3Q23 Net Income of $41.1M and Diluted
Earnings Per Share (EPS) of $0.37 $27.6M of Pre-tax Maui
Wildfire-Related Expenses Core Businesses Performing
Well Solid Credit Quality and Capital Position at
ASB
Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI)
today reported consolidated net income for common stock for the
third quarter of 2023 of $41.1 million and EPS of $0.37 compared to
$62.1 million and EPS of $0.57 for the third quarter of 2022. Core
net income and core EPS1 for the third quarter were $61.5 million
and $0.56, respectively.
“Our hearts are with the people of Maui, and we remain committed
to supporting the recovery and rebuild effort. We have a long road
ahead as we work towards recovery and restoration, and we can only
be successful by working closely together as a community,” said
Scott Seu, HEI president and CEO.
“Yesterday Governor Green announced a multi-phase initiative to
support Maui’s recovery, protect our communities against future
extreme weather events and ensure that as a state we can attract
the capital needed to keep our communities safe and our state on
the path to a sustainable future. The first phase of the initiative
is focused on providing an option for families who have lost a
loved one and those who were severely injured in the Maui fire to
receive payments to support their healing. This is just the start
of a process, and we look forward to working with the Governor, the
County of Maui, Kamehameha Schools and others in our communities to
help address the many tragic impacts of the Maui wildfires.
“Separate from the events on August 8th, the fundamentals of our
businesses remain strong. While we had utility equipment damage and
lost the ASB branch in Lahaina, both our utility and bank have made
the necessary adjustments to continue serving the people of Maui at
a time when they most need us.”
HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC)
EARNINGS2
Hawaiian Electric’s net income for the third quarter of 2023 was
$43.5 million, compared to $49.8 million in the third quarter of
2022, with the decrease primarily driven by the following after-tax
items:
- $11 million higher revenues, including $7 million from the
annual revenue adjustment mechanism, $3 million from the fossil
fuel cost risk-sharing mechanism and $1 million from the major
project interim recovery mechanism; and
- $2 million higher allowance for funds used during construction
(AFUDC) related to increased capital expenditures.
These items were offset by the following after-tax items:
- $17 million in higher operations and maintenance expenses,
including $10 million of incremental costs related to the Maui
windstorm and wildfires. The remaining $7 million increase in
O&M included higher transmission and distribution maintenance,
higher customer support costs and higher overhaul costs; and
- $2 million higher interest expense due to increased
borrowings.
Hawaiian Electric’s core net income3 for the third quarter of
2023 was $53.8 million, excluding incremental after-tax Maui
windstorm and wildfire-related expenses.
AMERICAN SAVINGS BANK EARNINGS
ASB’s third quarter 2023 net income was $11.4 million, compared
to $20.2 million in the second quarter of 2023 and $20.8 million in
the third quarter of 2022. The decrease in net income compared to
the linked and prior year quarters was primarily due to pre-tax
Maui wildfire-related costs of $8.6 million—including $5.9 million
of additional credit reserves—as well as lower net interest income.
Core net income3 for the third quarter of 2023 was $17.6
million.
Total earning assets as of September 30, 2023 were $9.3 billion,
up approximately 1.7% from December 31, 2022.
Total loans were $6.2 billion as of September 30, 2023, up 3.6%
from December 31, 2022, primarily reflecting growth in the
commercial real estate and residential mortgage portfolios.
Total deposits were $8.2 billion as of September 30, 2023, an
increase of 0.7% from December 31, 2022. Core deposits declined
5.1%, while certificates of deposit increased 71.8%. As of
September 30, 2023, 87% of deposits were F.D.I.C. insured or fully
collateralized, up slightly from 86% as of June 30, 2023, with
approximately 77% of deposits F.D.I.C. insured. For the third
quarter of 2023, the average cost of funds was 1.02%, up 19 basis
points versus the linked quarter and up 89 basis points versus the
prior year quarter.
ASB’s return on average equity was 9.2%, compared to 16.2% in
the linked quarter and 15.1% in the third quarter of 2022. Return
on average assets was 0.47% for the third quarter of 2023, compared
to 0.84% in the linked quarter and 0.89% in the prior year quarter.
Excluding Maui wildfire-related costs, core returns on average
equity and average assets4 were 14.3% and 0.73%, respectively.
In the third quarter of 2023, ASB paid dividends of $14.0
million to HEI. ASB had a Tier 1 leverage ratio of 7.7% as of
September 30, 2023.
Please refer to ASB’s news release issued on October 30, 2023
for additional information on ASB.
HOLDING AND OTHER COMPANIES
The holding and other companies’ net loss was $13.7 million in
the third quarter of 2023 compared to $8.4 million in the third
quarter of 2022. The higher net loss compared to the prior year
quarter was primarily due to $3.8 million of after-tax
wildfire-related expenses, lower Pacific Current asset performance
and higher interest expense. Core net loss5 for the third quarter
of 2023 was $9.9 million.
WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2023
GUIDANCE
HEI will conduct a webcast and conference call to review its
consolidated results and 2023 earnings guidance and outlook today
at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).
To listen to the conference call, dial 1-888-660-6377 (U.S.) or
1-929-203-0797 (international) and enter passcode 2393042. Parties
may also access presentation materials (which include
reconciliation of non-GAAP measures) and/or listen to the
conference call by visiting the conference call link on HEI’s
website at www.hei.com under “Investor Relations,” sub-heading
“News and Events — Events and Presentations.”
A replay will be available online and via phone. The online
replay will be available on HEI’s website about two hours after the
event. The audio replay will also be available about two hours
after the event through November 23, 2023. To access the audio
replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199
(international) and enter passcode 2393042.
HEI and Hawaiian Electric intend to continue to use HEI’s
website, www.hei.com, as a means of disclosing additional
information; such disclosures will be included in the Investor
Relations section of the website. Accordingly, investors should
routinely monitor the Investor Relations section of HEI’s website,
in addition to following HEI’s, Hawaiian Electric’s and ASB’s press
releases, HEI’s and Hawaiian Electric’s Securities and Exchange
Commission (SEC) filings and HEI’s public conference calls and
webcasts. Investors may sign up to receive e-mail alerts via the
“Investor Relations” section of the website. The information on
HEI’s website is not incorporated by reference into this document
or into HEI’s and Hawaiian Electric’s SEC filings unless, and
except to the extent, specifically incorporated by reference.
Investors may also wish to refer to the Public Utilities
Commission of the State of Hawaii (PUC) website at
https://hpuc.my.site.com/cdms/s/ to review documents filed with,
and issued by, the PUC. No information on the PUC website is
incorporated by reference into this document or into HEI’s and
Hawaiian Electric’s SEC filings.
ABOUT HEI
The HEI family of companies provides the energy and financial
services that empower much of the economic and community activity
of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies
power to approximately 95% of Hawaii’s population and is
undertaking an ambitious effort to decarbonize its operations and
the broader state economy. Its banking subsidiary, ASB, is one of
Hawaii’s largest financial institutions, providing a wide array of
banking and other financial services and working to advance
economic growth, affordability and financial fitness. HEI also
helps advance Hawaii’s sustainability goals through investments by
its non-regulated subsidiary, Pacific Current. For more
information, visit www.hei.com.
1
Core net income and core earnings per
share are non-GAAP measures which exclude Maui wildfire-related
after-tax costs. See “Explanation of HEI’s Use of Certain Unaudited
Non-GAAP Measures” and the related reconciliations.
2
Utility amounts indicated as after-tax in
this earnings release are based upon adjusting items using a
current year composite statutory tax rate of 25.75%.
3
Refer to footnote 1.
4
Core returns on average equity and average
assets are non-GAAP measures which exclude Maui wildfire-related
after-tax costs. See the “Explanation of HEI’s Use of Certain
Unaudited Non-GAAP Measures” and the related GAAP
reconciliation.
5
Refer to footnote 1.
NON-GAAP MEASURES
Core net income is a non-GAAP measure which excludes Maui
wildfire-related after-tax costs. See “Explanation of HEI’s Use of
Certain Unaudited Non-GAAP Measures” and related GAAP
reconciliations at the end of this release.
FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements,” which
include statements that are predictive in nature, depend upon or
refer to future events or conditions, and usually include words
such as “will,” “expects,” “anticipates,” “intends,” “plans,”
“believes,” “predicts,” “estimates” or similar expressions. In
addition, any statements concerning future financial performance,
ongoing business strategies or prospects or possible future actions
are also forward-looking statements. Forward-looking statements are
based on current expectations and projections about future events
and are subject to risks, uncertainties and the accuracy of
assumptions concerning HEI and its subsidiaries, the performance of
the industries in which they do business and economic, political
and market factors, among other things. These forward-looking
statements are not guarantees of future performance.
Forward-looking statements in this release should be read in
conjunction with the “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” discussions (which are incorporated
by reference herein) set forth in HEI’s Annual Report on Form 10-K
for the year ended December 31, 2022, HEI’s other periodic reports
that discuss important factors that could cause HEI’s results to
differ materially from those anticipated in such statements and (i)
extreme weather events, including windstorms and other natural
disasters, particularly those driven or exacerbated by climate
change, which could increase the risk of the Utilities’ equipment
being damaged, becoming inoperable or contributing to a wildfire;
(ii) the impact of the Maui windstorm and wildfires including the
potential liabilities from the many lawsuits filed against the
Company and potential regulatory penalties which may result in
significant costs that may be unrecoverable through insurance
and/or rates; (iii) an increase in insurance premiums and the
inability to fully recover premiums through rates or the potential
inability to obtain wildfire and general liability insurance
coverage at reasonable rates, if available at all; (iv) the
uncertainties surrounding the Company’s access to capital and
credit markets due to the uncertainties associated with the costs
related to the Maui windstorm and wildfires; (v) the material
reduction or extended delay in dividends or other distributions
from one or more operating subsidiaries to HEI; (vi) further
downgrades by securities rating agencies in their ratings of the
securities of HEI and Hawaiian Electric and their impact on results
of financing efforts; (vii) the risks of suffering losses and
incurring liabilities that are uninsured (e.g., damages to the
Utilities’ transmission and distribution system and losses from
business interruption) or underinsured (e.g., losses not covered as
a result of insurance deductibles or other exclusions or exceeding
policy limits), and the risks associated with the operation of
transmission and distribution assets and power generation
facilities, including public and employee safety issues, and assets
causing or contributing to wildfires. These forward-looking
statements speak only as of the date of the report, presentation or
filing in which they are made. Except to the extent required by the
federal securities laws, HEI, Hawaiian Electric, ASB and their
subsidiaries undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Hawaiian Electric Industries, Inc. (HEI)
and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended September
30
Nine months ended September
30
(in thousands, except per share
amounts)
2023
2022
2023
2022
Revenues
Electric utility
$
794,987
$
955,971
$
2,419,539
$
2,483,636
Bank
100,974
81,411
291,716
231,850
Other
5,912
4,815
14,540
7,386
Total revenues
901,873
1,042,197
2,725,795
2,722,872
Expenses
Electric utility
723,629
876,922
2,198,681
2,259,838
Bank
88,415
54,311
230,769
152,797
Other
14,718
8,849
34,737
22,178
Total expenses
826,762
940,082
2,464,187
2,434,813
Operating income (loss)
Electric utility
71,358
79,049
220,858
223,798
Bank
12,559
27,100
60,947
79,053
Other
(8,806
)
(4,034
)
(20,197
)
(14,792
)
Total operating income
75,111
102,115
261,608
288,059
Retirement defined benefits credit—other
than service costs
1,256
1,039
3,561
3,528
Interest expense, net—other than on
deposit liabilities and other bank borrowings
(32,629
)
(26,626
)
(91,259
)
(75,940
)
Allowance for borrowed funds used during
construction
1,372
825
3,798
2,401
Allowance for equity funds used during
construction
4,000
2,552
11,073
7,431
Gain on sales of equity-method
investment
—
—
—
8,123
Income before income taxes
49,110
79,905
188,781
233,602
Income taxes
7,521
17,352
36,915
48,395
Net income
41,589
62,553
151,866
185,207
Preferred stock dividends of
subsidiaries
471
471
1,417
1,417
Net income for common stock
$
41,118
$
62,082
$
150,449
$
183,790
Basic earnings per common share
$
0.37
$
0.57
$
1.37
$
1.68
Diluted earnings per common
share
$
0.37
$
0.57
$
1.37
$
1.68
Dividends declared per common
share
$
0.36
$
0.35
$
1.08
$
1.05
Weighted-average number of common
shares outstanding
109,728
109,470
109,606
109,421
Weighted-average shares assuming
dilution
109,917
109,705
109,932
109,712
Net income (loss) for common stock by
segment
Electric utility
$
43,461
$
49,764
$
135,769
$
140,308
Bank
11,365
20,756
50,131
62,092
Other
(13,708
)
(8,438
)
(35,451
)
(18,610
)
Net income for common stock
$
41,118
$
62,082
$
150,449
$
183,790
Comprehensive income (loss) attributable
to HEI
$
6,243
$
(33,930
)
$
128,453
$
(117,221
)
Return on average common equity (%)
(twelve months ended)
9.5
10.5
This information should be read in conjunction with the
consolidated financial statements and the notes thereto in HEI
filings with the SEC. Results of operations for interim periods are
not necessarily indicative of results to be expected for future
interim periods or the full year.
Hawaiian Electric Company, Inc. (Hawaiian
Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended September
30
Nine months ended September
30
($ in thousands, except per barrel
amounts)
2023
2022
2023
2022
Revenues
$
794,987
$
955,971
$
2,419,539
$
2,483,636
Expenses
Fuel oil
267,438
383,602
881,692
874,543
Purchased power
177,795
225,209
498,990
606,827
Other operation and maintenance
142,508
121,110
407,184
371,259
Depreciation
61,165
58,711
182,781
175,921
Taxes, other than income taxes
74,723
88,290
228,034
231,288
Total expenses
723,629
876,922
2,198,681
2,259,838
Operating income
71,358
79,049
220,858
223,798
Allowance for equity funds used during
construction
4,000
2,552
11,073
7,431
Retirement defined benefits credit—other
than service costs
1,132
895
3,227
2,876
Interest expense and other charges,
net
(22,447
)
(19,609
)
(63,565
)
(56,735
)
Allowance for borrowed funds used during
construction
1,372
825
3,798
2,401
Income before income taxes
55,415
63,712
175,391
179,771
Income taxes
11,456
13,450
38,126
37,967
Net income
43,959
50,262
137,265
141,804
Preferred stock dividends of
subsidiaries
228
228
686
686
Net income attributable to Hawaiian
Electric
43,731
50,034
136,579
141,118
Preferred stock dividends of Hawaiian
Electric
270
270
810
810
Net income for common stock
$
43,461
$
49,764
$
135,769
$
140,308
Comprehensive income attributable to
Hawaiian Electric
$
43,384
$
49,872
$
135,603
$
140,518
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric
1,624
1,655
4,534
4,609
Hawaii Electric Light
268
269
771
784
Maui Electric
265
288
782
807
2,157
2,212
6,087
6,200
Average fuel oil cost per barrel
$
111.51
$
166.79
$
124.70
$
137.23
Return on average common equity (%)
(twelve months ended)1
7.9
8.1
1
Simple average.
This information should be read in conjunction with the
consolidated financial statements and the notes thereto in Hawaiian
Electric filings with the SEC. Results of operations for interim
periods are not necessarily indicative of results to be expected
for future interim periods or the full year.
American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended
Nine months ended September
30
(in thousands)
September 30, 2023
June 30, 2023
September 30, 2022
2023
2022
Interest and dividend income
Interest and fees on loans
$
71,540
$
67,966
$
53,365
$
204,348
$
147,499
Interest and dividends on investment
securities
14,096
13,775
15,052
42,508
43,729
Total interest and dividend income
85,636
81,741
68,417
246,856
191,228
Interest expense
Interest on deposit liabilities
14,446
9,661
1,704
30,944
3,572
Interest on other borrowings
8,598
8,852
1,055
25,171
1,199
Total interest expense
23,044
18,513
2,759
56,115
4,771
Net interest income
62,592
63,228
65,658
190,741
186,457
Provision for credit losses
8,835
43
(186
)
10,053
(692
)
Net interest income after provision for
credit losses
53,757
63,185
65,844
180,688
187,149
Noninterest income
Fees from other financial services
4,703
5,009
4,763
14,391
15,066
Fee income on deposit liabilities
4,924
4,504
4,879
14,027
14,122
Fee income on other financial products
2,440
2,768
2,416
7,952
7,663
Bank-owned life insurance
2,303
1,955
122
5,683
661
Mortgage banking income
341
230
181
701
1,630
Gain on sale of real estate
—
495
—
495
1,002
Other income, net
627
678
633
2,106
1,480
Total noninterest income
15,338
15,639
12,994
45,355
41,624
Noninterest expense
Compensation and employee benefits
29,902
29,394
28,597
89,500
83,478
Occupancy
5,154
5,539
5,577
16,281
16,996
Data processing
5,133
5,095
4,509
15,240
13,144
Services
3,627
2,689
2,751
8,911
7,712
Equipment
3,125
2,957
2,432
8,728
7,163
Office supplies, printing and postage
1,022
1,109
1,123
3,296
3,256
Marketing
984
834
925
2,834
2,877
Other expense
7,399
6,152
5,643
19,742
14,542
Total noninterest expense
56,346
53,769
51,557
164,532
149,168
Income before income taxes
12,749
25,055
27,281
61,511
79,605
Income taxes
1,384
4,851
6,525
11,380
17,513
Net income
$
11,365
$
20,204
$
20,756
$
50,131
$
62,092
Comprehensive income (loss)
$
(22,866
)
$
12,994
$
(78,186
)
$
27,120
$
(248,126
)
OTHER BANK INFORMATION (annualized %,
except as of period end)
Return on average assets
0.47
0.84
0.89
0.70
0.90
Return on average equity
9.19
16.20
15.11
13.62
13.65
Return on average tangible common
equity
11.02
19.40
17.77
16.36
15.79
Net interest margin
2.70
2.75
2.96
2.77
2.87
Efficiency ratio
72.30
68.18
65.55
69.69
65.40
Net charge-offs to average loans
outstanding
0.07
0.14
0.03
0.11
0.01
As of period end
Nonaccrual loans to loans receivable held
for investment
0.16
0.22
0.35
Allowance for credit losses to loans
outstanding
1.23
1.13
1.24
Tangible common equity to tangible
assets
3.9
4.3
4.0
Tier-1 leverage ratio
7.7
7.8
7.7
Dividend paid to HEI (via ASB Hawaii,
Inc.) ($ in millions)
$
14.0
$
11.0
$
5.0
$
39.0
$
32.0
This information should be read in conjunction with the
consolidated financial statements and the notes thereto in HEI
filings with the SEC. Results of operations for interim periods are
not necessarily indicative of results to be expected for future
interim periods or the full year.
Explanation of HEI’s Use of Certain Unaudited Non-GAAP
Measures
HEI, Hawaiian Electric and ASB management use certain non-GAAP
measures to evaluate the performance of HEI, the utility and bank.
Management believes these non-GAAP measures provide useful
information regarding the companies’ core operating activities.
Core earnings and other financial measures as presented here may
not be comparable to similarly titled measures used by other
companies. The accompanying tables provide a reconciliation of
reported GAAP1 earnings to non-GAAP core earnings for adjusted
diluted EPS (for HEI consolidated); return on average common equity
(for HEI consolidated and Hawaiian Electric); and returns on
average equity, average tangible equity and average assets (for
ASB).
The reconciling adjustments from GAAP1 earnings to core earnings
are limited to the costs related to the recent Maui wildfires.
Management does not consider these items to be representative of
the company’s fundamental core earnings.
Reconciliation of GAAP1 to non-GAAP
Measures
Hawaiian Electric Industries, Inc. (HEI)
and Subsidiaries
Unaudited
(in thousands)
Three months ended September
30, 2023
Nine months ended September
30, 2023
Maui
wildfire-related costs
Pretax expenses:
Legal expenses
$
10,751
$
10,751
Outside services expenses
6,134
6,134
Provision for credit losses
5,900
5,900
Other expenses
3,842
3,842
Interest expenses
955
955
Pretax expenses
27,582
27,582
Income tax benefits2
(7,192
)
(7,192
)
After-tax expenses
$
20,390
$
20,390
HEI consolidated
net income
GAAP net income (as reported)
$
41,118
$
150,449
Excluding special items related to the
Maui wildfire (after tax):
Legal expenses
7,977
7,977
Outside services expenses
4,546
4,546
Provision for credit losses
4,319
4,319
Other expenses
2,839
2,839
Interest expenses
709
709
Maui wildfire-related cost (after
tax)
20,390
20,390
Non-GAAP (core) net income
$
61,508
$
170,839
GAAP Diluted earnings per share (as
reported)
$
0.37
$
1.37
Non-GAAP (core) Diluted earnings per
share
$
0.56
$
1.55
Twelve months ended September
30, 2023
Twelve months ended September
30, 2022
Ratios
(%)
Based on GAAP1
Return on average equity
9.5
10.5
Based on Non-GAAP (core)
Return on average equity
10.4
10.5
1
Accounting principles generally accepted
in the United States of America
2
Current year composite statutory tax rate
of 25.75% is used for Utility and corporate amounts and current
year composite statutory tax rate of 26.80% is used for ASB
amounts.
Note: Other segment (Holding and Other Companies)
wildfire-related expenses (legal, outside services and other) are
included in “Expenses-Other” and interest expense is included in
“Interest expense, net—other than on deposit liabilities and other
bank borrowings” on the HEI and subsidiaries’ Consolidated
Statements of Income Data. See Electric Utilities and Bank tables
below for more detail.
Reconciliation of GAAP1 to
non-GAAP Measures
Hawaiian Electric Company, Inc. and
Subsidiaries
Unaudited
(in thousands)
Three months ended September
30, 2023
Nine months ended September
30, 2023
Maui windstorm
and wildfire-related costs
Pretax expenses:
Legal expenses2
$
6,251
$
6,251
Outside services expenses2
4,706
4,706
Other expenses2
2,482
2,482
Interest expenses3
503
503
Pretax expenses
13,942
13,942
Income tax benefits4
(3,590
)
(3,590
)
After-tax expenses
$
10,352
$
10,352
Hawaiian Electric
consolidated net income
GAAP net income (as reported)
$
43,461
$
135,769
Excluding special items related to the
Maui windstorm and wildfires (after tax):
Legal expenses
4,641
4,641
Outside services expenses
3,494
3,494
Other expenses
1,843
1,843
Interest expenses
374
374
Maui windstorm and wildfire-related cost
(after tax)
10,352
10,352
Non-GAAP (core) net income
$
53,813
$
146,121
Twelve months ended September
30, 2023
Twelve months ended September
30, 2022
Ratios
(%)
Based on GAAP1
Return on average equity
7.9
8.1
Based on Non-GAAP (core)
Return on average equity
8.3
8.1
1
Accounting principles generally accepted
in the United States of America.
2
Legal, outside services and other are
included in “Other operation and maintenance” on the Hawaiian
Electric and subsidiaries Consolidated Statements of Income
Data.
3
Interest expense is included in “Interest
expense and other charges, net” on the Hawaiian Electric and
subsidiaries Consolidated Statements of Income Data.
4
Current year composite statutory tax rate
of 25.75% is used for Utility amounts.
Reconciliation of GAAP1 to non-GAAP
Measures
American Savings Bank F.S.B.
Unaudited
(in thousands)
Three months ended September
30, 2023
Nine months ended September
30, 2023
Maui wildfire
related costs
Pretax expenses:
Provision for credit losses2
$
5,900
$
5,900
Professional services expense3
1,300
1,300
Other expenses4
1,357
1,357
Pretax expenses
8,557
8,557
Income tax benefits5
(2,293
)
(2,293
)
After-tax expenses
$
6,264
$
6,264
ASB net
income
GAAP (as reported)
$
11,365
$
50,131
Excluding expense related to Maui wildfire
(after tax):
Provision for credit losses
4,319
4,319
Professional services expense
952
952
Other expenses
993
993
Maui wildfire related cost (after tax)
6,264
6,264
Non-GAAP (core) net income
$
17,629
$
56,395
Three months ended September
30, 2023
Nine months ended September
30, 2023
Ratios
(annualized %)
Based on GAAP1
Return on average assets
0.47
0.70
Return on average equity
9.19
13.62
Return on average tangible common
equity
11.02
16.36
Efficiency ratio
72.30
69.69
Based on Non-GAAP (core)
Return on average assets
0.73
0.78
Return on average equity
14.25
15.32
Return on average tangible common
equity
17.09
18.40
Efficiency ratio
68.89
68.56
1
Accounting principles generally accepted
in the United States of America.
2
Provision for credit losses is included in
“Provision for credit losses” on the ASB Statements of Income
Data.
3
Professional services expenses are
included in “Noninterest expense-Services” on the ASB Statements of
Income Data.
4
Other expenses are included in
“Noninterest expense-Other expense” on the ASB Statements of Income
Data.
5
Current year composite statutory tax rate
of 26.80% is used for ASB amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109688410/en/
Mateo Garcia Director, Investor Relations Telephone: (808)
543-7300 E-mail: ir@hei.com
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