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 4, 2016, “Hawaiian Electric Industries Reports First Quarter 2016 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 4, 2016 | Date: May 4, 2016 |
HEI Exhibit 99 | News release, dated May 4, 2016, “Hawaiian Electric Industries Reports First |
Contact: | Clifford H. Chen | Telephone: (808) 543-7300 |
Manager, Investor Relations & | E-mail: ir@hei.com | |
Strategic Planning | ||
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 | 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 million higher provision for loan losses mainly due to growth in lending in commercial real estate and a commercial credit charge-off in the first quarter of 2016 compared to lower provisioning during the fourth quarter of 2015 attributable to net recoveries on previously charged-off loans; and |
• | $1 million lower noninterest income compared to the fourth quarter of 2015, which included gains from the sale of mortgage serving rights. |
• | $2 million higher provision for loan losses mainly driven by commercial real estate loan growth and a commercial credit charge-off in the first quarter of 2016; and |
• | $1 million higher noninterest expense primarily due to investment in our electronic banking platform and higher compensation expense. |
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||
Three months ended March 31 | ||||||||
(in thousands, except per share amounts) | 2016 | 2015 | ||||||
Revenues | ||||||||
Electric utility | $ | 482,052 | $ | 573,442 | ||||
Bank | 68,840 | 64,348 | ||||||
Other | 68 | 72 | ||||||
Total revenues | 550,960 | 637,862 | ||||||
Expenses | ||||||||
Electric utility | 426,726 | 515,806 | ||||||
Bank | 49,246 | 43,717 | ||||||
Other | 6,137 | 8,833 | ||||||
Total expenses | 482,109 | 568,356 | ||||||
Operating income (loss) | ||||||||
Electric utility | 55,326 | 57,636 | ||||||
Bank | 19,594 | 20,631 | ||||||
Other | (6,069 | ) | (8,761 | ) | ||||
Total operating income | 68,851 | 69,506 | ||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (20,126 | ) | (19,100 | ) | ||||
Allowance for borrowed funds used during construction | 662 | 499 | ||||||
Allowance for equity funds used during construction | 1,739 | 1,413 | ||||||
Income before income taxes | 51,126 | 52,318 | ||||||
Income taxes | 18,301 | 19,979 | ||||||
Net income | 32,825 | 32,339 | ||||||
Preferred stock dividends of subsidiaries | 473 | 473 | ||||||
Net income for common stock | $ | 32,352 | $ | 31,866 | ||||
Basic earnings per common share | $ | 0.30 | $ | 0.31 | ||||
Diluted earnings per common share | $ | 0.30 | $ | 0.31 | ||||
Dividends per common share | $ | 0.31 | $ | 0.31 | ||||
Weighted-average number of common shares outstanding | 107,620 | 103,281 | ||||||
Adjusted weighted-average shares | 107,781 | 103,567 | ||||||
Net income (loss) for common stock by segment | ||||||||
Electric utility | $ | 25,367 | $ | 26,874 | ||||
Bank | 12,673 | 13,475 | ||||||
Other | (5,688 | ) | (8,483 | ) | ||||
Net income for common stock | $ | 32,352 | $ | 31,866 | ||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 41,152 | $ | 35,924 | ||||
Return on average common equity (twelve months ended)1 | 8.4 | % | 8.5 | % |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 334,743 | $ | 300,478 | ||||
Accounts receivable and unbilled revenues, net | 210,280 | 242,766 | ||||||
Available-for-sale investment securities, at fair value | 906,295 | 820,648 | ||||||
Stock in Federal Home Loan Bank, at cost | 11,218 | 10,678 | ||||||
Loans receivable held for investment, net | 4,589,950 | 4,565,781 | ||||||
Loans held for sale, at lower of cost or fair value | 7,900 | 4,631 | ||||||
Property, plant and equipment, net of accumulated depreciation of $2,355,984 and $2,339,319 at the respective dates | 4,423,567 | 4,377,658 | ||||||
Regulatory assets | 888,408 | 896,731 | ||||||
Other | 415,955 | 480,457 | ||||||
Goodwill | 82,190 | 82,190 | ||||||
Total assets | $ | 11,870,506 | $ | 11,782,018 | ||||
Liabilities and shareholders’ equity | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 119,288 | $ | 138,523 | ||||
Interest and dividends payable | 27,890 | 26,042 | ||||||
Deposit liabilities | 5,139,932 | 5,025,254 | ||||||
Short-term borrowings—other than bank | 95,485 | 103,063 | ||||||
Other bank borrowings | 329,081 | 328,582 | ||||||
Long-term debt, net—other than bank | 1,578,618 | 1,578,368 | ||||||
Deferred income taxes | 700,782 | 680,877 | ||||||
Regulatory liabilities | 383,793 | 371,543 | ||||||
Contributions in aid of construction | 513,520 | 506,087 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 584,490 | 589,918 | ||||||
Other | 421,155 | 471,828 | ||||||
Total liabilities | 9,894,034 | 9,820,085 | ||||||
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: 107,875,779 shares and 107,460,406 shares at the respective dates | 1,635,890 | 1,629,136 | ||||||
Retained earnings | 323,751 | 324,766 | ||||||
Accumulated other comprehensive loss, net of tax benefits | (17,462 | ) | (26,262 | ) | ||||
Total shareholders’ equity | 1,942,179 | 1,927,640 | ||||||
Total liabilities and shareholders’ equity | $ | 11,870,506 | $ | 11,782,018 |
Three months ended March 31 | ||||||||
(dollars in thousands, except per barrel amounts) | 2016 | 2015 | ||||||
Revenues | $ | 482,052 | $ | 573,442 | ||||
Expenses | ||||||||
Fuel oil | 113,740 | 176,806 | ||||||
Purchased power | 115,859 | 136,007 | ||||||
Other operation and maintenance | 103,908 | 104,002 | ||||||
Depreciation | 46,781 | 44,243 | ||||||
Taxes, other than income taxes | 46,438 | 54,748 | ||||||
Total expenses | 426,726 | 515,806 | ||||||
Operating income | 55,326 | 57,636 | ||||||
Allowance for equity funds used during construction | 1,739 | 1,413 | ||||||
Interest expense and other charges, net | (17,308 | ) | (16,325 | ) | ||||
Allowance for borrowed funds used during construction | 662 | 499 | ||||||
Income before income taxes | 40,419 | 43,223 | ||||||
Income taxes | 14,553 | 15,850 | ||||||
Net income | 25,866 | 27,373 | ||||||
Preferred stock dividends of subsidiaries | 229 | 229 | ||||||
Net income attributable to Hawaiian Electric | 25,637 | 27,144 | ||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | ||||||
Net income for common stock | $ | 25,367 | $ | 26,874 | ||||
Comprehensive income attributable to Hawaiian Electric | $ | 26,383 | $ | 26,896 | ||||
OTHER ELECTRIC UTILITY INFORMATION | ||||||||
Kilowatthour sales (millions) | ||||||||
Hawaiian Electric | 1,557 | 1,527 | ||||||
Hawaii Electric Light | 258 | 253 | ||||||
Maui Electric | 270 | 264 | ||||||
2,085 | 2,044 | |||||||
Wet-bulb temperature (Oahu average; degrees Fahrenheit) | 67.3 | 66.5 | ||||||
Cooling degree days (Oahu) | 884 | 795 | ||||||
Average fuel oil cost per barrel | $ | 53.99 | $ | 86.60 | ||||
Twelve months ended March 31 | ||||||||
2016 | 2015 | |||||||
Return on average common equity (%) (simple average) | ||||||||
Hawaiian Electric | 7.85 | 8.03 | ||||||
Hawaii Electric Light | 7.26 | 6.18 | ||||||
Maui Electric | 8.53 | 8.87 | ||||||
Hawaiian Electric Consolidated | 7.85 | 7.84 |
(dollars in thousands, except par value) | March 31, 2016 | December 31, 2015 | ||||||
Assets | ||||||||
Property, plant and equipment | ||||||||
Utility property, plant and equipment | ||||||||
Land | $ | 53,207 | $ | 52,792 | ||||
Plant and equipment | 6,356,006 | 6,315,698 | ||||||
Less accumulated depreciation | (2,284,928 | ) | (2,266,004 | ) | ||||
Construction in progress | 198,004 | 175,309 | ||||||
Utility property, plant and equipment, net | 4,322,289 | 4,277,795 | ||||||
Nonutility property, plant and equipment, less accumulated depreciation of $1,230 and $1,229 at respective dates | 7,375 | 7,272 | ||||||
Total property, plant and equipment, net | 4,329,664 | 4,285,067 | ||||||
Current assets | ||||||||
Cash and cash equivalents | 49,042 | 24,449 | ||||||
Customer accounts receivable, net | 103,739 | 132,778 | ||||||
Accrued unbilled revenues, net | 85,367 | 84,509 | ||||||
Other accounts receivable, net | 6,773 | 10,408 | ||||||
Fuel oil stock, at average cost | 48,404 | 71,216 | ||||||
Materials and supplies, at average cost | 54,256 | 54,429 | ||||||
Prepayments and other | 21,803 | 36,640 | ||||||
Regulatory assets | 89,192 | 72,231 | ||||||
Total current assets | 458,576 | 486,660 | ||||||
Other long-term assets | ||||||||
Regulatory assets | 799,216 | 824,500 | ||||||
Unamortized debt expense | 420 | 497 | ||||||
Other | 74,495 | 75,486 | ||||||
Total other long-term assets | 874,131 | 900,483 | ||||||
Total assets | $ | 5,662,371 | $ | 5,672,210 | ||||
Capitalization and liabilities | ||||||||
Capitalization | ||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 15,805,327) | $ | 105,388 | $ | 105,388 | ||||
Premium on capital stock | 578,926 | 578,930 | ||||||
Retained earnings | 1,045,049 | 1,043,082 | ||||||
Accumulated other comprehensive income, net of income taxes | 1,941 | 925 | ||||||
Common stock equity | 1,731,304 | 1,728,325 | ||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||
Long-term debt, net | 1,278,916 | 1,278,702 | ||||||
Total capitalization | 3,044,513 | 3,041,320 | ||||||
Current liabilities | ||||||||
Short-term borrowings from non-affiliates | 12,998 | — | ||||||
Accounts payable | 95,090 | 114,846 | ||||||
Interest and preferred dividends payable | 27,015 | 23,111 | ||||||
Taxes accrued | 129,239 | 191,084 | ||||||
Regulatory liabilities | 5,416 | 2,204 | ||||||
Other | 75,006 | 54,079 | ||||||
Total current liabilities | 344,764 | 385,324 | ||||||
Deferred credits and other liabilities | ||||||||
Deferred income taxes | 670,126 | 654,806 | ||||||
Regulatory liabilities | 378,377 | 369,339 | ||||||
Unamortized tax credits | 85,902 | 84,214 | ||||||
Defined benefit pension and other postretirement benefit plans liability | 547,517 | 552,974 | ||||||
Other | 77,652 | 78,146 | ||||||
Total deferred credits and other liabilities | 1,759,574 | 1,739,479 | ||||||
Contributions in aid of construction | 513,520 | 506,087 | ||||||
Total capitalization and liabilities | $ | 5,662,371 | $ | 5,672,210 |
Three months ended | ||||||||||||
(in thousands) | March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||||
Interest and dividend income | ||||||||||||
Interest and fees on loans | $ | 48,437 | $ | 47,136 | $ | 45,198 | ||||||
Interest and dividends on investment securities | 5,017 | 4,550 | 3,051 | |||||||||
Total interest and dividend income | 53,454 | 51,686 | 48,249 | |||||||||
Interest expense | ||||||||||||
Interest on deposit liabilities | 1,592 | 1,467 | 1,260 | |||||||||
Interest on other borrowings | 1,485 | 1,510 | 1,466 | |||||||||
Total interest expense | 3,077 | 2,977 | 2,726 | |||||||||
Net interest income | 50,377 | 48,709 | 45,523 | |||||||||
Provision for loan losses | 4,766 | 839 | 614 | |||||||||
Net interest income after provision for loan losses | 45,611 | 47,870 | 44,909 | |||||||||
Noninterest income | ||||||||||||
Fees from other financial services | 5,499 | 5,667 | 5,355 | |||||||||
Fee income on deposit liabilities | 5,156 | 5,746 | 5,315 | |||||||||
Fee income on other financial products | 2,205 | 2,006 | 1,889 | |||||||||
Bank-owned life insurance | 998 | 1,016 | 983 | |||||||||
Mortgage banking income | 1,195 | 1,003 | 1,822 | |||||||||
Other income, net | 333 | 1,387 | 735 | |||||||||
Total noninterest income | 15,386 | 16,825 | 16,099 | |||||||||
Noninterest expense | ||||||||||||
Compensation and employee benefits | 22,434 | 23,705 | 21,766 | |||||||||
Occupancy | 4,138 | 4,115 | 4,113 | |||||||||
Data processing | 3,172 | 3,002 | 3,116 | |||||||||
Services | 2,911 | 2,474 | 2,341 | |||||||||
Equipment | 1,663 | 1,578 | 1,701 | |||||||||
Office supplies, printing and postage | 1,365 | 1,452 | 1,483 | |||||||||
Marketing | 861 | 844 | 841 | |||||||||
FDIC insurance | 884 | 881 | 811 | |||||||||
Other expense | 3,975 | 3,991 | 4,205 | |||||||||
Total noninterest expense | 41,403 | 42,042 | 40,377 | |||||||||
Income before income taxes | 19,594 | 22,653 | 20,631 | |||||||||
Income taxes | 6,921 | 7,700 | 7,156 | |||||||||
Net income | $ | 12,673 | $ | 14,953 | $ | 13,475 | ||||||
Comprehensive income | $ | 20,310 | $ | 9,477 | $ | 17,318 | ||||||
OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||||
Return on average assets | 0.84 | 1.01 | 0.96 | |||||||||
Return on average equity | 8.89 | 10.66 | 9.96 | |||||||||
Return on average tangible common equity | 10.39 | 12.48 | 11.74 | |||||||||
Net interest margin | 3.62 | 3.55 | 3.52 | |||||||||
Net charge-offs to average loans outstanding | 0.21 | (0.08 | ) | 0.04 | ||||||||
As of period end | ||||||||||||
Nonperforming assets to loans outstanding and real estate owned | 1.03 | 1.02 | 0.80 | |||||||||
Allowance for loan losses to loans outstanding | 1.13 | 1.08 | 1.03 | |||||||||
Tangible common equity to tangible assets | 8.08 | 8.05 | 8.18 | |||||||||
Tier-1 leverage ratio | 8.7 | 8.8 | 8.9 | |||||||||
Total capital ratio | 13.2 | 13.3 | 13.2 | |||||||||
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions) | $ | 9.0 | $ | 7.5 | $ | 7.5 |
March 31, 2016 | December 31, 2015 | |||||||||||
(in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 110,200 | $ | 127,201 | ||||||||
Interest-bearing deposits | 120,428 | 93,680 | ||||||||||
Available-for-sale investment securities, at fair value | 906,295 | 820,648 | ||||||||||
Stock in Federal Home Loan Bank, at cost | 11,218 | 10,678 | ||||||||||
Loans receivable held for investment | 4,642,276 | 4,615,819 | ||||||||||
Allowance for loan losses | (52,326 | ) | (50,038 | ) | ||||||||
Net loans | 4,589,950 | 4,565,781 | ||||||||||
Loans held for sale, at lower of cost or fair value | 7,900 | 4,631 | ||||||||||
Other | 312,333 | 309,946 | ||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||
Total assets | $ | 6,140,514 | $ | 6,014,755 | ||||||||
Liabilities and shareholder’s equity | ||||||||||||
Deposit liabilities–noninterest-bearing | $ | 1,541,402 | $ | 1,520,374 | ||||||||
Deposit liabilities–interest-bearing | 3,598,530 | 3,504,880 | ||||||||||
Other borrowings | 329,081 | 328,582 | ||||||||||
Other | 99,605 | 101,029 | ||||||||||
Total liabilities | 5,568,618 | 5,454,865 | ||||||||||
Common stock | 1 | 1 | ||||||||||
Additional paid in capital | 341,192 | 340,496 | ||||||||||
Retained earnings | 240,337 | 236,664 | ||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||
Net unrealized gains (losses) on securities | $ | 5,556 | $ | (1,872 | ) | |||||||
Retirement benefit plans | (15,190 | ) | (9,634 | ) | (15,399 | ) | (17,271 | ) | ||||
Total shareholder’s equity | 571,896 | 559,890 | ||||||||||
Total liabilities and shareholder’s equity | $ | 6,140,514 | $ | 6,014,755 |
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | ||||||
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI) | ||||||
Unaudited | ||||||
($ in millions, except per share amounts) | ||||||
Three months ended March 31 | ||||||
2016 | 2015 | |||||
HEI CONSOLIDATED NET INCOME | ||||||
GAAP (as reported) | $ | 32.4 | $ | 31.9 | ||
Excluding special items (after-tax): | ||||||
Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc | 1.6 | 4.7 | ||||
Non-GAAP (core) | $ | 33.9 | $ | 36.6 | ||
HEI CONSOLIDATED DILUTED EARNINGS PER SHARE | ||||||
GAAP (as reported) | $ | 0.30 | $ | 0.31 | ||
Excluding special items (after-tax): | ||||||
Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc | 0.01 | 0.05 | ||||
Non-GAAP (core) | $ | 0.31 | $ | 0.35 | ||
Twelve months ended March 31 | ||||||
2016 | 2015 | |||||
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | ||||||
Based on GAAP | 8.4 | % | 8.5 | % | ||
Based on non-GAAP (core)2 | 9.0 | % | 9.0 | % | ||
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) | ||||||
Three months ended March 31 | ||||||
2016 | 2015 | |||||
HAWAIIAN ELECTRIC CONSOLIDATED NET INCOME | ||||||
GAAP (as reported) | $ | 25.4 | $ | 26.9 | ||
Excluding special items (after-tax): | ||||||
Costs related to pending merger with NextEra Energy, Inc. | — | 0.3 | ||||
Non-GAAP (core) | $ | 25.4 | $ | 27.1 | ||
Twelve months ended March 31 | ||||||
2016 | 2015 | |||||
HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | ||||||
Based on GAAP | 7.9 | % | 7.8 | % | ||
Based on non-GAAP (core)2 | 7.9 | % | 7.9 | % | ||
Three months ended March 31 | ||||||
2016 | 2015 | |||||
HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M) EXPENSE | ||||||
GAAP (as reported) | $ | 103.9 | $ | 104.0 | ||
Excluding O&M-related net income neutral items3 | 1.6 | 1.9 | ||||
Excluding costs related to pending merger with NextEra Energy, Inc. | 0.1 | 0.4 | ||||
Non-GAAP (Adjusted other O&M expense) | $ | 102.2 | $ | 101.7 | ||
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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