Hawaiian Electric Industries, Inc. - HE STOCK NEWS

Hawaiian Electric Industries, Inc. (NYSE: HE) announces key board appointments effective January 1, 2023. Yoko Otani joins the HEI and American Savings Bank boards, bringing extensive finance and risk management experience. Currently a partner at Straterix, Otani previously worked at Citibank and Promontory Financial Group. Mary Kipp, president and CEO of Puget Sound Energy, joins the Hawaiian Electric board. Kipp has a strong background in the energy sector, focusing on carbon emission reduction goals. These appointments aim to enhance governance and innovation within HEI.

Hawaiian Electric Industries (NYSE: HE) reported a third-quarter 2022 net income of $62.1 million with diluted earnings per share (EPS) at $0.57, slightly down from $63.4 million and $0.58 EPS in Q3 2021. The utility business showed resilience amid inflation, with notable performance in clean energy transition and strong credit trends in its banking arm, which posted a 9.3% year-to-date increase in total loans. A quarterly dividend of $0.35 per share was also declared, maintaining a 3.8% dividend yield.

On November 3, 2022, Hawaiian Electric Industries (HEI) declared a quarterly cash dividend of $0.35 per share, payable on December 9, 2022, to shareholders of record as of November 22, 2022. This dividend translates to an annual rate of $1.40 per share, providing a dividend yield of 3.8% based on the share price of $37.27 on the declaration date. HEI has maintained uninterrupted dividend payments since 1901.

American Savings Bank (ASB), a subsidiary of Hawaiian Electric Industries (HE), reported a net income of $20.8 million in Q3 2022, up from $17.5 million in Q2 2022 and $19.3 million in Q3 2021. Key highlights include net interest income rising to $65.7 million and a net interest margin of 2.96%. Total loans increased by 9.3% to $5.7 billion year-to-date. Despite higher noninterest expenses, ASB maintained strong credit trends, reflected in a 0.03% net charge-off ratio and a return on average equity of 15.1%.

Hawaiian Electric Industries, Inc. (HE) will announce its third quarter 2022 financial results on November 7. American Savings Bank, a subsidiary of HEI, will provide its results on October 28. A conference call will be held on November 7 at 11:15 a.m. Hawaii time to discuss consolidated earnings and earnings guidance. The call can be accessed via phone or the HEI website. HEI is heavily involved in Hawaii's energy and financial sectors and is committed to sustainability and economic growth.

Hawaiian Electric Industries (NYSE: HE) reported a net income of $52.5 million for Q2 2022, with diluted EPS at $0.48, down from $63.9 million and $0.58 in Q2 2021. This decline is attributed mainly to a normalized provision for credit losses at American Savings Bank following strong loan growth. Despite inflationary pressures, Hawaiian Electric's utility segment showed a net income increase to $44.1 million, driven by higher revenue adjustments and stable maintenance efforts. The bank's net income decreased to $17.5 million, reflecting increased provisioning. HEI declared a dividend of $0.35 per share, yielding 3.3%.

On August 4, 2022, Hawaiian Electric Industries (HEI) declared a quarterly cash dividend of $0.35 per share, with a payment date set for September 9, 2022. Shareholders of record on August 18, 2022, will receive this dividend, translating to an annual rate of $1.40 per share. This dividend yields 3.3% based on the August 4 share price of $42.51. HEI has consistently paid dividends since 1901, reflecting its commitment to shareholder returns.

American Savings Bank (ASB), a subsidiary of Hawaiian Electric Industries (HE), reported a net income of $17.5 million for Q2 2022, down from $23.9 million in Q1 2022 and $30.3 million in Q2 2021. The bank's net interest income rose to $61.8 million, benefiting from strong loan growth and higher yields, despite lower fees from the Paycheck Protection Program. The provision for credit losses was $2.8 million, indicating a more normalized expense following five quarters of negative provision. Overall, ASB continues to enhance its digital offerings, including the launch of Zelle.

Hawaiian Electric Industries, Inc. (HEI) has appointed Michael J. Kennedy to its board of directors, effective August 1, 2022. Kennedy brings extensive experience in executive leadership and strategy, having co-founded Zelle and held leadership roles at American Savings Bank. His background includes significant positions in global payments and financial services. HEI's board sees Kennedy's appointment as a boost to their innovation strategies, particularly in technology and financial services. HEI serves 95% of Hawaii's population and aims for decarbonization across its operations.