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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Hawaiian Electric Industries Reports Third Quarter 2012 Earnings & Declares Dividend
Earnings Per Share of $0.49

HONOLULU, Nov. 7, 2012 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the third quarter of 2012 of $47.7 million, or $0.49 diluted earnings per share (EPS), compared to $48.4 million, or $0.50 diluted EPS for the third quarter of 2011.   

"HEI had another solid quarter as we continued to invest in our Hawaii-based businesses. Through the first nine months of this year, Hawaiian Electric Company1 invested $188 million, close to twice its earnings, in local infrastructure projects to modernize the electric grid and reliably integrate increasing amounts of renewable energy.  At American Savings Bank (American), loans to customers, excluding residential lending, increased over $100 million in the first nine months of the year, with a $15 million increase in clean energy loans.  Over $600 million of new residential mortgages were originated by American during this period, more than double the amount for the same period last year," said Constance H. Lau, HEI president and chief executive officer.

"Reducing Hawaii's dependence on oil is critical to an economically and environmentally vibrant future for our state and our utility's customers.  Since the end of 2010, a typical monthly Oahu residential electric bill increased by about $52, of which $42 is due to higher fuel oil costs.  This is why we are committed to continuing to seek ways to help stabilize customer bills and accelerate Hawaii's move to clean energy," said Lau.  

HAWAIIAN ELECTRIC COMPANY CONTINUES TO INVEST IN CLEAN ENERGY AND RELIABILITY

Hawaiian Electric Company's net income for the third quarter of 2012 was $38.4 million, nearly flat with $38.0 million in the third quarter of 2011 as recovery of costs for reliability and clean energy investments were largely offset by higher expenses.

The primary variances impacting net income for the quarter were (on an after-tax basis):

  • $4 million recovery of costs, net of lower heat rate earnings;
  • A favorable tax settlement of $1 million recorded in the third quarter 2012 related to prior years;
  • $4 million higher operations and maintenance (O&M) expenses2; and
  • $1 million higher depreciation expense.

O&M expenses2 were approximately 7% higher in the third quarter of 2012 compared to the third quarter of 2011 largely due to higher customer service expenses, offset by lower plant overhaul expenses due to timing of work within the year.  While year-to-date O&M expenses are essentially flat with the same period last year, management expects an increase in the fourth quarter of 2012 due to the timing of projects and expects full year O&M expense to be 4% higher than 2011.  This is down from the previously expected 6% increase largely due to the revised timing of various studies. 

1 "Hawaiian Electric Company" or "utility", 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 Excludes demand side management (DSM) program costs. DSM program costs were $2 million in third quarter of 2012 compared to $1 million in third quarter of 2011. DSM program costs are recovered through a surcharge.

AMERICAN SAVINGS BANK'S STABLE RESULTS REFLECT DISCIPLINED APPROACH

American's net income for the third quarter of 2012 was $14.2 million compared with $14.2 million in the second, or linked, quarter of 2012 and $15.5 million in the third quarter of 2011.  Third quarter 2012 net income was consistent with the linked quarter as higher revenue, primarily driven by gains on sales of loans, were offset by slightly higher provision for loan losses and noninterest expense. 

Compared to the same quarter of 2011, net income declined by $1.2 million.  Higher noninterest expense, primarily driven by spending for new products and projects aimed at longer-term growth, and lower net interest income from declining yields on assets, were partially offset by higher gains on sale of new residential mortgages.  Residential mortgage production totaled $272 million in the quarter compared to $123 million in the same quarter last year, outperforming the overall Hawaii market growth.

Overall, American continued to deliver solid results in third quarter 2012 with a return on average equity of 11.2% and a return on average assets of 1.15%. 

Also refer to the American news release issued on October 30, 2012.

HOLDING AND OTHER COMPANIES

The holding and other companies' net losses were $4.9 million in the third quarter of 2012 compared to $5.0 million in the third quarter of 2011.

BOARD DECLARES QUARTERLY DIVIDEND

On November 7, 2012, the board of directors maintained HEI's quarterly cash dividend of 31 cents per share, payable on December 12, 2012, to shareholders of record at the close of business on November 19, 2012 (ex-dividend date is November 15, 2012).  The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid continuously since 1901.  At the indicated annual dividend rate and the closing share price on November 6, 2012 of $25.68, HEI's yield is 4.8%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter 2012 earnings on Thursday, November 8, 2012, at 8:00 a.m. Hawaii time (1:00 p.m. Eastern time).  The event can be accessed through HEI's website at www.hei.com or by dialing (866) 383-8008, passcode:  56693947 for the teleconference call.  The presentation for the webcast will be on HEI's website under the headings "Investor Relations," "News & Events" and "Presentations & Webcasts."  HEI and Hawaiian Electric Company, Inc. (HECO) 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, HECO's and American's press releases, HEI's and HECO'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 HECO'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 HECO'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 teleconference call will also be available approximately two hours after the event through November 22, 2012, by dialing (888) 286-8010, passcode: 43247040.

HEI supplies power to approximately 450,000 customers or 95% of Hawaii's population through its electric utilities, HECO, 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, one of Hawaii's largest financial institutions.

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 "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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 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, HECO, 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


Nine months




 ended September 30,


ended September 30,

(in thousands, except per share amounts) 

2012


2011


2012


2011

Revenues








Electric utility

$801,095


$820,254


$2,340,257


$2,194,327

Bank


66,596


66,100


196,569


197,731

Other

29


1


22


(751)

    Total revenues

867,720


886,355


2,536,848


2,391,307

Expenses








Electric utility

726,276


745,298


2,146,688


2,031,645

Bank


44,974


42,931


130,161


128,988

Other

4,768


3,636


13,075


9,148

    Total expenses

776,018


791,865


2,289,924


2,169,781

Operating income (loss)








Electric utility

74,819


74,956


193,569


162,682

Bank


21,622


23,169


66,408


68,743

Other

(4,739)


(3,635)


(13,053)


(9,899)

     Total operating income 

91,702


94,490


246,924


221,526

Interest expense–other than on deposit liabilities 








and other bank borrowings

(20,020)


(19,949)


(58,758)


(64,266)

Allowance for borrowed funds used during construction

688


658


2,451


1,731

Allowance for equity funds used during construction

1,611


1,570


5,548


4,131

Income before income taxes

73,981


76,769


196,165


163,122

Income taxes

25,804


27,894


69,926


57,700

Net income 

48,177


48,875


126,239


105,422

Preferred stock dividends of subsidiaries

471


471


1,417


1,417

Net income for common stock

$ 47,706


$ 48,404


$  124,822


$  104,005

Basic earnings per common share

$     0.49


$     0.50


$        1.29


$        1.09

Diluted earnings per common share

$     0.49


$     0.50


$        1.29


$        1.09

Dividends per common share

$     0.31


$     0.31


$        0.93


$        0.93

Weighted-average number of common shares outstanding

97,157


95,873


96,674


95,365

Adjusted weighted-average shares

97,518


96,100


97,097


95,671











Net income (loss) for common stock  by segment









Electric utility

$  38,375


$  37,959


$     95,051


$     74,172


Bank

14,208


15,457


44,274


44,503


Other

(4,877)


(5,012)


(14,503)


(14,670)

Net income for common stock

$  47,706


$  48,404


$   124,822


$   104,005

Comprehensive income attributable to common shareholders

$  49,292


$  51,585


$   128,269


$   109,815








Twelve months ended








September 30,








2012


2011

Return on average common equity




10.1%


8.5%











This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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 Industries, Inc. (HEI) and Subsidiaries



CONSOLIDATED BALANCE SHEETS



(Unaudited)




September 30,

December 31,

(dollars in thousands)

2012

2011

Assets



Cash and cash equivalents

$       168,512

$      270,265

Accounts receivable and unbilled revenues, net

374,932

344,322

Available-for-sale investment and mortgage-related securities

664,051

624,331

Investment in stock of Federal Home Loan Bank of Seattle 

96,893

97,764

Loans receivable held for investment, net

3,705,748

3,642,818

Loans held for sale, at lower of cost or fair value

16,495

9,601

Property, plant and equipment, net of accumulated depreciation of



    $2,109,478 in 2012 and $2,049,821 in 2011 

3,506,489

3,334,501

Regulatory assets

715,994

669,389

Other

573,523

519,296

Goodwill

82,190

82,190

     Total assets

$     9,904,827

$    9,594,477

Liabilities and shareholders' equity



Liabilities



Accounts payable

$        234,304

$       216,176

Interest and dividends payable

27,907

25,041

Deposit liabilities

4,126,788

4,070,032

Short-term borrowings—other than bank

82,219

68,821

Other bank borrowings

211,219

233,229

Long-term debt, net—other than bank

1,429,869

1,340,070

Deferred income taxes

438,886

354,051

Regulatory liabilities

319,330

315,466

Contributions in aid of construction

387,863

356,203

Retirement benefits liability

497,388

530,410

Other

507,626

521,979

     Total liabilities

8,263,399

8,031,478




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:  97,425,467 shares in 2012 and 96,038,328 shares in 2011 

1,389,607

1,349,446

Retained earnings

233,218

198,397

Accumulated other comprehensive loss, net of tax benefits

(15,690)

(19,137)

     Total shareholders' equity

1,607,135

1,528,706

     Total liabilities and shareholders' equity

$     9,904,827

$    9,594,477




This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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 Industries, Inc. (HEI) and Subsidiaries



CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)



Nine months ended September 30

2012

2011

(in thousands)



Cash flows from operating activities



Net income 

$ 126,239

$ 105,422

Adjustments to reconcile net income to net cash provided by operating activities



      Depreciation of property, plant and equipment

112,946

111,516

      Other amortization

4,811

14,552

      Provision for loan losses

9,504

10,927

      Loans receivable originated and purchased, held for sale

(304,289)

(137,507)

      Proceeds from sale of loans receivable, held for sale

302,844

127,163

      Change in deferred income taxes

82,582

60,957

      Change in excess tax benefits from share-based payment arrangements

(65)

(39)

      Allowance for equity funds used during construction

(5,548)

(4,131)

      Change in cash overdraft

-

(2,688)

      Changes in assets and liabilities



           Increase in accounts receivable and unbilled revenues, net

(30,610)

(75,905)

           Increase in fuel oil stock

(31,372)

(4,592)

           Decrease in accounts, interest and dividends payable

(5,905)

(57,746)

           Change in prepaid and accrued income taxes and utility revenue taxes

(5,121)

40,418

           Contributions to defined benefit pension and other postretirement benefit plans

(64,006)

(56,395)

           Change in other assets and liabilities

(70,406)

(30,863)

Net cash provided by operating activities

121,604

101,089

Cash flows from investing activities



Available-for-sale investment and mortgage-related securities purchased

(146,794)

(202,061)

Principal repayments on available-for-sale investment and mortgage-related securities

104,310

283,931

Proceeds from sale of available-for-sale investment and mortgage-related securities

3,548

32,799

Net increase in loans held for investment

(75,982)

(153,745)

Proceeds from sale of real estate acquired in settlement of loans

9,659

5,298

Capital expenditures

(225,961)

(148,107)

Contributions in aid of construction

33,106

15,106

Other

865

(2,923)

Net cash used in investing activities

(297,249)

(169,702)

Cash flows from financing activities



Net increase in deposit liabilities

56,756

87,429

Net increase in short-term borrowings with original maturities of three months or less

13,398

26,272

Net increase (decrease) in retail repurchase agreements

(22,011)

614

Proceeds from issuance of long-term debt

457,000

125,000

Repayment of long-term debt

(368,500)

(150,000)

Change in excess tax benefits from share-based payment arrangements

65

39

Net proceeds from issuance of common stock

16,881

14,861

Common stock dividends

(71,966)

(77,070)

Preferred stock dividends of subsidiaries

(1,417)

(1,417)

Other

(6,314)

(4,283)

Net cash provided by financing activities

73,892

21,445

Net decrease in cash and cash equivalents 

(101,753)

(47,168)

Cash and cash equivalents, beginning of period

270,265

330,651

Cash and cash equivalents, end of period

$ 168,512

$ 283,483




This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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. (HECO) and Subsidiaries





CONSOLIDATED STATEMENTS OF INCOME






(Unaudited)


Three months ended


Nine months ended




Sepember 30,


Sepember 30,

(dollars in thousands, except per barrel amounts)


2012


2011


2012


2011











Operating revenues


$   799,203


$   818,907


$ 2,334,826


$2,190,860

Operating expenses









Fuel oil


327,173


352,475


986,076


925,476

Purchased power


186,699


188,484


539,840


508,179

Other operation 


70,441


61,415


196,806


194,334

Maintenance


30,368


32,336


91,641


92,808

Depreciation


35,941


34,983


108,556


107,673

Taxes, other than income taxes


74,850


75,355


222,149


202,502

Income taxes


22,352


23,860


58,291


46,630

     Total operating expenses


747,824


768,908


2,203,359


2,077,602

Operating income


51,379


49,999


131,467


113,258

Other income









Allowance for equity funds used during construction


1,611


1,570


5,548


4,131

Other, net


1,045


1,170


3,673


2,978

     Total other income


2,656


2,740


9,221


7,109

Interest and other charges









Interest on long-term debt


14,694


14,383


44,400


43,149

Amortization of net bond premium and expense


870


767


2,276


2,316

Other interest charges (credits)


286


(210)


(84)


965

Allowance for borrowed funds used during construction


(688)


(658)


(2,451)


(1,731)

     Total interest and other charges


15,162


14,282


44,141


44,699

Net income 


38,873


38,457


96,547


75,668

Preferred stock dividends of subsidiaries


228


228


686


686

Net income attributable to HECO


38,645


38,229


95,861


74,982

Preferred stock dividends of HECO


270


270


810


810

Net income for common stock


$    38,375


$    37,959


$     95,051


$    74,172

Comprehensive income attributable to common shareholder

$    38,452


$    38,081


$     95,280


$    74,368

OTHER ELECTRIC UTILITY INFORMATION









Kilowatthour sales (millions)









   HECO


1,796


1,866


5,205


5,444

   HELCO


274


282


810


827

   MECO


292


300


855


888




2,362


2,448


6,870


7,159

Wet-bulb temperature (Oahu average; degrees Fahrenheit)


70.8


71.5


68.7


70.0

Cooling degree days (Oahu)


1,419


1,504


3,430


3,681

Average fuel oil cost per barrel


$   139.68


$   135.66


$     139.65


$    120.13








Twelve months ended








September 30

Return on average common equity (%) (simple average)






2012


2011

   HECO






9.40


6.04

   HELCO






7.53


9.93

   MECO






7.14


6.92

   HECO Consolidated






8.64


6.95











This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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. (HECO) and Subsidiaries



CONSOLIDATED BALANCE SHEETS



(Unaudited)




September 30,

December 31,

(dollars in thousands, except par value)

2012

2011

Assets



Utility plant, at cost



Land

$         51,544

$         51,514

Plant and equipment

5,245,769

5,052,027

Less accumulated depreciation

(2,026,450)

(1,966,894)

Construction in progress

176,216

138,838

     Net utility plant

3,447,079

3,275,485

Current assets



Cash and cash equivalents

15,722

48,806

Customer accounts receivable, net 

226,933

183,328

Accrued unbilled revenues, net

132,090

137,826

Other accounts receivable, net

1,925

8,623

Fuel oil stock, at average cost

202,920

171,548

Materials and supplies, at average cost

50,493

43,188

Prepayments and other

64,006

36,667

Regulatory assets

25,103

20,283

     Total current assets 

719,192

650,269

Other long-term assets



Regulatory assets

690,891

649,106

Unamortized debt expense

10,786

12,786

Other

93,767

86,361

     Total other long-term assets

795,444

748,253

          Total assets

$    4,961,715

$    4,674,007

Capitalization and liabilities



Capitalization



Common stock, $6 2/3 par value, authorized 50,000,000 shares; outstanding 



    14,233,723 shares in 2012 and 2011

$         94,911

$         94,911

Premium on capital stock

426,921

426,921

Retained earnings

921,309

881,041

Accumulated other comprehensive income (loss), net of income taxes

197

(32)

     Common stock equity

1,443,338

1,402,841

Cumulative preferred stock – not subject to mandatory redemption

34,293

34,293

Long-term debt, net

1,147,869

1,000,570

     Total capitalization

2,625,500

2,437,704

Current liabilities



Short-term borrowings – nonaffiliates

44,719

-

Current portion of long-term debt

-

57,500

Accounts payable

211,999

188,580

Interest and preferred dividends payable

22,458

19,483

Taxes accrued

235,302

230,076

Other

62,584

69,353

     Total current liabilities

577,062

564,992

Deferred credits and other liabilities



Deferred income taxes

420,724

337,863

Regulatory liabilities

319,330

315,466

Unamortized tax credits

64,178

60,614

Retirement benefits liability

463,599

495,121

Other

103,459

106,044

     Total deferred credits and other liabilities

1,371,290

1,315,108

Contributions in aid of construction

387,863

356,203

          Total capitalization and liabilities

$    4,961,715

$    4,674,007




This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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. (HECO) and Subsidiaries



CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)



Nine months ended September 30

2012

2011

(in thousands)



Cash flows from operating activities



Net income

$    96,547

$    75,668

Adjustments to reconcile net income to net cash provided by operating activities



      Depreciation of property, plant and equipment

108,556

107,673

      Other amortization

4,074

12,694

      Change in deferred income taxes

82,717

51,120

      Change in tax credits, net

3,642

1,416

      Allowance for equity funds used during construction

(5,548)

(4,131)

      Change in cash overdraft

-

(2,688)

      Changes in assets and liabilities



           Increase in accounts receivable

(36,907)

(42,966)

           Decrease (increase) in accrued unbilled revenues

5,736

(33,503)

           Increase in fuel oil stock

(31,372)

(4,592)

           Increase in materials and supplies

(7,305)

(5,280)

           Increase in regulatory assets

(57,793)

(34,231)

           Decrease in accounts payable

(3,481)

(59,526)

           Change in prepaid and accrued income taxes and utility revenue taxes

(20,665)

44,498

           Contributions to defined benefit pension and other postretirement benefit plans

(62,417)

(55,235)

           Change in other assets and liabilities

4,228

9,551

Net cash provided by operating activities

80,012

60,468

Cash flows from investing activities



Capital expenditures

(220,970)

(142,734)

Contributions in aid of construction

33,106

15,106

Other

-

77

Net cash used in investing activities

(187,864)

(127,551)

Cash flows from financing activities



Common stock dividends

(54,783)

(52,919)

Preferred stock dividends of HECO and subsidiaries

(1,496)

(1,496)

Proceeds from issuance of long-term debt

457,000

-

Repayment of long-term debt

(368,500)

-

Net increase in short-term borrowings from nonaffiliates and 



affiliate with original maturities of three months or less

44,719

12,498

Other

(2,172)

(67)

Net cash provided by (used in) financing activities

74,768

(41,984)

Net decrease in cash and cash equivalents

(33,084)

(109,067)

Cash and cash equivalents, beginning of the period

48,806

122,936

Cash and cash equivalents, end of period

$    15,722

$    13,869




This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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, 


June 30, 


September 30, 


September 30,

(in thousands)

2012


2012


2011


2012


2011

Interest income










Interest and fees on loans

$    43,880


$   44,473


$    46,240


$133,241


$     137,985

Interest on investment and mortgage-related securities

3,432


3,297


3,654


10,534


11,216

     Total interest income

47,312


47,770


49,894


143,775


149,201

Interest expense










Interest on deposit liabilities

1,540


1,696


2,166


5,015


7,146

Interest on other borrowings

1,201


1,214


1,375


3,676


4,124

     Total interest expense

2,741


2,910


3,541


8,691


11,270

Net interest income

44,571


44,860


46,353


135,084


137,931

Provision for loan losses

3,580


2,378


3,822


9,504


10,927

Net interest income after provision for loan losses

40,991


42,482


42,531


125,580


127,004

Noninterest income










Fees from other financial services

7,674


7,463


7,219


22,474


21,405

Fee income on deposit liabilities

4,527


4,322


4,492


13,127


13,540

Fee income on other financial products

1,660


1,532


1,806


4,741


5,340

Gain on sale of loans

4,077


2,185


1,092


8,297


2,268

Other income

1,346


1,449


1,597


4,155


5,977

     Total noninterest income

19,284


16,951


16,206


52,794


48,530

Noninterest expense










Compensation and employee benefits

18,684


18,696


17,646


56,026


53,317

Occupancy

4,400


4,241


4,313


12,866


12,841

Data processing

2,644


2,489


2,451


7,244


6,479

Services

3,062


2,221


1,686


7,066


5,406

Equipment

1,762


1,807


1,712


5,299


5,141

Other expense

8,096


8,106


7,763


22,909


23,651

     Total noninterest expense

38,648


37,560


35,571


111,410


106,835

Income before income taxes

21,627


21,873


23,166


66,964


68,699

Income taxes 

7,419


7,684


7,709


22,690


24,196

Net income

$    14,208


$   14,189


$    15,457


$  44,274


$      44,503

Comprehensive income

$    15,517


$   15,456


$    18,335


$  46,872


$      49,360











OTHER BANK INFORMATION (annualized %, except as of period end)









Return on average assets 

1.15


1.15


1.26


1.19


1.22

Return on average equity  

11.24


11.35


12.32


11.81


11.91

Return on average tangible common equity

13.41


13.58


14.73


14.14


14.26

Net interest margin

3.92


3.97


4.11


3.98


4.11

Net charge-offs to average loans outstanding 

0.35


0.19


0.54


0.27


0.50

Efficiency ratio

60


60


56


59


57

As of period end










Nonperforming assets to loans outstanding and real estate owned **

1.73


1.84


1.94





Allowance for loan losses to loans outstanding 

1.06


1.06


1.04





Leverage ratio **

9.3


9.2


9.1





Total risk-based capital ratio **

12.9


12.8


13.0





Tangible common equity to total assets

8.72


8.58


8.69















**  Regulatory basis




















This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. 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)





September 30,

December 31,


(in thousands)

2012

2011






Assets




Cash and cash equivalents

$      152,474

$      219,678


Available-for-sale investment and mortgage-related securities

664,051

624,331


Investment in stock of Federal Home Loan Bank of Seattle

96,893

97,764


Loans receivable held for investment

3,745,558

3,680,724


   Allowance for loan losses

(39,810)

(37,906)


      Loans receivable held for investment, net

3,705,748

3,642,818


Loans held for sale, at lower of cost or fair value

16,495

9,601


Other

234,999

233,592


Goodwill

82,190

82,190


     Total assets

$    4,952,850

$    4,909,974






Liabilities and shareholder's equity




Deposit liabilities–noninterest-bearing

$    1,097,809

$      993,828


Deposit liabilities–interest-bearing

3,028,979

3,076,204


Other borrowings

211,219

233,229


Other

107,960

118,078


     Total liabilities

4,445,967

4,421,339






Common stock

333,256

331,880


Retained earnings

180,400

166,126


Accumulated other comprehensive loss, net of tax benefits

(6,773)

(9,371)


     Total shareholder's equity

506,883

488,635


     Total liabilities and shareholder's equity

$    4,952,850

$    4,909,974






This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.


 

Contact:

Shelee M.T. Kimura



Manager, Investor Relations &

Telephone: (808) 543-7384


Strategic Planning

E-mail: skimura@hei.com

(Logo: http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)

SOURCE Hawaiian Electric Industries, Inc.

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