Hawaiian Elec Industries - HE STOCK NEWS

American Savings Bank reported a 2020 net income of $57.6 million, down from $89.0 million in 2019, with a Q4 2020 net income of $15.7 million.

Despite challenges, the bank achieved record mortgage originations and effective cost control. The net interest income decreased to $233.5 million from $248.1 million year-over-year, affected by lower interest rates. The provision for credit losses increased to $50.8 million due to COVID-19 impacts. Total loans grew by 4.4%, while deposits surged by 17.8%.

Hawaiian Electric Industries, Inc. (HE) will announce its fourth quarter and full year 2020 financial results on February 16. The company, which supplies power to 95% of Hawaii's population, will also provide 2021 earnings guidance. American Savings Bank, a subsidiary of HE, is set to announce its financial results on January 29. Investors can access earnings calls and presentation materials through HE's website. A replay of the call will be available shortly after the event, continuing until March 2, 2021.

Hawaiian Electric Industries reported a consolidated net income of $65 million for Q3 2020, with earnings per share of $0.59, up from $63.4 million and $0.58 in Q3 2019. Hawaiian Electric's net income rose to $60.1 million, benefiting from lower operations and maintenance costs and higher RAM revenues. However, American Savings Bank's net income fell to $12.2 million, impacted by reduced gains on securities sales and higher credit loss provisions. HEI maintains a quarterly cash dividend of $0.33 per share, achieving a 4.0% yield based on its recent stock price.

On November 3, 2020, Hawaiian Electric Industries, Inc. (HE) announced its quarterly cash dividend of $0.33 per share, payable on December 10, 2020, to shareholders of record by November 20, 2020. This maintains an uninterrupted dividend payout since 1901, translating to an annual rate of $1.32 per share. At a share price of $34.45, the dividend yield stands at 3.8%.

HEI serves approximately 95% of Hawaii's population and aims to support Hawaii's clean energy goals.

American Savings Bank reported a net income of $12.2 million for Q3 2020, down from $14.0 million in Q2 2020 and $22.9 million in Q3 2019. The net interest income rose to $57.3 million but was below the $62.1 million of the previous year. The provision for credit losses reached $14.0 million, including $12.3 million for pandemic-related reserves. Total loans increased by 7.3% YoY to $5.5 billion, and total deposits rose 12.2% to $7.0 billion.

Hawaiian Electric Industries, Inc. (HE) will release its third quarter 2020 financial results on November 6, 2020. American Savings Bank, a subsidiary of HE, will announce its results on October 30, 2020. A webcast and teleconference call for HE's consolidated earnings, guidance, and regulatory matters is scheduled for November 6 at 11:15 a.m. Hawaii time. The call can be accessed via phone or HE's website. HEI, serving 95% of Hawaii's population, is focused on advancing the state's clean energy goals through its non-regulated subsidiary, Pacific Current.

On September 16, 2020, Hawaiian Electric submitted eight contracts for grid-scale renewable energy and storage projects in O'ahu and Maui to the Public Utilities Commission for approval. This initiative represents the largest renewable energy procurement in Hawaii's history, aiming to reduce monthly electric bills by approximately $1. The planned projects will support the retirement of the state's only coal plant and the Kahului oil-fired plant. If completed as scheduled, these projects are expected to add 9% to Hawaii's renewable energy portfolio by reaching a total of 30% by year-end.

Hawaiian Electric Industries reported Q2 2020 net income of $48.9 million, up from $42.5 million year-over-year, with EPS increasing to $0.45. Hawaiian Electric Company net income reached $42.3 million, driven by lower operational expenses and increased revenue from rate adjustments. American Savings Bank's net income fell to $14.0 million due to lower asset yields and higher credit loss provisions linked to COVID-19. The company maintained a quarterly dividend of $0.33 per share, reflecting a 3.8% yield based on the closing share price of $34.93.