42,320 | $ | 33,253 | $ | 159,877 | $ | 168,129 | ||||||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 38,075 | $ | 19,869 | $ | 160,993 | $ | 157,501 | ||||||||
Return on average common equity | 8.6 | % | 9.6 | % |
December 31 | 2015 | 2014 | ||||||
(dollars in thousands) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 300,478 | $ | 175,542 | ||||
Accounts receivable and unbilled revenues, net | 242,766 | 313,696 | ||||||
Available-for-sale investment securities, at fair value | 820,648 | 550,394 | ||||||
Stock in Federal Home Loan Bank, at cost | 10,678 | 69,302 | ||||||
Loans receivable held for investment, net | 4,565,781 | 4,389,033 | ||||||
Loans held for sale, at lower of cost or fair value | 4,631 | 8,424 | ||||||
Property, plant and equipment, net of accumulated depreciation of $2,339,319 and $2,250,950 at the respective dates | 4,377,658 | 4,148,774 | ||||||
Regulatory assets | 896,731 | 905,264 | ||||||
Other | 488,635 | 542,523 | ||||||
Goodwill | 82,190 | 82,190 | ||||||
Total assets | $ | 11,790,196 | $ | 11,185,142 | ||||
Liabilities and shareholders’ equity | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 138,523 | $ | 186,425 | ||||
Interest and dividends payable | 26,042 | 25,336 | ||||||
Deposit liabilities | 5,025,254 | 4,623,415 | ||||||
Short-term borrowings—other than bank | 103,063 | 118,972 | ||||||
Other bank borrowings | 328,582 | 290,656 | ||||||
Long-term debt, net—other than bank | 1,586,546 | 1,506,546 | ||||||
Deferred income taxes | 680,877 | 633,570 | ||||||
Regulatory liabilities | 371,543 | 344,849 | ||||||
Contributions in aid of construction | 506,087 | 466,432 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 589,918 | 632,845 | ||||||
Other | 471,828 | 531,230 | ||||||
Total liabilities | 9,828,263 | 9,360,276 | ||||||
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: 107,460,406 shares and 102,565,266 shares at the respective dates | 1,629,136 | 1,521,297 | ||||||
Retained earnings | 324,766 | 296,654 | ||||||
Accumulated other comprehensive loss, net of tax benefits | (26,262 | ) | (27,378 | ) | ||||
Total shareholders’ equity | 1,927,640 | 1,790,573 | ||||||
Total liabilities and shareholders’ equity | $ | 11,790,196 | $ | 11,185,142 |
Three months ended December 31 | Years ended December 31 | |||||||||||||||
(dollars in thousands, except per barrel amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 555,434 | $ | 725,267 | $ | 2,335,166 | $ | 2,987,323 | ||||||||
Expenses | ||||||||||||||||
Fuel oil | 135,930 | 265,696 | 654,600 | 1,131,685 | ||||||||||||
Purchased power | 148,287 | 175,887 | 594,096 | 722,008 | ||||||||||||
Other operation and maintenance | 106,570 | 115,129 | 413,089 | 410,612 | ||||||||||||
Depreciation | 44,540 | 41,597 | 177,380 | 166,387 | ||||||||||||
Taxes, other than income taxes | 52,445 | 68,080 | 221,885 | 280,863 | ||||||||||||
Total expenses | 487,772 | 666,389 | 2,061,050 | 2,711,555 | ||||||||||||
Operating income | 67,662 | 58,878 | 274,116 | 275,768 | ||||||||||||
Allowance for equity funds used during construction | 1,562 | 1,838 | 6,928 | 6,771 | ||||||||||||
Interest expense and other charges, net | (17,200 | ) | (15,768 | ) | (66,370 | ) | (64,757 | ) | ||||||||
Allowance for borrowed funds used during construction | 539 | 702 | 2,457 | 2,579 | ||||||||||||
Income before income taxes | 52,563 | 45,650 | 217,131 | 220,361 | ||||||||||||
Income taxes | 19,071 | 16,039 | 79,422 | 80,725 | ||||||||||||
Net income | 33,492 | 29,611 | 137,709 | 139,636 | ||||||||||||
Preferred stock dividends of subsidiaries | 229 | 229 | 915 | 915 | ||||||||||||
Net income attributable to Hawaiian Electric | 33,263 | 29,382 | 136,794 | 138,721 | ||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | 1,080 | 1,080 | ||||||||||||
Net income for common stock | $ | 32,993 | $ | 29,112 | $ | 135,714 | $ | 137,641 | ||||||||
Comprehensive income attributable to Hawaiian Electric | $ | 33,862 | $ | 28,517 | $ | 136,594 | $ | 137,078 | ||||||||
OTHER ELECTRIC UTILITY INFORMATION | ||||||||||||||||
Kilowatthour sales (millions) | ||||||||||||||||
Hawaiian Electric | 1,738 | 1,720 | 6,754 | 6,782 | ||||||||||||
Hawaii Electric Light | 273 | 269 | 1,065 | 1,062 | ||||||||||||
Maui Electric | 290 | 288 | 1,138 | 1,132 | ||||||||||||
2,301 | 2,277 | 8,957 | 8,976 | |||||||||||||
Wet-bulb temperature (Oahu average; degrees Fahrenheit) | 71.9 | 70.0 | 70.6 | 69.6 | ||||||||||||
Cooling degree days (Oahu) | 1,395 | 1,206 | 5,082 | 4,909 | ||||||||||||
Average fuel oil cost per barrel | $ | 61.59 | $ | 122.04 | $ | 74.71 | $ | 129.65 | ||||||||
Twelve months ended December 31 | 2015 | 2014 | ||||||||||||||
Return on average common equity (%) (simple average) | ||||||||||||||||
Hawaiian Electric | 8.02 | 8.74 | ||||||||||||||
Hawaii Electric Light | 7.22 | 6.71 | ||||||||||||||
Maui Electric | 8.52 | 8.81 | ||||||||||||||
Hawaiian Electric Consolidated | 7.96 | 8.40 |
December 31 | 2015 | 2014 | ||||||
(dollars in thousands, except par value) | ||||||||
Assets | ||||||||
Property, plant and equipment | ||||||||
Utility property, plant and equipment | ||||||||
Land | $ | 52,792 | $ | 52,299 | ||||
Plant and equipment | 6,315,698 | 6,009,482 | ||||||
Less accumulated depreciation | (2,266,004 | ) | (2,175,510 | ) | ||||
Construction in progress | 175,309 | 158,616 | ||||||
Utility property, plant and equipment, net | 4,277,795 | 4,044,887 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $1,229 and $1,227 at respective dates | 7,272 | 6,563 | ||||||
Total property, plant and equipment, net | 4,285,067 | 4,051,450 | ||||||
Current assets | ||||||||
Cash and cash equivalents | 24,449 | 13,762 | ||||||
Customer accounts receivable, net | 132,778 | 158,484 | ||||||
Accrued unbilled revenues, net | 84,509 | 137,374 | ||||||
Other accounts receivable, net | 10,408 | 4,283 | ||||||
Fuel oil stock, at average cost | 71,216 | 106,046 | ||||||
Materials and supplies, at average cost | 54,429 | 57,250 | ||||||
Prepayments and other | 36,640 | 33,468 | ||||||
Regulatory assets | 72,231 | 71,421 | ||||||
Total current assets | 486,660 | 582,088 | ||||||
Other long-term assets | ||||||||
Regulatory assets | 824,500 | 833,843 | ||||||
Unamortized debt expense | 8,341 | 8,323 | ||||||
Other | 75,486 | 81,838 | ||||||
Total other long-term assets | 908,327 | 924,004 | ||||||
Total assets | $ | 5,680,054 | $ | 5,557,542 | ||||
Capitalization and liabilities | ||||||||
Capitalization | ||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 15,805,327 shares) | $ | 105,388 | $ | 105,388 | ||||
Premium on capital stock | 578,930 | 578,938 | ||||||
Retained earnings | 1,043,082 | 997,773 | ||||||
Accumulated other comprehensive income, net of taxes-retirement benefit plans | 925 | 45 | ||||||
Common stock equity | 1,728,325 | 1,682,144 | ||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||
Long-term debt, net | 1,286,546 | 1,206,546 | ||||||
Total capitalization | 3,049,164 | 2,922,983 | ||||||
Current liabilities | ||||||||
Accounts payable | 114,846 | 163,934 | ||||||
Interest and preferred dividends payable | 23,111 | 22,316 | ||||||
Taxes accrued | 191,084 | 250,402 | ||||||
Regulatory liabilities | 2,204 | 632 | ||||||
Other | 54,079 | 61,664 | ||||||
Total current liabilities | 385,324 | 498,948 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes | 654,806 | 573,439 | ||||||
Regulatory liabilities | 369,339 | 344,217 | ||||||
Unamortized tax credits | 84,214 | 79,492 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 552,974 | 595,395 | ||||||
Other | 78,146 | 76,636 | ||||||
Total deferred credits and other liabilities | 1,739,479 | 1,669,179 | ||||||
Contributions in aid of construction | 506,087 | 466,432 | ||||||
Total capitalization and liabilities | $ | 5,680,054 | $ | 5,557,542 |
Three months ended | Years ended December 31, | |||||||||||||||||||
(in thousands) | December 31, 2015 | September 30, 2015 | December 31, 2014 | 2015 | 2014 | |||||||||||||||
Interest and dividend income | ||||||||||||||||||||
Interest and fees on loans | $ | 47,136 | $ | 46,413 | $ | 46,276 | $ | 184,782 | $ | 179,341 | ||||||||||
Interest and dividends on investment securities | 4,550 | 4,213 | 3,187 | 15,120 | 11,945 | |||||||||||||||
Total interest and dividend income | 51,686 | 50,626 | 49,463 | 199,902 | 191,286 | |||||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposit liabilities | 1,467 | 1,355 | 1,303 | 5,348 | 5,077 | |||||||||||||||
Interest on other borrowings | 1,510 | 1,515 | 1,468 | 5,978 | 5,731 | |||||||||||||||
Total interest expense | 2,977 | 2,870 | 2,771 | 11,326 | 10,808 | |||||||||||||||
Net interest income | 48,709 | 47,756 | 46,692 | 188,576 | 180,478 | |||||||||||||||
Provision for loan losses | 839 | 2,997 | 2,560 | 6,275 | 6,126 | |||||||||||||||
Net interest income after provision for loan losses | 47,870 | 44,759 | 44,132 | 182,301 | 174,352 | |||||||||||||||
Noninterest income | ||||||||||||||||||||
Fees from other financial services | 5,667 | 5,639 | 5,760 | 22,211 | 21,747 | |||||||||||||||
Fee income on deposit liabilities | 5,746 | 5,883 | 5,074 | 22,368 | 19,249 | |||||||||||||||
Fee income on other financial products | 2,006 | 2,096 | 1,806 | 8,094 | 8,131 | |||||||||||||||
Bank-owned life insurance | 1,016 | 1,021 | 1,004 | 4,078 | 3,949 | |||||||||||||||
Mortgage banking income | 1,003 | 1,437 | 1,164 | 6,330 | 2,913 | |||||||||||||||
Gains on sale of investment securities | — | — | — | — | 2,847 | |||||||||||||||
Other income, net | 1,387 | 2,389 | 455 | 4,750 | 2,375 | |||||||||||||||
Total noninterest income | 16,825 | 18,465 | 15,263 | 67,831 | 61,211 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and employee benefits | 23,705 | 22,728 | 19,835 | 90,518 | 79,885 | |||||||||||||||
Occupancy | 4,115 | 4,128 | 4,238 | 16,365 | 17,197 | |||||||||||||||
Data processing | 3,002 | 3,032 | 2,975 | 12,103 | 11,690 | |||||||||||||||
Services | 2,474 | 2,556 | 2,561 | 10,204 | 10,269 | |||||||||||||||
Equipment | 1,578 | 1,608 | 1,638 | 6,577 | 6,564 | |||||||||||||||
Office supplies, printing and postage | 1,452 | 1,511 | 1,602 | 5,749 | 6,089 | |||||||||||||||
Marketing | 844 | 934 | 1,309 | 3,463 | 3,999 | |||||||||||||||
FDIC insurance | 881 | 809 | 820 | 3,274 | 3,261 | |||||||||||||||
Other expense | 3,991 | 5,116 | 6,116 | 18,067 | 17,314 | |||||||||||||||
Total noninterest expense | 42,042 | 42,422 | 41,094 | 166,320 | 156,268 | |||||||||||||||
Income before income taxes | 22,653 | 20,802 | 18,301 | 83,812 | 79,295 | |||||||||||||||
Income taxes | 7,700 | 7,351 | 6,188 | 29,082 | 27,994 | |||||||||||||||
Net income | $ | 14,953 | $ | 13,451 | $ | 12,113 | $ | 54,730 | $ | 51,301 | ||||||||||
Comprehensive income | $ | 9,477 | $ | 17,678 | $ | 5,419 | $ | 54,017 | $ | 46,940 | ||||||||||
OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||||||||||||
Return on average assets | 1.01 | 0.92 | 0.88 | 0.95 | 0.95 | |||||||||||||||
Return on average equity | 10.66 | 9.73 | 8.93 | 9.93 | 9.60 | |||||||||||||||
Return on average tangible common equity | 12.48 | 11.43 | 10.52 | 11.68 | 11.35 | |||||||||||||||
Net interest margin | 3.55 | 3.53 | 3.65 | 3.53 | 3.62 | |||||||||||||||
Net charge-offs to average loans outstanding | (0.08 | ) | 0.10 | 0.04 | 0.04 | 0.01 | ||||||||||||||
As of period end | ||||||||||||||||||||
Nonperforming assets to loans outstanding and real estate owned * | 1.02 | 1.00 | 0.85 | |||||||||||||||||
Allowance for loan losses to loans outstanding | 1.08 | 1.06 | 1.03 | |||||||||||||||||
Tangible common equity to tangible assets | 8.05 | 8.23 | 8.23 | |||||||||||||||||
Tier-1 leverage ratio * | 8.8 | 8.8 | 8.9 | |||||||||||||||||
Total capital ratio * | 13.3 | 13.4 | 12.3 | |||||||||||||||||
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions) | $ | 7.5 | $ | 7.5 | $ | 8.8 | $ | 30.0 | $ | 36.0 |
December 31 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 127,201 | $ | 107,233 | ||||||||
Interest-bearing deposits | 93,680 | 54,230 | ||||||||||
Available-for-sale investment securities, at fair value | 820,648 | 550,394 | ||||||||||
Stock in Federal Home Loan Bank, at cost | 10,678 | 69,302 | ||||||||||
Loans receivable held for investment | 4,615,819 | 4,434,651 | ||||||||||
Allowance for loan losses | (50,038 | ) | (45,618 | ) | ||||||||
Net loans | 4,565,781 | 4,389,033 | ||||||||||
Loans held for sale, at lower of cost or fair value | 4,631 | 8,424 | ||||||||||
Other | 309,946 | 305,416 | ||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||
Total assets | $ | 6,014,755 | $ | 5,566,222 | ||||||||
Liabilities and shareholder’s equity | ||||||||||||
Deposit liabilities–noninterest-bearing | $ | 1,520,374 | $ | 1,342,794 | ||||||||
Deposit liabilities–interest-bearing | 3,504,880 | 3,280,621 | ||||||||||
Other borrowings | 328,582 | 290,656 | ||||||||||
Other | 101,029 | 118,363 | ||||||||||
Total liabilities | 5,454,865 | 5,032,434 | ||||||||||
Common stock | 1 | 1 | ||||||||||
Additional paid in capital | 340,496 | 338,411 | ||||||||||
Retained earnings | 236,664 | 211,934 | ||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||
Net unrealized gains (losses) on securities | $ | (1,872 | ) | $ | 462 | |||||||
Retirement benefit plans | (15,399 | ) | (17,271 | ) | (17,020 | ) | (16,558 | ) | ||||
Total shareholder’s equity | 559,890 | 533,788 | ||||||||||
Total liabilities and shareholder’s equity | $ | 6,014,755 | $ | 5,566,222 |
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | |||||||||||||
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI) | |||||||||||||
Unaudited | |||||||||||||
($ in millions, except per share amounts) | |||||||||||||
Three months ended December 31 | Years ended December 31 | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
HEI CONSOLIDATED NET INCOME | |||||||||||||
GAAP (as reported) | $ | 42.3 | $ | 33.3 | $ | 159.9 | $ | 168.1 | |||||
Excluding special items (after-tax): | |||||||||||||
Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc. | 2.2 | 4.3 | 15.8 | 4.9 | |||||||||
Non-GAAP (core) | $ | 44.5 | $ | 37.6 | $ | 175.7 | $ | 173.0 | |||||
HEI CONSOLIDATED DILUTED EARNINGS PER SHARE | |||||||||||||
GAAP (as reported) | $ | 0.39 | $ | 0.32 | $ | 1.50 | $ | 1.63 | |||||
Excluding special items (after-tax): | |||||||||||||
Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc. | 0.02 | 0.04 | 0.15 | 0.05 | |||||||||
Non-GAAP (core) | $ | 0.41 | $ | 0.36 | $ | 1.65 | $ | 1.68 | |||||
Years ended December 31 | |||||||||||||
2015 | 2014 | ||||||||||||
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | |||||||||||||
Based on GAAP | 8.6 | % | 9.6 | % | |||||||||
Based on non-GAAP (core)2 | 9.4 | % | 9.8 | % | |||||||||
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) | |||||||||||||
Three months ended December 31 | Years ended December 31 | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
HAWAIIAN ELECTRIC CONSOLIDATED NET INCOME | |||||||||||||
GAAP (as reported) | $ | 33.0 | $ | 29.1 | $ | 135.7 | $ | 137.6 | |||||
Excluding special items (after-tax): | |||||||||||||
Costs related to pending merger with NextEra Energy, Inc. | 0.2 | — | 0.5 | — | |||||||||
Non-GAAP (core) | $ | 33.2 | $ | 29.1 | $ | 136.2 | $ | 137.6 | |||||
Years ended December 31 | |||||||||||||
2015 | 2014 | ||||||||||||
HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | |||||||||||||
Based on GAAP | 8.0 | % | 8.4 | % | |||||||||
Based on non-GAAP (core)2 | 8.0 | % | 8.4 | % | |||||||||
Three months ended December 31 | Years ended December 31 | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M) EXPENSE | |||||||||||||
GAAP (as reported) | $ | 106.6 | $ | 115.1 | $ | 413.1 | $ | 410.6 | |||||
Excluding O&M-related net income neutral items3 | 1.6 | 2.5 | 7.0 | 10.0 | |||||||||
Excluding costs related to pending merger with NextEra Energy, Inc. | 0.4 | — | 0.8 | — | |||||||||
Non-GAAP (Adjusted other O&M expense) | $ | 104.6 | $ | 112.6 | $ | 405.3 | $ | 400.6 | |||||
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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