HONOLULU, Aug. 4, 2016 /PRNewswire/ -- Hawaiian
Electric Industries, Inc. (NYSE - HE) (HEI) today reported
consolidated net income for common stock of $44.1 million and diluted earnings per share
(EPS) of $0.41 for the second
quarter of 2016 compared to consolidated net income of $35.0 million and EPS of $0.33 for the second quarter of 2015.
Excluding costs related to the recently terminated merger with
NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc.
and the recently terminated liquefied natural gas (LNG) contract,
which after-tax totaled $2.7 million
and $7.2 million in the second
quarters of 2016 and 2015, respectively, core earnings1
and core EPS1 for the second quarter of 2016 were
$46.9 million and $0.43, respectively, compared to $42.2 million and $0.39, respectively, for the second quarter of
2015.
"HEI had a solid quarter as we continued to invest in our
Hawaii-based businesses.
Through the first half of the year, Hawaiian Electric invested
$157 million (more than twice its
earnings for the first half of the year) in local infrastructure
projects to modernize the electric grid and to integrate more
renewable energy reliably. At American Savings Bank, we
continued to deliver profitable performance with year-to-date
annualized loan growth of 6.0% and deposit growth of 8.2% driving
higher net interest income," said Constance
H. Lau, HEI president and chief executive officer and
chairman of the boards of Hawaiian Electric and American Savings
Bank.
"HEI remains a strong company and is well-positioned to help
Hawaiian Electric achieve Hawaii's
100% renewable energy goal by 2045. Our utilities will
continue transforming to focus on providing customer value and
options. We will accomplish this through innovation and a
balanced generation portfolio, distributed generation, enhanced
electrification of transportation and demand response
initiatives. And American Savings Bank will continue to move
forward as one of the leading financial institutions in
Hawaii delivering a full range of
financial products and services to its customers."
__________________________
|
1
|
Non-GAAP measure
which excludes costs related to the recently terminated merger
between HEI and NextEra Energy, Inc. and the cancelled spin-off of
ASB Hawaii, Inc. and costs related to the recently terminated LNG
contract, which required PUC approval of the merger with NextEra
Energy, Inc. See the "Explanation of HEI's Use of Certain
Unaudited Non-GAAP measures" and the related
reconciliation.
|
HAWAIIAN ELECTRIC COMPANY EARNINGS
Hawaiian Electric Company's2 net income for the
second quarter of 2016 was $35.9
million compared to $32.8
million in the second quarter of 2015. The net income
increase was mainly driven by $4
million (after-tax) higher net revenues primarily due to the
recovery of costs for clean energy and reliability investments
partially offset by $2 million
(after-tax) higher depreciation expense as a result of increasing
investments for improved customer reliability and greater system
efficiency, and the integration of more renewable energy.
Other operations and maintenance expenses were relatively flat
compared to the prior year quarter. The second quarter of
2016 included higher overhaul and LNG consulting and legal expenses
compared to the second quarter of 2015 which included higher
vegetation management and boiler and steam maintenance
expenses.
|
Note: Amounts
indicated as "after-tax" in this earnings release are based upon
adjusting items for the composite statutory tax rates of 39% for
the utilities and 40% for the bank.
|
|
|
|
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.
|
AMERICAN SAVINGS BANK EARNINGS
American Savings Bank's (American) net income for the second
quarter of 2016 was $13.3 million compared to $12.7 million in the first (or linked) quarter of
2016 and $12.9 million in the second
quarter of 2015. Second quarter 2016 net income was
$0.6 million higher than the linked
quarter, primarily driven by $1 million (after-tax) higher
revenues due to higher noninterest income, which included gains on
sale of securities and higher mortgage banking income, and higher
net interest income primarily due to growth in the commercial real
estate and consumer loan portfolios. Higher revenues were
partially offset by $1 million
(after-tax) higher noninterest expense due primarily to costs
related to the replacement and upgrade of the electronic banking
platform.
Compared to the second quarter of 2015, net income improved by
$0.4 million, primarily driven by
$3 million (after-tax) higher net interest income due to
growth in the commercial real estate and consumer loan and
investment portfolios and higher yields on interest-earning
assets. This was offset by the following on an after-tax
basis:
- $2 million higher provision for
loan losses mainly driven by commercial real estate and consumer
loan growth and downgrades of specific commercial credits in the
second quarter of 2016; and
- $1 million higher noninterest
expense primarily due to costs related to the replacement and
upgrade of the electronic banking platform.
Total loans were $4.8 billion at
June 30, 2016, an increase of
$112 million and $138 million in the second quarter and
year-to-date 2016, respectively. Year-to-date annualized loan
growth was 6.0%, in line with American's target of mid-single digit
loan growth for the full year.
Total deposits were $5.2 billion
at June 30, 2016, an increase of
$92 million and $207 million in the second quarter and
year-to-date 2016, respectively. Year-to-date annualized
deposit growth of 8.2% was primarily driven by the $126 million (5.6% year-to-date annualized)
increase in low-cost core deposits. Average cost of
funds remained low at 0.23% for the second quarter of 2016,
unchanged from the linked quarter and 1 basis point higher than the
prior year quarter.
Overall, American achieved solid profitability in the second
quarter of 2016 with a return on average equity of 9.2% and a
return on average assets of 0.86%.
For additional information, refer to the American news release
issued on July 29, 2016.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $5.0 million in the second quarter of 2016
compared to $10.7 million in the
second quarter of 2015. Excluding after-tax costs of
$2.0 million associated with the
recently terminated merger with NextEra Energy, Inc. and the
cancelled spin-off of ASB Hawaii, Inc. in the second quarter of
2016 and $7.2 million in the second
quarter of 2015, the holding and other companies' net losses in
2016 and 2015 were $3.0 million and
$3.5 million, respectively.
WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND EPS
GUIDANCE
Hawaiian Electric Industries, Inc. will conduct a webcast and
conference call to review its second quarter of 2016 earnings on
Thursday, August 4, 2016, at 11:00
a.m. Hawaii time
(5:00 p.m. Eastern time).
Interested parties within the United
States may listen to the conference by calling (888)
311-8190 and entering passcode: 16065228. International
parties may listen to the conference by calling (330) 863-3378 and
entering passcode: 16065228 or by accessing the webcast on HEI's
website at www.hei.com under the heading "Investor
Relations." HEI and Hawaiian Electric Company intend to
continue to use HEI's website, www.hei.com, as a means of
disclosing additional information. Such disclosures will be
included on HEI's website in the Investor Relations section.
Accordingly, investors should routinely monitor such portions of
HEI's website, in addition to following HEI's, Hawaiian Electric
Company's and American's press releases, HEI's and Hawaiian
Electric Company's Securities and Exchange Commission (SEC) filings
and HEI's public conference calls and webcasts. The
information on HEI's website is not incorporated by reference in
this document or in HEI's and Hawaiian Electric Company'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 dms.puc.hawaii.gov/dms in order to
review documents filed with and issued by the PUC. No
information on the PUC website is incorporated by reference in this
document or in HEI's and Hawaiian Electric Company's SEC
filings.
An online replay of the webcast will be available at the same
website beginning about two hours after the event. Replays of
the conference call will also be available approximately two hours
after the event through August 18,
2016, by dialing (855) 859-2056 or (404) 537-3406 and
entering passcode: 16065228.
HEI supplies power to approximately 95% of Hawaii's population through its electric
utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light
Company, Inc. and Maui Electric Company, Limited and provides a
wide array of banking and other financial services to consumers and
businesses through American Savings Bank, one of Hawaii's largest financial institutions.
NON-GAAP MEASURES
See "Explanation of HEI's Use of Certain Unaudited Non-GAAP
Measures" and related reconciliations on pages 12 and 13 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 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 "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, 2015, HEI's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2016 and HEI's future periodic reports
that discuss important factors that could cause HEI's results to
differ materially from those anticipated in such statements. 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
Company, American 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
|
|
(Unaudited)
|
|
|
Three months ended
June 30
|
|
Six months ended
June 30
|
|
(in thousands, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
|
495,395
|
|
|
$
|
558,163
|
|
|
$
|
977,447
|
|
|
$
|
1,131,605
|
|
|
Bank
|
|
70,749
|
|
|
65,783
|
|
|
139,589
|
|
|
130,131
|
|
|
Other
|
|
100
|
|
|
(34)
|
|
|
168
|
|
|
38
|
|
|
Total
revenues
|
|
566,244
|
|
|
623,912
|
|
|
1,117,204
|
|
|
1,261,774
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
424,709
|
|
|
492,002
|
|
|
851,435
|
|
|
1,007,808
|
|
|
Bank
|
|
50,525
|
|
|
46,057
|
|
|
99,771
|
|
|
89,774
|
|
|
Other
|
|
5,555
|
|
|
13,123
|
|
|
11,692
|
|
|
21,956
|
|
|
Total
expenses
|
|
480,789
|
|
|
551,182
|
|
|
962,898
|
|
|
1,119,538
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
70,686
|
|
|
66,161
|
|
|
126,012
|
|
|
123,797
|
|
|
Bank
|
|
20,224
|
|
|
19,726
|
|
|
39,818
|
|
|
40,357
|
|
|
Other
|
|
(5,455)
|
|
|
(13,157)
|
|
|
(11,524)
|
|
|
(21,918)
|
|
|
Total operating
income
|
|
85,455
|
|
|
72,730
|
|
|
154,306
|
|
|
142,236
|
|
|
Interest expense,
net—other than on deposit liabilities and other bank
borrowings
|
|
(17,301)
|
|
|
(18,906)
|
|
|
(37,427)
|
|
|
(38,006)
|
|
|
Allowance for
borrowed funds used during construction
|
|
760
|
|
|
682
|
|
|
1,422
|
|
|
1,181
|
|
|
Allowance for equity
funds used during construction
|
|
1,997
|
|
|
1,896
|
|
|
3,736
|
|
|
3,309
|
|
|
Income before
income taxes
|
|
70,911
|
|
|
56,402
|
|
|
122,037
|
|
|
108,720
|
|
|
Income
taxes
|
|
26,310
|
|
|
20,911
|
|
|
44,611
|
|
|
40,890
|
|
|
Net
income
|
|
44,601
|
|
|
35,491
|
|
|
77,426
|
|
|
67,830
|
|
|
Preferred stock
dividends of subsidiaries
|
|
473
|
|
|
473
|
|
|
946
|
|
|
946
|
|
|
Net income for
common stock
|
|
$
|
44,128
|
|
|
$
|
35,018
|
|
|
$
|
76,480
|
|
|
$
|
66,884
|
|
|
Basic earnings per
common share
|
|
$
|
0.41
|
|
|
$
|
0.33
|
|
|
$
|
0.71
|
|
|
$
|
0.63
|
|
|
Diluted earnings
per common share
|
|
$
|
0.41
|
|
|
$
|
0.33
|
|
|
$
|
0.71
|
|
|
$
|
0.63
|
|
|
Dividends per
common share
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.62
|
|
|
Weighted-average
number of common shares outstanding
|
|
107,962
|
|
|
107,418
|
|
|
107,791
|
|
|
105,361
|
|
|
Adjusted
weighted-average shares
|
|
108,133
|
|
|
107,694
|
|
|
107,978
|
|
|
105,659
|
|
|
Net income (loss)
for common stock by segment
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
|
35,857
|
|
|
$
|
32,841
|
|
|
$
|
61,224
|
|
|
$
|
59,715
|
|
|
Bank
|
|
13,285
|
|
|
12,851
|
|
|
25,958
|
|
|
26,326
|
|
|
Other
|
|
(5,014)
|
|
|
(10,674)
|
|
|
(10,702)
|
|
|
(19,157)
|
|
|
Net income for
common stock
|
|
$
|
44,128
|
|
|
$
|
35,018
|
|
|
$
|
76,480
|
|
|
$
|
66,884
|
|
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
|
$
|
46,236
|
|
|
$
|
31,891
|
|
|
$
|
87,388
|
|
|
$
|
67,815
|
|
|
Return on average
common equity (twelve months ended)1
|
|
|
|
|
|
8.8
|
%
|
|
8.1
|
%
|
|
|
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.
|
|
|
1 On
a core basis, 2016 and 2015 returns on average common equity
(twelve months ended June 30) were 9.3% and 9.0%. See
reconciliation of GAAP to non-GAAP measures.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
(dollars in thousands)
|
|
June 30,
2016
|
|
December 31,
2015
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
257,208
|
|
|
$
|
300,478
|
|
|
Accounts receivable
and unbilled revenues, net
|
|
224,179
|
|
|
242,766
|
|
|
Available-for-sale
investment securities, at fair value
|
|
894,021
|
|
|
820,648
|
|
|
Stock in Federal Home
Loan Bank, at cost
|
|
11,218
|
|
|
10,678
|
|
|
Loans receivable held
for investment, net
|
|
4,699,623
|
|
|
4,565,781
|
|
|
Loans held for sale,
at lower of cost or fair value
|
|
6,217
|
|
|
4,631
|
|
|
Property, plant and
equipment, net of accumulated depreciation of $2,387,013 and
$2,339,319 at the respective dates
|
|
4,482,990
|
|
|
4,377,658
|
|
|
Regulatory
assets
|
|
885,114
|
|
|
896,731
|
|
|
Other
|
|
436,479
|
|
|
480,457
|
|
|
Goodwill
|
|
82,190
|
|
|
82,190
|
|
|
Total
assets
|
|
$
|
11,979,239
|
|
|
$
|
11,782,018
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
|
130,160
|
|
|
$
|
138,523
|
|
|
Interest and
dividends payable
|
|
23,490
|
|
|
26,042
|
|
|
Deposit
liabilities
|
|
5,232,203
|
|
|
5,025,254
|
|
|
Short-term
borrowings—other than bank
|
|
115,985
|
|
|
103,063
|
|
|
Other bank
borrowings
|
|
272,887
|
|
|
328,582
|
|
|
Long-term debt,
net—other than bank
|
|
1,578,842
|
|
|
1,578,368
|
|
|
Deferred income
taxes
|
|
712,199
|
|
|
680,877
|
|
|
Regulatory
liabilities
|
|
391,003
|
|
|
371,543
|
|
|
Contributions in aid
of construction
|
|
516,750
|
|
|
506,087
|
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
|
578,651
|
|
|
589,918
|
|
|
Other
|
|
426,594
|
|
|
471,828
|
|
|
Total
liabilities
|
|
9,978,764
|
|
|
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:
108,187,063 shares and 107,460,406 shares at the respective
dates
|
|
1,647,138
|
|
|
1,629,136
|
|
|
Retained
earnings
|
|
334,398
|
|
|
324,766
|
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
|
(15,354)
|
|
|
(26,262)
|
|
|
Total
shareholders' equity
|
|
1,966,182
|
|
|
1,927,640
|
|
|
Total liabilities
and shareholders' equity
|
|
$
|
11,979,239
|
|
|
$
|
11,782,018
|
|
|
|
The Consolidated
Balance Sheet as of December 31, 2015 reflects the retrospective
application of ASU No. 2015-03, "Interest - Imputation of Interest
(Subtopic 835-30): Simplifying the Presentation of Debt Issuance
Costs," which was adopted in first quarter 2016.
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI filings with the
SEC.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
|
Three months ended
June 30
|
|
Six months ended
June 30
|
|
(dollars
in thousands, except per barrel amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Revenues
|
|
$
|
495,395
|
|
|
$
|
558,163
|
|
|
$
|
977,447
|
|
|
$
|
1,131,605
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Fuel oil
|
|
91,899
|
|
|
146,231
|
|
|
205,639
|
|
|
323,037
|
|
|
Purchased
power
|
|
139,058
|
|
|
149,284
|
|
|
254,917
|
|
|
285,291
|
|
|
Other operation and
maintenance
|
|
99,563
|
|
|
98,864
|
|
|
203,471
|
|
|
202,866
|
|
|
Depreciation
|
|
46,760
|
|
|
44,241
|
|
|
93,541
|
|
|
88,484
|
|
|
Taxes, other than
income taxes
|
|
47,429
|
|
|
53,382
|
|
|
93,867
|
|
|
108,130
|
|
|
Total
expenses
|
|
424,709
|
|
|
492,002
|
|
|
851,435
|
|
|
1,007,808
|
|
|
Operating
income
|
|
70,686
|
|
|
66,161
|
|
|
126,012
|
|
|
123,797
|
|
|
Allowance for equity
funds used during construction
|
|
1,997
|
|
|
1,896
|
|
|
3,736
|
|
|
3,309
|
|
|
Interest expense and
other charges, net
|
|
(15,103)
|
|
|
(16,288)
|
|
|
(32,411)
|
|
|
(32,613)
|
|
|
Allowance for
borrowed funds used during construction
|
|
760
|
|
|
682
|
|
|
1,422
|
|
|
1,181
|
|
|
Income before income
taxes
|
|
58,340
|
|
|
52,451
|
|
|
98,759
|
|
|
95,674
|
|
|
Income
taxes
|
|
21,984
|
|
|
19,111
|
|
|
36,537
|
|
|
34,961
|
|
|
Net
income
|
|
36,356
|
|
|
33,340
|
|
|
62,222
|
|
|
60,713
|
|
|
Preferred stock
dividends of subsidiaries
|
|
229
|
|
|
229
|
|
|
458
|
|
|
458
|
|
|
Net income
attributable to Hawaiian Electric
|
|
36,127
|
|
|
33,111
|
|
|
61,764
|
|
|
60,255
|
|
|
Preferred stock
dividends of Hawaiian Electric
|
|
270
|
|
|
270
|
|
|
540
|
|
|
540
|
|
|
Net income for
common stock
|
|
$
|
35,857
|
|
|
$
|
32,841
|
|
|
$
|
61,224
|
|
|
$
|
59,715
|
|
|
Comprehensive
income attributable to Hawaiian Electric
|
|
$
|
35,102
|
|
|
$
|
32,826
|
|
|
$
|
61,485
|
|
|
$
|
59,722
|
|
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
1,625
|
|
|
1,615
|
|
|
3,182
|
|
|
3,142
|
|
|
Hawaii
Electric Light
|
|
260
|
|
|
257
|
|
|
518
|
|
|
510
|
|
|
Maui
Electric
|
|
271
|
|
|
272
|
|
|
541
|
|
|
536
|
|
|
|
2,156
|
|
|
2,144
|
|
|
4,241
|
|
|
4,188
|
|
|
Wet-bulb temperature
(Oahu average; degrees Fahrenheit)
|
|
69.9
|
|
|
69.2
|
|
|
68.6
|
|
|
67.8
|
|
|
Cooling degree days
(Oahu)
|
|
1,257
|
|
|
1,181
|
|
|
2,141
|
|
|
1,976
|
|
|
Average fuel oil cost
per barrel
|
|
$
|
44.98
|
|
|
$
|
69.37
|
|
|
$
|
49.05
|
|
|
$
|
77.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended June 30
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Return on average
common equity (%) (simple average)
|
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
|
|
|
|
7.95
|
|
|
7.87
|
|
|
Hawaii
Electric Light
|
|
|
|
|
|
7.47
|
|
|
6.01
|
|
|
Maui
Electric
|
|
|
|
|
|
8.67
|
|
|
8.87
|
|
|
Hawaiian
Electric Consolidated1
|
|
|
|
|
|
7.98
|
|
|
7.70
|
|
|
|
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.
|
|
|
1 On
a core basis, 2016 and 2015 returns on average common equity
(twelve months ended June 30) were 8.1% and 7.7%. See
reconciliation of GAAP to non-GAAP measures.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
(dollars in
thousands, except par value)
|
|
June 30,
2016
|
|
December 31,
2015
|
|
Assets
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
|
|
|
Utility property,
plant and equipment
|
|
|
|
|
|
Land
|
|
$
|
53,175
|
|
|
$
|
52,792
|
|
|
Plant and
equipment
|
|
6,411,544
|
|
|
6,315,698
|
|
|
Less
accumulated depreciation
|
|
(2,314,743)
|
|
|
(2,266,004)
|
|
|
Construction
in progress
|
|
230,143
|
|
|
175,309
|
|
|
Utility
property, plant and equipment, net
|
|
4,380,119
|
|
|
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
|
|
4,387,494
|
|
|
4,285,067
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
27,579
|
|
|
24,449
|
|
|
Customer accounts
receivable, net
|
|
116,265
|
|
|
132,778
|
|
|
Accrued unbilled
revenues, net
|
|
87,724
|
|
|
84,509
|
|
|
Other accounts
receivable, net
|
|
4,546
|
|
|
10,408
|
|
|
Fuel oil stock, at
average cost
|
|
61,572
|
|
|
71,216
|
|
|
Materials and
supplies, at average cost
|
|
56,911
|
|
|
54,429
|
|
|
Prepayments and
other
|
|
21,879
|
|
|
36,640
|
|
|
Regulatory
assets
|
|
90,471
|
|
|
72,231
|
|
|
Total current
assets
|
|
466,947
|
|
|
486,660
|
|
|
Other long-term
assets
|
|
|
|
|
|
Regulatory
assets
|
|
794,643
|
|
|
824,500
|
|
|
Unamortized debt
expense
|
|
344
|
|
|
497
|
|
|
Other
|
|
72,425
|
|
|
75,486
|
|
|
Total other
long-term assets
|
|
867,412
|
|
|
900,483
|
|
|
Total
assets
|
|
$
|
5,721,853
|
|
|
$
|
5,672,210
|
|
|
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
|
|
578,926
|
|
|
578,930
|
|
|
Retained
earnings
|
|
1,057,506
|
|
|
1,043,082
|
|
|
Accumulated other
comprehensive income, net of income taxes
|
|
1,186
|
|
|
925
|
|
|
Common stock
equity
|
|
1,743,006
|
|
|
1,728,325
|
|
|
Cumulative preferred
stock — not subject to mandatory redemption
|
|
34,293
|
|
|
34,293
|
|
|
Long-term debt,
net
|
|
1,279,123
|
|
|
1,278,702
|
|
|
Total
capitalization
|
|
3,056,422
|
|
|
3,041,320
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term borrowings
from non-affiliates
|
|
36,995
|
|
|
—
|
|
|
Accounts
payable
|
|
106,521
|
|
|
114,846
|
|
|
Interest and
preferred dividends payable
|
|
21,309
|
|
|
23,111
|
|
|
Taxes
accrued
|
|
141,148
|
|
|
191,084
|
|
|
Regulatory
liabilities
|
|
3,368
|
|
|
2,204
|
|
|
Other
|
|
53,347
|
|
|
54,079
|
|
|
Total current
liabilities
|
|
362,688
|
|
|
385,324
|
|
|
Deferred credits
and other liabilities
|
|
|
|
|
|
Deferred income
taxes
|
|
689,482
|
|
|
654,806
|
|
|
Regulatory
liabilities
|
|
387,635
|
|
|
369,339
|
|
|
Unamortized tax
credits
|
|
89,176
|
|
|
84,214
|
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
|
541,656
|
|
|
552,974
|
|
|
Other
|
|
78,044
|
|
|
78,146
|
|
|
Total deferred
credits and other liabilities
|
|
1,785,993
|
|
|
1,739,479
|
|
|
Contributions in aid
of construction
|
|
516,750
|
|
|
506,087
|
|
|
Total
capitalization and liabilities
|
|
$
|
5,721,853
|
|
|
$
|
5,672,210
|
|
|
|
The Consolidated
Balance Sheet as of December 31, 2015 reflects the retrospective
application of ASU No. 2015-03, "Interest - Imputation of Interest
(Subtopic 835-30): Simplifying the Presentation of Debt Issuance
Costs," which was adopted in first quarter 2016.
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in Hawaiian Electric filings with
the SEC.
|
|
American Savings
Bank, F.S.B.
|
|
STATEMENTS OF INCOME
DATA
|
|
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
Six months ended June
30
|
|
(in thousands)
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
2016
|
|
2015
|
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
49,690
|
|
|
$
|
48,437
|
|
|
$
|
46,035
|
|
|
98,127
|
|
|
91,233
|
|
|
Interest and
dividends on investment securities
|
|
4,443
|
|
|
5,017
|
|
|
3,306
|
|
|
9,460
|
|
|
6,357
|
|
|
Total interest and
dividend income
|
|
54,133
|
|
|
53,454
|
|
|
49,341
|
|
|
107,587
|
|
|
97,590
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
|
1,691
|
|
|
1,592
|
|
|
1,266
|
|
|
3,283
|
|
|
2,526
|
|
|
Interest on other
borrowings
|
|
1,467
|
|
|
1,485
|
|
|
1,487
|
|
|
2,952
|
|
|
2,953
|
|
|
Total interest
expense
|
|
3,158
|
|
|
3,077
|
|
|
2,753
|
|
|
6,235
|
|
|
5,479
|
|
|
Net interest
income
|
|
50,975
|
|
|
50,377
|
|
|
46,588
|
|
|
101,352
|
|
|
92,111
|
|
|
Provision for loan
losses
|
|
4,753
|
|
|
4,766
|
|
|
1,825
|
|
|
9,519
|
|
|
2,439
|
|
|
Net interest
income after provision for loan losses
|
|
46,222
|
|
|
45,611
|
|
|
44,763
|
|
|
91,833
|
|
|
89,672
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Fees from other
financial services
|
|
5,701
|
|
|
5,499
|
|
|
5,550
|
|
|
11,200
|
|
|
10,905
|
|
|
Fee income on deposit
liabilities
|
|
5,262
|
|
|
5,156
|
|
|
5,424
|
|
|
10,418
|
|
|
10,739
|
|
|
Fee income on other
financial products
|
|
2,207
|
|
|
2,205
|
|
|
2,103
|
|
|
4,412
|
|
|
3,992
|
|
|
Bank-owned life
insurance
|
|
1,006
|
|
|
998
|
|
|
1,058
|
|
|
2,004
|
|
|
2,041
|
|
|
Mortgage banking
income
|
|
1,554
|
|
|
1,195
|
|
|
2,068
|
|
|
2,749
|
|
|
3,890
|
|
|
Gains on sale of
investment securities, net
|
|
598
|
|
|
—
|
|
|
—
|
|
|
598
|
|
|
—
|
|
|
Other income,
net
|
|
288
|
|
|
333
|
|
|
239
|
|
|
621
|
|
|
974
|
|
|
Total noninterest
income
|
|
16,616
|
|
|
15,386
|
|
|
16,442
|
|
|
32,002
|
|
|
32,541
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
|
21,919
|
|
|
22,434
|
|
|
22,319
|
|
|
44,353
|
|
|
44,085
|
|
|
Occupancy
|
|
4,115
|
|
|
4,138
|
|
|
4,009
|
|
|
8,253
|
|
|
8,122
|
|
|
Data
processing
|
|
3,277
|
|
|
3,172
|
|
|
2,953
|
|
|
6,449
|
|
|
6,069
|
|
|
Services
|
|
2,755
|
|
|
2,911
|
|
|
2,833
|
|
|
5,666
|
|
|
5,174
|
|
|
Equipment
|
|
1,771
|
|
|
1,663
|
|
|
1,690
|
|
|
3,434
|
|
|
3,391
|
|
|
Office supplies,
printing and postage
|
|
1,583
|
|
|
1,365
|
|
|
1,303
|
|
|
2,948
|
|
|
2,786
|
|
|
Marketing
|
|
899
|
|
|
861
|
|
|
844
|
|
|
1,760
|
|
|
1,685
|
|
|
FDIC
insurance
|
|
913
|
|
|
884
|
|
|
773
|
|
|
1,797
|
|
|
1,584
|
|
|
Other
expense
|
|
5,382
|
|
|
3,975
|
|
|
4,755
|
|
|
9,357
|
|
|
8,960
|
|
|
Total noninterest
expense
|
|
42,614
|
|
|
41,403
|
|
|
41,479
|
|
|
84,017
|
|
|
81,856
|
|
|
Income before
income taxes
|
|
20,224
|
|
|
19,594
|
|
|
19,726
|
|
|
39,818
|
|
|
40,357
|
|
|
Income
taxes
|
|
6,939
|
|
|
6,921
|
|
|
6,875
|
|
|
13,860
|
|
|
14,031
|
|
|
Net
income
|
|
$
|
13,285
|
|
|
$
|
12,673
|
|
|
$
|
12,851
|
|
|
$
|
25,958
|
|
|
$
|
26,326
|
|
|
Comprehensive
income
|
|
$
|
16,051
|
|
|
$
|
20,310
|
|
|
$
|
9,544
|
|
|
$
|
36,361
|
|
|
$
|
26,862
|
|
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
0.86
|
|
|
0.84
|
|
|
0.89
|
|
|
0.85
|
|
|
0.93
|
|
|
Return on average
equity
|
|
9.22
|
|
|
8.89
|
|
|
9.38
|
|
|
9.06
|
|
|
9.67
|
|
|
Return on average
tangible common equity
|
|
10.75
|
|
|
10.39
|
|
|
11.04
|
|
|
10.57
|
|
|
11.39
|
|
|
Net interest
margin
|
|
3.58
|
|
|
3.62
|
|
|
3.52
|
|
|
3.60
|
|
|
3.52
|
|
|
Efficiency
ratio
|
|
63.05
|
|
|
62.96
|
|
|
65.81
|
|
|
63.00
|
|
|
65.67
|
|
|
Net charge-offs to
average loans outstanding
|
|
0.15
|
|
|
0.21
|
|
|
0.11
|
|
|
0.18
|
|
|
0.08
|
|
|
As of period
end
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to loans outstanding and real estate owned
|
|
1.02
|
|
|
1.03
|
|
|
0.70
|
|
|
|
|
|
|
Allowance for loan
losses to loans outstanding
|
|
1.16
|
|
|
1.13
|
|
|
1.04
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
|
8.15
|
|
|
8.08
|
|
|
8.16
|
|
|
|
|
|
|
Tier-1 leverage
ratio
|
|
8.7
|
|
|
8.7
|
|
|
8.8
|
|
|
|
|
|
|
Total capital
ratio
|
|
13.2
|
|
|
13.2
|
|
|
13.5
|
|
|
|
|
|
|
Dividend paid to HEI
(via ASB Hawaii, Inc.) ($ in millions)
|
|
$
|
9.0
|
|
|
$
|
9.0
|
|
|
$
|
7.5
|
|
|
|
|
|
|
|
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.
|
|
American Savings
Bank, F.S.B.
|
|
BALANCE SHEETS
DATA
|
|
(Unaudited)
|
|
|
(in
thousands)
|
June 30,
2016
|
December 31,
2015
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
111,738
|
|
|
$
|
127,201
|
|
|
Interest-bearing
deposits
|
|
62,850
|
|
|
93,680
|
|
|
Available-for-sale
investment securities, at fair value
|
|
894,021
|
|
|
820,648
|
|
|
Stock in Federal Home
Loan Bank, at cost
|
|
11,218
|
|
|
10,678
|
|
|
Loans receivable held
for investment
|
|
4,754,954
|
|
|
4,615,819
|
|
|
Allowance for loan
losses
|
|
(55,331)
|
|
|
(50,038)
|
|
|
Net loans
|
|
4,699,623
|
|
|
4,565,781
|
|
|
Loans held for sale,
at lower of cost or fair value
|
|
6,217
|
|
|
4,631
|
|
|
Other
|
|
320,233
|
|
|
309,946
|
|
|
Goodwill
|
|
82,190
|
|
|
82,190
|
|
|
Total
assets
|
|
$
|
6,188,090
|
|
|
$
|
6,014,755
|
|
|
Liabilities and
shareholder's equity
|
|
|
|
|
|
Deposit
liabilities–noninterest-bearing
|
|
$
|
1,583,420
|
|
|
$
|
1,520,374
|
|
|
Deposit
liabilities–interest-bearing
|
|
3,648,783
|
|
|
3,504,880
|
|
|
Other
borrowings
|
|
272,887
|
|
|
328,582
|
|
|
Other
|
|
103,396
|
|
|
101,029
|
|
|
Total
liabilities
|
|
5,608,486
|
|
|
5,454,865
|
|
|
Common
stock
|
|
1
|
|
|
1
|
|
|
Additional paid in
capital
|
|
341,849
|
|
|
340,496
|
|
|
Retained
earnings
|
|
244,622
|
|
|
236,664
|
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
|
|
|
|
|
Net unrealized gains
(losses) on securities
|
$
|
8,111
|
|
|
$
|
(1,872)
|
|
|
|
Retirement benefit
plans
|
(14,979)
|
|
(6,868)
|
|
(15,399)
|
|
(17,271)
|
|
|
Total
shareholder's equity
|
|
579,604
|
|
|
559,890
|
|
|
Total
liabilities and shareholder's equity
|
|
$
|
6,188,090
|
|
|
$
|
6,014,755
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI filings with the
SEC.
|
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP
MEASURES
HEI and Hawaiian Electric Company management use certain
non-GAAP measures to evaluate the performance of HEI and the
utility. Management believes these non-GAAP measures provide
useful information and are a better indicator of 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 and the adjusted return on
average common equity (ROACE) for HEI and the utility.
The reconciling adjustments from GAAP earnings to core earnings
is limited to the costs related to the recently terminated merger
between HEI and NextEra Energy, Inc. and the cancelled spin-off of
ASB Hawaii, Inc. and costs related to the recently terminated
liquefied natural gas (LNG) contract which required the Hawaii
Public Utilities Commission approval of the merger with NextEra
Energy, Inc. less the associated current income tax benefits
adjustment. For more information on the transactions, see
HEI's Form 8-K filed on July 18, 2016
and HEI's Form 8-K filed on July 19,
2016, respectively. Management does not consider these
items to be representative of the company's fundamental core
earnings.
The accompanying table also provides the calculation of utility
GAAP O&M adjusted for costs related to the terminated merger
discussed above. "O&M-related net income neutral items" which
are O&M expenses covered by specific surcharges or by third
parties have also been excluded. These "O&M-related net
income neutral items" are grossed-up in revenue and expense and do
not impact net income.
|
RECONCILIATION OF
GAAP1 TO NON-GAAP MEASURES
|
|
|
Hawaiian Electric
Industries, Inc. and Subsidiaries (HEI)
|
|
Unaudited
|
Three months ended
June 30
|
|
Six months ended
June 30
|
|
($ in millions,
except per share amounts)
|
2016
|
2015
|
|
2016
|
2015
|
|
HEI CONSOLIDATED
COSTS RELATED TO THE TERMINATED MERGER WITH
NEXTERA ENERGY AND CANCELLED SPIN-OFF OF ASB HAWAII
|
|
|
|
|
|
|
Pre-tax
expenses
|
$
|
2.0
|
|
$
|
9.0
|
|
|
$
|
3.6
|
|
$
|
13.9
|
|
|
Current income tax
benefits
|
—
|
|
(1.8)
|
|
|
—
|
|
(2.0)
|
|
|
After-tax
expenses
|
$
|
2.0
|
|
$
|
7.2
|
|
|
$
|
3.6
|
|
$
|
11.9
|
|
|
HEI CONSOLIDATED
LNG CONTRACT COSTS2
|
|
|
|
|
|
|
Pre-tax
expenses
|
$
|
1.2
|
|
$
|
—
|
|
|
$
|
3.4
|
|
$
|
—
|
|
|
Current income tax
benefits
|
(0.5)
|
|
—
|
|
|
(1.3)
|
|
—
|
|
|
After-tax
expenses
|
$
|
0.7
|
|
$
|
—
|
|
|
$
|
2.1
|
|
$
|
—
|
|
|
HEI CONSOLIDATED
NET INCOME
|
|
|
|
|
|
|
GAAP (as
reported)
|
$
|
44.1
|
|
$
|
35.0
|
|
|
$
|
76.5
|
|
$
|
66.9
|
|
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
Costs related to the
terminated merger with NextEra Energy
and cancelled spin-off of ASB Hawaii
|
2.0
|
|
7.2
|
|
|
3.6
|
|
11.9
|
|
|
Costs related to the
terminated LNG contract2
|
0.7
|
|
—
|
|
|
2.1
|
|
—
|
|
|
Non-GAAP (core)
net income
|
$
|
46.9
|
|
$
|
42.2
|
|
|
$
|
82.1
|
|
$
|
78.8
|
|
|
HEI CONSOLIDATED
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
GAAP (as
reported)
|
$
|
0.41
|
|
$
|
0.33
|
|
|
$
|
0.71
|
|
$
|
0.63
|
|
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
Costs related to the
terminated merger with NextEra Energy
and cancelled spin-off of ASB Hawaii
|
0.02
|
|
0.07
|
|
|
0.03
|
|
0.11
|
|
|
Costs related to the
terminated LNG contract2
|
0.01
|
|
—
|
|
|
0.02
|
|
—
|
|
|
Non-GAAP (core)
diluted earnings per common share
|
$
|
0.43
|
|
$
|
0.39
|
|
|
$
|
0.76
|
|
$
|
0.75
|
|
|
|
|
|
Twelve months
ended June 30
|
|
|
|
|
2016
|
2015
|
|
HEI CONSOLIDATED
RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average)
|
|
|
|
|
Based on
GAAP
|
|
|
|
8.8
|
%
|
8.1
|
%
|
|
Based on non-GAAP
(core)3
|
|
|
|
9.3
|
%
|
9.0
|
%
|
|
|
|
|
|
|
|
Note: Columns
may not foot due to rounding
|
|
1
Accounting principles generally accepted in the United States of
America
|
|
2
The LNG contract was terminated as it was conditioned on the merger
with NextEra Energy closing
|
|
3
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
|
Three months ended
June 30
|
|
Six months ended
June 30
|
|
($ in
millions)
|
2016
|
2015
|
|
2016
|
2015
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED COSTS RELATED TO THE
TERMINATED MERGER WITH NEXTERA ENERGY
|
|
|
|
|
|
|
Pre-tax
expenses
|
$
|
—
|
|
$
|
—
|
|
|
$
|
0.1
|
|
$
|
0.4
|
|
|
Current income tax
benefits
|
—
|
|
—
|
|
|
—
|
|
(0.2)
|
|
|
After-tax
expenses
|
$
|
—
|
|
$
|
—
|
|
|
$
|
0.1
|
|
$
|
0.3
|
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED LNG CONTRACT COSTS2
|
|
|
|
|
|
Pre-tax
expenses
|
$
|
1.2
|
|
$
|
—
|
|
|
$
|
3.4
|
|
$
|
—
|
|
|
Current income tax
benefits
|
(0.5)
|
|
—
|
|
|
(1.3)
|
|
—
|
|
|
After-tax
expenses
|
$
|
0.7
|
|
$
|
—
|
|
|
$
|
2.1
|
|
$
|
—
|
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED NET INCOME
|
|
|
|
|
|
|
GAAP (as
reported)
|
$
|
35.9
|
|
$
|
32.8
|
|
|
$
|
61.2
|
|
$
|
59.7
|
|
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
Costs related to the
terminated merger with NextEra Energy
|
—
|
|
—
|
|
|
0.1
|
|
0.3
|
|
|
Costs related to the
terminated LNG contract2
|
0.7
|
|
—
|
|
|
2.1
|
|
—
|
|
|
Non-GAAP (core)
net income
|
$
|
36.6
|
|
$
|
32.9
|
|
|
$
|
63.4
|
|
$
|
60.0
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended June 30
|
|
|
|
|
2016
|
2015
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average)
|
|
|
|
|
Based on
GAAP
|
|
|
|
7.98
|
%
|
7.70
|
%
|
|
Based on non-GAAP
(core)3
|
|
|
|
8.12
|
%
|
7.72
|
%
|
|
|
|
|
|
|
|
Three months ended
June 30
|
|
Six months ended
June 30
|
|
($ in
millions)
|
2016
|
2015
|
|
2016
|
2015
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M)
EXPENSE
|
|
|
|
|
|
|
GAAP (as
reported)
|
$
|
99.6
|
|
$
|
98.9
|
|
|
$
|
203.5
|
|
$
|
202.9
|
|
|
Excluding
O&M-related net income neutral items4
|
1.5
|
|
1.6
|
|
|
3.1
|
|
3.5
|
|
|
Excluding costs
related to the terminated merger with NextEra Energy
|
—
|
|
—
|
|
|
0.1
|
|
0.4
|
|
|
Excluding costs
related to the terminated LNG contract2
|
1.2
|
|
—
|
|
|
3.4
|
|
—
|
|
|
Non-GAAP (Adjusted
other O&M expense)
|
$
|
96.8
|
|
$
|
97.2
|
|
|
$
|
196.8
|
|
$
|
198.9
|
|
|
|
Note: Columns
may not foot due to rounding
|
|
1
Accounting principles generally accepted in the United States of
America
|
|
2
The LNG contract was terminated as it was conditioned on the merger
with NextEra Energy closing
|
|
3
Calculated as core net income divided by average GAAP common
equity
|
|
4
Expenses covered by surcharges or by third parties recorded in
revenues
|
|
Contact:
|
Clifford H.
Chen
|
Telephone: (808)
543-7300
|
|
Manager, Investor
Relations & Strategic Planning
|
E-mail:
ir@hei.com
|
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SOURCE Hawaiian Electric Industries, Inc.