HEI Exhibit 99
October 30, 2010
Contact: | Shelee M.T. Kimura |
|
| Manager, Investor Relations & | (808) 543-7384 Telephone |
| Strategic Planning | E-mail: skimura@hei.com |
HEI REPORTS SLIGHTLY LOWER THIRD QUARTER EARNINGS – HIGHER BANK EARNINGS HELP OFFSET LOWER UTILITY EARNINGS
HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) today reported third quarter 2010 consolidated net income for common stock of $32.4 million, or $0.35 diluted earnings per share (EPS), compared to $33.5 million, or $0.37 diluted EPS for the third quarter of 2009.
“Although earnings were down for the quarter due primarily to weather-driven declines in utility sales, we were pleased that we realized significant benefits from our ongoing focus on cost efficiencies at both operating companies and that our bank’s earnings increased over the same quarter last year,” said Constance H. Lau, HEI president and chief executive officer.
“At the utility, management action helped to mitigate expected increases in operations and maintenance costs,” said Lau.
“At the bank, the hard work of our employees in executing the performance improvement project over the last two years has resulted in meaningful improvements in the bank’s profitability and cost structure. We are pleased to report a strong return on assets of 1.26% and efficiency ratio of 54% for the third quarter,” Lau added.
“As we announced earlier this week, Richard Wacker will join our executive leadership team as American Savings Bank’s president and CEO on November 15th,
2010,” said Lau. “We are pleased to have found someone of Rich’s caliber and credentials.” After a 20-year career at General Electric in both their industrial and capital businesses, Wacker most recently led the turnaround of Korea Exchange Bank, Korea’s fifth largest bank which operates in 22 countries and has $90 billion in assets.
UTILITY
Electric utility net income for common stock for the third quarter of 2010 was $22.0 million compared to $26.5 million in the third quarter of 2009. The primary drivers for the $4.5 million net income decline were (on an after-tax basis): approximately $4 million from lower kilowatthour sales, $4 million higher operations and maintenance (O&M) expenses(1) and $3 million higher financing costs and depreciation expense primarily due to generating units put into service in the latter part of 2009. These were largely offset by rate relief granted in our 2009 Oahu and 2010 Maui rate cases which resulted in a $6 million after-tax increase to net income in the quarter.
Kilowatthour sales were down 2.9% in the third quarter 2010 compared with the same quarter last year due to cooler and less humid weather. On a year-to-date basis, kilowatthour sales were down 0.8% relative to last year and we expect full year 2010 sales to be approximately 1% lower than last year.
O&M expenses were up 9%(1) over the same quarter last year. The increase was driven primarily by higher generation station maintenance, the replacement of critical
(1) Excludes demand-side management (DSM) program costs. DSM program costs were $2 million in the third quarter of 2009 and $1 million in the third quarter of 2010. DSM program costs are recovered through a surcharge. The energy efficiency DSM programs were transferred to a third-party administrator at the end of the second quarter of 2009.
equipment for system reliability and higher employee benefit costs. We now expect the annual O&M increase to be approximately 13%(1) higher than last year, less than the previously forecast 16%(1) increase.
BANK
Bank net income for the third quarter of 2010 was $15.3 million, compared to $11.3 million for the same quarter last year and $16.1 million in the second quarter of 2010.
The primary drivers for the $4.0 million increase in net income over the same quarter last year were (on an after-tax basis): (1) $4 million higher noninterest income primarily due to the third quarter 2009 other-than-temporary impairment charge of $6 million on mortgage-related securities, offset by lower fee and other income as a result of regulation on overdraft fees and a 2009 gain on sale of a commercial loan; and (2) $2 million lower noninterest expense primarily due to additional cost savings derived from the substantial completion of the performance improvement project in the second quarter of 2010. The offsets were (on an after-tax basis) $1 million higher provision for loan losses and $1 million lower net interest income primarily due to lower earning asset balances.
Compared to the second quarter of 2010, third quarter 2010 net income was $0.8 million lower as a result of higher provision for loan losses of $3 million (after-tax), largely offset by lower noninterest expense of $2 million (after-tax) primarily due to the FISERV system conversion completed in the second quarter of 2010.
Net interest margin was 4.31% in the third quarter of 2010, up from 4.23% in the third quarter of 2009 and 4.22% in the second quarter of 2010. In the third quarter, net interest margin benefited from lower funding costs and the recognition of higher deferred loan fees due to a pick-up in prepayments.
Provision for loan losses was $6.0 million in the third quarter of 2010 compared with $5.2 million in the third quarter of 2009 and $1.0 million in the second quarter of 2010. The second quarter 2010 provision would have been $3.4 million if it were not for approximately $2.4 million of loan loss reserves that were released in the second quarter. The increase in the provision in the third quarter of 2010 was primarily due to the reclassification of specific commercial credits that remain current in their principal and interest payments, but have identified weaknesses. The third quarter 2010 net charge-off ratio remains low at 0.53%, down from 0.57% in the second quarter 2010. The bank remains strongly capitalized with a Tier 1 leverage ratio of 9.3% and total risk-based capital ratio of 14.2% as of the end of the third quarter of 2010.
Noninterest expense for the third quarter of 2010 was $36.3 million, its lowest level since the start of the performance improvement project and down from $39.6 million in both the third quarter of 2009 and the second quarter of 2010. The bank’s annualized noninterest expense for the third quarter of 2010 was $145 million, achieving its target of $140 to $145 million one quarter ahead of schedule.
HOLDING AND OTHER COMPANIES
The holding and other companies’ net losses were $4.8 million in the third quarter of 2010 compared to $4.4 million in the third quarter of 2009 reflecting higher borrowing costs.
WEBCAST AND TELECONFERENCE
Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter 2010 earnings on Monday, November 1, 2010, at 4:00 a.m. Hawaii time (10:00 a.m. Eastern time). The event can be accessed through HEI’s website at www.hei.com or by dialing (800) 561-2601, passcode: 90580713 for the teleconference call. HEI intends to continue to use its website, www.hei.com, as a means of disclosing material and other important information and for complying with its disclosure obligations under SEC Regulation FD. Such disclosures will be included on HEI’s website under the headings “News & Events” and “Financial Information” 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 ASB’s press releases, SEC filings and public conference calls and webcasts. Investors should also 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.
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 15, 2010, by dialing (888) 286-8010, passcode: 44993252.
HEI supplies power to over 400,000 customers or 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, F.S.B., one of Hawaii’s largest financial institutions.
EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP FINANCIAL MEASURES
HEI and bank management use certain non-GAAP measures in their evaluation of the bank’s performance and believe the presentations of such financial measures on this basis provide useful supplemental information and a clearer picture of the bank’s operating performance, and are better indicators of the bank’s ongoing core operating activities. Management also uses such measures to assist investors/analysts in better understanding the bank’s progress on the execution of its performance improvement project. These measures are also useful in understanding performance trends and in facilitating comparisons with the performance of others in the financial services industry.
Management utilizes non-GAAP financial measures of noninterest income and expense in the calculation of certain of the bank’s metrics/ratios, such as (i) efficiency, (ii) pretax, preprovision income, and (iii) return on average assets, in order to analyze on a consistent basis and over a longer period of time the performance of the bank’s core operating activities and its progress on the execution of the performance improvement project. Management also annualizes the non-GAAP measure of noninterest expense by multiplying such measure by 4 to develop an estimate of adjusted noninterest expense for a year-long period. This annualized adjusted noninterest expense metric (non-GAAP measure) is a
forward-looking statement based on only a quarter’s results and may not reflect actual results. See schedule on page 18 of this release for a tabular reconciliation between the bank’s GAAP and non-GAAP measures.
Certain items shown in the reconciliation—real estate transactions, professional services, FISERV conversion costs, severance, technology write-offs and prepayment penalties on early extinguishment of debt—were incurred pursuant to the bank management’s performance improvement project which was announced in June 2008 and was substantially completed last quarter. These costs were incurred with the objective of increasing the bank’s operating efficiency and profitability in the long term. Accordingly, bank management believes that these costs were temporarily elevated while the performance improvement project was being executed.
Reported noninterest income is being adjusted by a gain on sale of a commercial loan, gain on sale of other assets and other nonrecurring income items. Bank management believes that it would not be appropriate to assume that the bank would realize material gains of this type on a quarterly basis.
Likewise, bank management also adds back to noninterest income charges related to the other-than-temporary impairment (OTTI) of private-issue mortgage-related securities (PMRS) because of the material nature of the charge, the inconsistency of when those charges occurred and the elimination of the PMRS portfolio in the fourth quarter of 2009. The bank incurred material OTTI in the third quarter of 2009, impacting the comparability of noninterest income for those quarters. Management believes that adjusting noninterest income to exclude the effects of OTTI helps the comparability of noninterest income quarter to quarter and quarter over quarter.
In addition, management adjusts noninterest income for net gains (losses) on sales of certain securities including the fourth quarter 2009 loss on the liquidation of the PMRS portfolio because management believes that such transactions are unlikely to recur on a regular basis and impacts the comparability of noninterest income between periods.
Limitations associated with utilizing non-GAAP measures are the risks of disagreement over the appropriateness of adjustments comprising these measures and the risk that other companies might calculate these measures differently. Management addresses these limitations by providing detailed reconciliations between GAAP information and non-GAAP measures. See reconciliation on page 18.
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 (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, 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 assumptions about 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” discussion (which is incorporated by reference herein) set forth on pages iv and v of HEI’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, and in HEI’s future periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. Forward-looking statements speak only as of the date of this release.
###
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
| Three months |
| Nine months |
| Twelve months |
| ||||||||||||
(in thousands, except per share amounts) |
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Electric utility |
| $ | 623,126 |
| $ | 548,440 |
| $ | 1,755,332 |
| $ | 1,460,654 |
| $ | 2,329,687 |
| $ | 2,181,206 |
|
Bank |
| 71,429 |
| 71,947 |
| 213,975 |
| 229,478 |
| 259,216 |
| 308,562 |
| ||||||
Other |
| (14 | ) | (74 | ) | (62 | ) | (121 | ) | (79 | ) | 60 |
| ||||||
|
| 694,541 |
| 620,313 |
| 1,969,245 |
| 1,690,011 |
| 2,588,824 |
| 2,489,828 |
| ||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Electric utility |
| 571,783 |
| 494,268 |
| 1,619,945 |
| 1,343,250 |
| 2,142,033 |
| 2,030,669 |
| ||||||
Bank |
| 47,040 |
| 54,258 |
| 142,040 |
| 189,162 |
| 195,833 |
| 258,357 |
| ||||||
Other |
| 3,087 |
| 3,148 |
| 10,291 |
| 9,247 |
| 14,677 |
| 14,770 |
| ||||||
|
| 621,910 |
| 551,674 |
| 1,772,276 |
| 1,541,659 |
| 2,352,543 |
| 2,303,796 |
| ||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Electric utility |
| 51,343 |
| 54,172 |
| 135,387 |
| 117,404 |
| 187,654 |
| 150,537 |
| ||||||
Bank |
| 24,389 |
| 17,689 |
| 71,935 |
| 40,316 |
| 63,383 |
| 50,205 |
| ||||||
Other |
| (3,101 | ) | (3,222 | ) | (10,353 | ) | (9,368 | ) | (14,756 | ) | (14,710 | ) | ||||||
|
| 72,631 |
| 68,639 |
| 196,969 |
| 148,352 |
| 236,281 |
| 186,032 |
| ||||||
Interest expense—other than on deposit liabilities and other bank borrowings |
| (21,015 | ) | (19,678 | ) | (61,916 | ) | (55,421 | ) | (82,825 | ) | (74,783 | ) | ||||||
Allowance for borrowed funds used during construction |
| 492 |
| 1,118 |
| 2,061 |
| 4,467 |
| 2,862 |
| 5,644 |
| ||||||
Allowance for equity funds used during construction |
| 1,197 |
| 2,628 |
| 4,817 |
| 10,353 |
| 6,686 |
| 13,311 |
| ||||||
Income before income taxes |
| 53,305 |
| 52,707 |
| 141,931 |
| 107,751 |
| 163,004 |
| 130,204 |
| ||||||
Income taxes |
| 20,385 |
| 18,753 |
| 51,677 |
| 36,977 |
| 58,623 |
| 45,063 |
| ||||||
Net income |
| 32,920 |
| 33,954 |
| 90,254 |
| 70,774 |
| 104,381 |
| 85,141 |
| ||||||
Preferred stock dividends of subsidiaries |
| 471 |
| 471 |
| 1,417 |
| 1,417 |
| 1,890 |
| 1,890 |
| ||||||
Net income for common stock |
| $ | 32,449 |
| $ | 33,483 |
| $ | 88,837 |
| $ | 69,357 |
| $ | 102,491 |
| $ | 83,251 |
|
Basic earnings per common share |
| $ | 0.35 |
| $ | 0.37 |
| $ | 0.95 |
| $ | 0.76 |
| $ | 1.10 |
| $ | 0.93 |
|
Diluted earnings per common share |
| $ | 0.35 |
| $ | 0.37 |
| $ | 0.95 |
| $ | 0.76 |
| $ | 1.10 |
| $ | 0.92 |
|
Dividends per common share |
| $ | 0.31 |
| $ | 0.31 |
| $ | 0.93 |
| $ | 0.93 |
| $ | 1.24 |
| $ | 1.24 |
|
Weighted-average number of common shares outstanding |
| 93,699 |
| 91,522 |
| 93,148 |
| 91,173 |
| 92,873 |
| 89,959 |
| ||||||
Adjusted weighted-average shares |
| 93,891 |
| 91,653 |
| 93,405 |
| 91,278 |
| 93,229 |
| 90,072 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) by segment |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Electric utility |
| $ | 21,980 |
| $ | 26,514 |
| $ | 57,674 |
| $ | 56,141 |
| $ | 80,979 |
| $ | 70,167 |
|
Bank |
| 15,293 |
| 11,323 |
| 45,160 |
| 26,226 |
| 40,701 |
| 32,165 |
| ||||||
Other |
| (4,824 | ) | (4,354 | ) | (13,997 | ) | (13,010 | ) | (19,189 | ) | (19,081 | ) | ||||||
Net income for common stock |
| $ | 32,449 |
| $ | 33,483 |
| $ | 88,837 |
| $ | 69,357 |
| $ | 102,491 |
| $ | 83,251 |
|
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2009 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (when filed). 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) |
| 2010 |
| 2009 |
| ||
Assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 387,488 |
| $ | 503,922 |
|
Accounts receivable and unbilled revenues, net |
| 259,132 |
| 241,116 |
| ||
Available-for-sale investment and mortgage-related securities |
| 570,262 |
| 432,881 |
| ||
Investment in stock of Federal Home Loan Bank of Seattle |
| 97,764 |
| 97,764 |
| ||
Loans receivable, net |
| 3,466,550 |
| 3,670,493 |
| ||
Property, plant and equipment, net of accumulated depreciation of $2,011,138 and $1,945,482 |
| 3,131,198 |
| 3,088,611 |
| ||
Regulatory assets |
| 422,177 |
| 426,862 |
| ||
Other |
| 478,406 |
| 381,163 |
| ||
Goodwill, net |
| 82,190 |
| 82,190 |
| ||
Total assets |
| $ | 8,895,167 |
| $ | 8,925,002 |
|
Liabilities and stockholders’ equity |
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Accounts payable |
| $ | 142,971 |
| $ | 159,044 |
|
Interest and dividends payable |
| 31,318 |
| 27,950 |
| ||
Deposit liabilities |
| 3,958,636 |
| 4,058,760 |
| ||
Short-term borrowings—other than bank |
| 27,296 |
| 41,989 |
| ||
Other bank borrowings |
| 246,571 |
| 297,628 |
| ||
Long-term debt, net—other than bank |
| 1,364,911 |
| 1,364,815 |
| ||
Deferred income taxes |
| 253,284 |
| 188,875 |
| ||
Regulatory liabilities |
| 289,568 |
| 288,214 |
| ||
Contributions in aid of construction |
| 331,405 |
| 321,544 |
| ||
Other |
| 735,261 |
| 700,242 |
| ||
Total liabilities |
| 7,381,221 |
| 7,449,061 |
| ||
|
|
|
|
|
| ||
Preferred stock of subsidiaries - not subject to mandatory redemption |
| 34,293 |
| 34,293 |
| ||
|
|
|
|
|
| ||
Stockholders’ equity |
|
|
|
|
| ||
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 94,121,108 shares and 92,520,638 shares |
| 1,301,710 |
| 1,265,157 |
| ||
Retained earnings |
| 186,425 |
| 184,213 |
| ||
Accumulated other comprehensive loss, net of tax benefits |
| (8,482 | ) | (7,722 | ) | ||
Total stockholders’ equity |
| 1,479,653 |
| 1,441,648 |
| ||
Total liabilities and stockholders’ equity |
| $ | 8,895,167 |
| $ | 8,925,002 |
|
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2009 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (when filed). 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, |
| 2010 |
| 2009 |
| ||
(in thousands) |
|
|
|
|
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
| $ | 90,254 |
| $ | 70,774 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
| ||
Depreciation of property, plant and equipment |
| 117,109 |
| 113,916 |
| ||
Other amortization |
| 2,995 |
| 4,037 |
| ||
Provision for loan losses |
| 12,310 |
| 27,000 |
| ||
Loans receivable originated and purchased, held for sale |
| (286,950 | ) | (368,880 | ) | ||
Proceeds from sale of loans receivable, held for sale |
| 306,587 |
| 400,213 |
| ||
Net gain on sale of investment and mortgage-related securities |
| — |
| (44 | ) | ||
Other-than-temporary impairment of available-for-sale mortgage-related securities |
| — |
| 15,444 |
| ||
Changes in deferred income taxes |
| 75,821 |
| 2,958 |
| ||
Changes in excess tax benefits from share-based payment arrangements |
| 56 |
| 324 |
| ||
Allowance for equity funds used during construction |
| (4,817 | ) | (10,353 | ) | ||
Increase in cash overdraft |
| 884 |
| — |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Decrease (increase) in accounts receivable and unbilled revenues, net |
| (18,016 | ) | 48,480 |
| ||
Decrease (increase) in fuel oil stock |
| (42,569 | ) | 9,826 |
| ||
Decrease in accounts, interest and dividends payable |
| (12,705 | ) | (641 | ) | ||
Changes in prepaid and accrued income taxes and utility revenue taxes |
| (45,787 | ) | (50,514 | ) | ||
Changes in other assets and liabilities |
| (5,585 | ) | (35,561 | ) | ||
Net cash provided by operating activities |
| 189,587 |
| 226,979 |
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Available-for-sale investment and mortgage-related securities purchased |
| (485,495 | ) | (247,425 | ) | ||
Principal repayments on available-for-sale investment and mortgage-related securities |
| 350,673 |
| 304,728 |
| ||
Proceeds from sale of available-for-sale investment and mortgage-related securities |
| — |
| 44 |
| ||
Net decrease in loans held for investment |
| 171,242 |
| 396,706 |
| ||
Proceeds from sale of real estate acquired in settlement of loans |
| 3,405 |
| 0 |
| ||
Capital expenditures |
| (137,628 | ) | (239,441 | ) | ||
Contributions in aid of construction |
| 16,775 |
| 7,472 |
| ||
Other |
| 1,615 |
| 426 |
| ||
Net cash provided by (used in) investing activities |
| (79,413 | ) | 222,510 |
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Net decrease in deposit liabilities |
| (100,124 | ) | (132,234 | ) | ||
Net decrease in short-term borrowings with original maturities of three months or less |
| (14,693 | ) | — |
| ||
Net decrease in retail repurchase agreements |
| (51,057 | ) | (18,573 | ) | ||
Proceeds from other bank borrowings |
| — |
| 310,000 |
| ||
Repayments of other bank borrowings |
| — |
| (604,517 | ) | ||
Proceeds from issuance of long-term debt |
| — |
| 153,186 |
| ||
Changes in excess tax benefits from share-based payment arrangements |
| (56 | ) | (324 | ) | ||
Net proceeds from issuance of common stock |
| 16,672 |
| 11,004 |
| ||
Common stock dividends |
| (69,585 | ) | (73,931 | ) | ||
Preferred stock dividends of subsidiaries |
| (1,417 | ) | (1,417 | ) | ||
Decrease in cash overdraft |
| — |
| (9,847 | ) | ||
Other |
| (6,348 | ) | (7,232 | ) | ||
Net cash used in financing activities |
| (226,608 | ) | (373,885 | ) | ||
Net increase (decrease) in cash and cash equivalents |
| (116,434 | ) | 75,604 |
| ||
Cash and cash equivalents, beginning of period |
| 503,922 |
| 183,435 |
| ||
Cash and cash equivalents, end of period |
| $ | 387,488 |
| $ | 259,039 |
|
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2009 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (when filed). 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 |
| ||||||||
|
| September 30, |
| September 30, |
| ||||||||
(dollars in thousands, except per barrel amounts) |
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating revenues |
| $ | 622,223 |
| $ | 546,502 |
| $ | 1,751,029 |
| $ | 1,453,623 |
|
Operating expenses |
|
|
|
|
|
|
|
|
| ||||
Fuel oil |
| 235,534 |
| 186,719 |
| 662,608 |
| 463,893 |
| ||||
Purchased power |
| 147,880 |
| 134,447 |
| 404,175 |
| 364,120 |
| ||||
Other operation |
| 62,665 |
| 61,173 |
| 182,163 |
| 186,751 |
| ||||
Maintenance |
| 30,618 |
| 25,968 |
| 89,894 |
| 81,562 |
| ||||
Depreciation |
| 36,277 |
| 35,557 |
| 113,568 |
| 108,406 |
| ||||
Taxes, other than income taxes |
| 58,317 |
| 50,031 |
| 164,278 |
| 137,741 |
| ||||
Income taxes |
| 14,818 |
| 15,957 |
| 36,972 |
| 33,228 |
| ||||
|
| 586,109 |
| 509,852 |
| 1,653,658 |
| 1,375,701 |
| ||||
Operating income |
| 36,114 |
| 36,650 |
| 97,371 |
| 77,922 |
| ||||
Other income |
|
|
|
|
|
|
|
|
| ||||
Allowance for equity funds used during construction |
| 1,197 |
| 2,628 |
| 4,817 |
| 10,353 |
| ||||
Other, net |
| 510 |
| 1,657 |
| 2,123 |
| 6,493 |
| ||||
|
| 1,707 |
| 4,285 |
| 6,940 |
| 16,846 |
| ||||
Interest and other charges |
|
|
|
|
|
|
|
|
| ||||
Interest on long-term debt |
| 14,383 |
| 13,601 |
| 43,149 |
| 37,458 |
| ||||
Amortization of net bond premium and expense |
| 799 |
| 735 |
| 2,192 |
| 2,092 |
| ||||
Other interest charges |
| 653 |
| 705 |
| 1,861 |
| 2,048 |
| ||||
Allowance for borrowed funds used during construction |
| (492 | ) | (1,118 | ) | (2,061 | ) | (4,467 | ) | ||||
|
| 15,343 |
| 13,923 |
| 45,141 |
| 37,131 |
| ||||
Net income |
| 22,478 |
| 27,012 |
| 59,170 |
| 57,637 |
| ||||
Preferred stock dividends of subsidiaries |
| 228 |
| 228 |
| 686 |
| 686 |
| ||||
Net income attributable to HECO |
| 22,250 |
| 26,784 |
| 58,484 |
| 56,951 |
| ||||
Preferred stock dividends of HECO |
| 270 |
| 270 |
| 810 |
| 810 |
| ||||
Net income for common stock |
| $ | 21,980 |
| $ | 26,514 |
| $ | 57,674 |
| $ | 56,141 |
|
OTHER ELECTRIC UTILITY INFORMATION |
|
|
|
|
|
|
|
|
| ||||
Kilowatthour sales (millions) |
| 2,497 |
| 2,572 |
| 7,144 |
| 7,203 |
| ||||
Wet-bulb temperature (Oahu average; degrees Fahrenheit) |
| 69.8 |
| 71.5 |
| 67.8 |
| 68.5 |
| ||||
Cooling degree days (Oahu) |
| 1,428 |
| 1,588 |
| 3,495 |
| 3,591 |
| ||||
Average fuel oil cost per barrel |
| $ | 89.97 |
| $ | 66.40 |
| $ | 86.12 |
| $ | 59.21 |
|
Customer accounts (end of period) |
| 444,190 |
| 441,886 |
|
|
|
|
| ||||
|
| Twelve months ended |
|
|
|
|
| ||
Return on average common equity |
| September 30, 2010 |
|
|
|
|
| ||
(rate-making, simple average method) |
| Allowed %(1) |
| Actual % |
|
|
|
|
|
HECO |
| 10.50 |
| 7.32 |
|
|
|
|
|
HELCO |
| 10.70 |
| 7.25 |
|
|
|
|
|
MECO |
| 10.50 |
| 4.10 |
|
|
|
|
|
(1) Based on interim decisions in effect on September 30, 2010 which are subject to final PUC decisions. Allowed ROACEs for HECO, HELCO and MECO based on their last final rate case decisions were each 10.70%.
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, 2009 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, 2010, June 30, 2010 and September 30, 2010 (when filed). 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) |
| 2010 |
| 2009 |
| ||
Assets |
|
|
|
|
| ||
Utility plant, at cost |
|
|
|
|
| ||
Land |
| $ | 51,371 |
| $ | 52,530 |
|
Plant and equipment |
| 4,832,409 |
| 4,696,257 |
| ||
Less accumulated depreciation |
| (1,915,263 | ) | (1,848,416 | ) | ||
Construction in progress |
| 105,492 |
| 132,980 |
| ||
Net utility plant |
| 3,074,009 |
| 3,033,351 |
| ||
Current assets |
|
|
|
|
| ||
Cash and cash equivalents |
| 35,044 |
| 73,578 |
| ||
Customer accounts receivable, net |
| 141,678 |
| 133,286 |
| ||
Accrued unbilled revenues, net |
| 95,866 |
| 84,276 |
| ||
Other accounts receivable, net |
| 6,841 |
| 8,449 |
| ||
Fuel oil stock, at average cost |
| 121,230 |
| 78,661 |
| ||
Materials and supplies, at average cost |
| 36,293 |
| 35,908 |
| ||
Prepayments and other |
| 82,089 |
| 16,201 |
| ||
Total current assets |
| 519,041 |
| 430,359 |
| ||
Other long-term assets |
|
|
|
|
| ||
Regulatory assets |
| 422,177 |
| 426,862 |
| ||
Unamortized debt expense |
| 14,435 |
| 14,288 |
| ||
Other |
| 59,666 |
| 73,532 |
| ||
Total other long-term assets |
| 496,278 |
| 514,682 |
| ||
|
| $ | 4,089,328 |
| $ | 3,978,392 |
|
Capitalization and liabilities |
|
|
|
|
| ||
Capitalization |
|
|
|
|
| ||
Common stock, $6 2/3 par value, authorized 50,000,000 shares; outstanding 13,786,959 shares |
| $ | 91,931 |
| $ | 91,931 |
|
Premium on capital stock |
| 385,650 |
| 385,659 |
| ||
Retained earnings |
| 846,350 |
| 827,036 |
| ||
Accumulated other comprehensive income, net of income taxes |
| 1,961 |
| 1,782 |
| ||
Common stock equity |
| 1,325,892 |
| 1,306,408 |
| ||
Cumulative preferred stock — not subject to mandatory redemption |
| 34,293 |
| 34,293 |
| ||
Long-term debt, net |
| 1,057,911 |
| 1,057,815 |
| ||
Total capitalization |
| 2,418,096 |
| 2,398,516 |
| ||
Current liabilities |
|
|
|
|
| ||
Accounts payable |
| 116,710 |
| 132,711 |
| ||
Interest and preferred dividends payable |
| 22,461 |
| 21,223 |
| ||
Taxes accrued |
| 150,352 |
| 156,092 |
| ||
Other |
| 52,099 |
| 48,192 |
| ||
Total current liabilities |
| 341,622 |
| 358,218 |
| ||
Deferred credits and other liabilities |
|
|
|
|
| ||
Deferred income taxes |
| 244,455 |
| 180,603 |
| ||
Regulatory liabilities |
| 289,568 |
| 288,214 |
| ||
Unamortized tax credits |
| 58,083 |
| 56,870 |
| ||
Retirement benefits liability |
| 293,069 |
| 296,623 |
| ||
Other |
| 113,030 |
| 77,804 |
| ||
Total deferred credits and other liabilities |
| 998,205 |
| 900,114 |
| ||
Contributions in aid of construction |
| 331,405 |
| 321,544 |
| ||
|
| $ | 4,089,328 |
| $ | 3,978,392 |
|
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, 2009 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, 2010, June 30, 2010 and September 30, 2010 (when filed). 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, |
| 2010 |
| 2009 |
| ||
(in thousands) |
|
|
|
|
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
| $ | 59,170 |
| $ | 57,637 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
| ||
|
|
|
|
|
| ||
Depreciation of property, plant and equipment |
| 113,568 |
| 108,406 |
| ||
Other amortization |
| 5,360 |
| 7,702 |
| ||
Changes in deferred income taxes |
| 74,720 |
| 12,532 |
| ||
Changes in tax credits, net |
| 1,939 |
| (501 | ) | ||
Allowance for equity funds used during construction |
| (4,817 | ) | (10,353 | ) | ||
Increase in cash overdraft |
| 884 |
| — |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Decrease (increase) in accounts receivable |
| (6,784 | ) | 32,423 |
| ||
Decrease (increase) in accrued unbilled revenues |
| (11,590 | ) | 14,183 |
| ||
Decrease (increase) in fuel oil stock |
| (42,569 | ) | 9,826 |
| ||
Increase in materials and supplies |
| (385 | ) | (1,825 | ) | ||
Increase in regulatory assets |
| (3,269 | ) | (13,829 | ) | ||
Decrease in accounts payable |
| (16,001 | ) | (4,952 | ) | ||
Changes in prepaid and accrued income taxes and utility revenue taxes |
| (55,202 | ) | (62,388 | ) | ||
Changes in other assets and liabilities |
| 1,415 |
| 3,360 |
| ||
Net cash provided by operating activities |
| 116,439 |
| 152,221 |
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital expenditures |
| (131,140 | ) | (237,664 | ) | ||
Contributions in aid of construction |
| 16,775 |
| 7,472 |
| ||
Other |
| 657 |
| 340 |
| ||
Net cash used in investing activities |
| (113,708 | ) | (229,852 | ) | ||
Cash flows from financing activities |
|
|
|
|
| ||
Common stock dividends |
| (38,360 | ) | (32,756 | ) | ||
Preferred stock dividends of HECO and subsidiaries |
| (1,496 | ) | (1,496 | ) | ||
Proceeds from issuance of long-term debt |
| — |
| 153,186 |
| ||
Net decrease in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less |
| — |
| (30,850 | ) | ||
Decrease in cash overdraft |
| — |
| (9,847 | ) | ||
Other |
| (1,409 | ) | (1,021 | ) | ||
Net cash provided by (used in) financing activities |
| (41,265 | ) | 77,216 |
| ||
Net decrease in cash and cash equivalents |
| (38,534 | ) | (415 | ) | ||
Cash and cash equivalents, beginning of period |
| 73,578 |
| 6,901 |
| ||
Cash and cash equivalents, end of period |
| $ | 35,044 |
| $ | 6,486 |
|
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, 2009 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, 2010, June 30, 2010 and September 30, 2010 (when filed). 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. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
|
| Three months ended |
| Nine months ended |
| |||||||||||
|
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| |||||||
(in thousands) |
| 2010 |
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| |||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and fees on loans |
| $ | 49,221 |
| $ | 49,328 |
| $ | 53,080 |
| $ | 148,294 |
| $ | 166,535 |
|
Interest and dividends on investment and mortgage-related securities |
| 3,852 |
| 3,646 |
| 6,943 |
| 10,815 |
| 21,762 |
| |||||
|
| 53,073 |
| 52,974 |
| 60,023 |
| 159,109 |
| 188,297 |
| |||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest on deposit liabilities |
| 3,390 |
| 3,852 |
| 7,286 |
| 11,665 |
| 28,753 |
| |||||
Interest on other borrowings |
| 1,414 |
| 1,418 |
| 2,205 |
| 4,258 |
| 7,710 |
| |||||
|
| 4,804 |
| 5,270 |
| 9,491 |
| 15,923 |
| 36,463 |
| |||||
Net interest income |
| 48,269 |
| 47,704 |
| 50,532 |
| 143,186 |
| 151,834 |
| |||||
Provision for loan losses |
| 5,961 |
| 990 |
| 5,200 |
| 12,310 |
| 27,000 |
| |||||
Net interest income after provision for loan losses |
| 42,308 |
| 46,714 |
| 45,332 |
| 130,876 |
| 124,834 |
| |||||
Noninterest income |
|
|
|
|
|
|
|
|
|
|
| |||||
Fee income on deposit liabilities |
| 6,109 |
| 7,891 |
| 8,211 |
| 21,520 |
| 22,384 |
| |||||
Fees from other financial services |
| 6,781 |
| 6,649 |
| 6,385 |
| 19,844 |
| 18,747 |
| |||||
Fee income on other financial products |
| 1,697 |
| 1,735 |
| 1,613 |
| 4,957 |
| 4,285 |
| |||||
Net losses on available-for-sale securities |
| — |
| — |
| (9,863 | ) | — |
| (15,400 | ) | |||||
Other income |
| 3,769 |
| 2,383 |
| 5,578 |
| 8,545 |
| 11,165 |
| |||||
|
| 18,356 |
| 18,658 |
| 11,924 |
| 54,866 |
| 41,181 |
| |||||
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
| |||||
Compensation and employee benefits |
| 18,168 |
| 18,907 |
| 17,721 |
| 54,477 |
| 55,072 |
| |||||
Occupancy |
| 4,176 |
| 4,216 |
| 4,905 |
| 12,617 |
| 15,956 |
| |||||
Data processing |
| 2,019 |
| 4,564 |
| 3,684 |
| 10,921 |
| 10,352 |
| |||||
Services |
| 1,544 |
| 1,845 |
| 2,437 |
| 5,117 |
| 9,656 |
| |||||
Equipment |
| 1,600 |
| 1,640 |
| 1,782 |
| 4,949 |
| 7,112 |
| |||||
Other expense |
| 8,798 |
| 8,453 |
| 9,062 |
| 25,819 |
| 27,628 |
| |||||
|
| 36,305 |
| 39,625 |
| 39,591 |
| 113,900 |
| 125,776 |
| |||||
Income before income taxes |
| 24,359 |
| 25,747 |
| 17,665 |
| 71,842 |
| 40,239 |
| |||||
Income taxes |
| 9,066 |
| 9,616 |
| 6,342 |
| 26,682 |
| 14,013 |
| |||||
Net income |
| $ | 15,293 |
| $ | 16,131 |
| $ | 11,323 |
| $ | 45,160 |
| $ | 26,226 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER BANK INFORMATION (%) |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets |
| 1.26 |
| 1.32 |
| 0.89 |
| 1.23 |
| 0.68 |
| |||||
Return on average equity |
| 12.04 |
| 12.80 |
| 9.40 |
| 11.96 |
| 7.35 |
| |||||
Net interest margin |
| 4.31 |
| 4.22 |
| 4.23 |
| 4.23 |
| 4.17 |
| |||||
Net charge-offs to average loans outstanding (annualized) |
| 0.53 |
| 0.57 |
| 0.19 |
| 0.58 |
| 0.56 |
| |||||
Efficiency ratio |
| 54 |
| 59 |
| 63 |
| 57 |
| 65 |
| |||||
As of period end |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming assets to loans outstanding and real estate owned * |
| 1.87 |
| 1.90 |
| 1.61 |
|
|
|
|
| |||||
Allowance for loan losses to loans outstanding |
| 1.09 |
| 1.03 |
| 1.21 |
|
|
|
|
| |||||
Tier-1 leverage ratio |
| 9.3 |
| 9.3 |
| 9.1 |
|
|
|
|
| |||||
Total risk-based capital ratio |
| 14.2 |
| 14.1 |
| 13.2 |
|
|
|
|
| |||||
Tangible common equity to total assets |
| 8.8 |
| 8.7 |
| 8.2 |
|
|
|
|
| |||||
* Regulatory basis
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2009 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (when filed). 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. and Subsidiaries
CONSOLIDATED BALANCE SHEETS DATA
(Unaudited)
|
| September 30, |
| December 31, |
| ||
(in thousands) |
| 2010 |
| 2009 |
| ||
|
|
|
|
|
| ||
Assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 350,404 |
| $ | 425,896 |
|
Federal funds sold |
| 1,000 |
| 1,479 |
| ||
Available-for-sale investment and mortgage-related securities |
| 570,262 |
| 432,881 |
| ||
Investment in stock of Federal Home Loan Bank of Seattle |
| 97,764 |
| 97,764 |
| ||
Loans receivable, net |
| 3,466,550 |
| 3,670,493 |
| ||
Other |
| 235,985 |
| 230,282 |
| ||
Goodwill, net |
| 82,190 |
| 82,190 |
| ||
|
| $ | 4,804,155 |
| $ | 4,940,985 |
|
|
|
|
|
|
| ||
Liabilities and stockholder’s equity |
|
|
|
|
| ||
Deposit liabilities–noninterest-bearing |
| $ | 830,593 |
| $ | 808,474 |
|
Deposit liabilities–interest-bearing |
| 3,128,043 |
| 3,250,286 |
| ||
Other borrowings |
| 246,571 |
| 297,628 |
| ||
Other |
| 96,306 |
| 92,129 |
| ||
|
| 4,301,513 |
| 4,448,517 |
| ||
|
|
|
|
|
| ||
Common stock |
| 330,493 |
| 329,439 |
| ||
Retained earnings |
| 174,815 |
| 172,655 |
| ||
Accumulated other comprehensive loss, net of tax benefits |
| (2,666 | ) | (9,626 | ) | ||
|
| 502,642 |
| 492,468 |
| ||
|
| $ | 4,804,155 |
| $ | 4,940,985 |
|
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2009 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 (when filed). 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. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(Unaudited)
(in thousands) |
| 1Q08 |
| 3Q09 |
| 4Q09 |
| 1Q10 |
| 2Q10 |
| 3Q10 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Per income statement - GAAP |
| $ | 17,928 |
| $ | 11,924 |
| $ | (11,277 | ) | $ | 17,852 |
| $ | 18,658 |
| $ | 18,356 |
|
Other-than-temporary impairment of private-issue mortgage-related securities |
| — |
| 9,863 |
| — |
| — |
| — |
| — |
| ||||||
Net (gains) losses on sale of securities |
| (935 | ) | — |
| 32,078 |
| — |
| — |
| — |
| ||||||
Gain on sale of a commercial loan |
| — |
| (2,951 | ) | — |
| — |
| — |
| — |
| ||||||
Gain on sale of other assets |
| — |
| — |
| (1,772 | ) | — |
| — |
| — |
| ||||||
Other nonrecurring income |
| (384 | ) | — |
| (500 | ) | — |
| — |
| 21 |
| ||||||
Adjusted noninterest income |
| $ | 16,609 |
| $ | 18,836 |
| $ | 18,529 |
| $ | 17,852 |
| $ | 18,658 |
| $ | 18,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Per income statement - GAAP |
| $ | 44,234 |
| $ | 39,591 |
| $ | 41,695 |
| $ | 37,970 |
| $ | 39,625 |
| $ | 36,305 |
|
Real estate transactions |
| — |
| (1,076 | ) | (1,633 | ) | — |
| (30 | ) | (699 | ) | ||||||
Professional services |
| — |
| (600 | ) | — |
| — |
| — |
| — |
| ||||||
FISERV conversion costs |
| — |
| (572 | ) | (972 | ) | (1,257 | ) | (2,697 | ) | (144 | ) | ||||||
Severance |
| — |
| (301 | ) | (390 | ) | (1 | ) | (48 | ) | (492 | ) | ||||||
Technology write-offs |
| — |
| — |
| (35 | ) | — |
| — |
| — |
| ||||||
Prepayment penalty on early extinguishment of debt |
| — |
| — |
| (659 | ) | — |
| — |
| — |
| ||||||
Adjusted noninterest expense |
| $ | 44,234 |
| $ | 37,042 |
| $ | 38,006 |
| $ | 36,712 |
| $ | 36,850 |
| $ | 34,970 |
|
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Other bank information |
|
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| ||||||
Noninterest expense (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reported |
| $ | 176,936 |
| $ | 158,364 |
| $ | 166,780 |
| $ | 151,880 |
| $ | 158,500 |
| $ | 145,220 |
|
Adjusted |
| 176,936 |
| 148,168 |
| 152,024 |
| 146,848 |
| 147,400 |
| 139,880 |
| ||||||
|
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Efficiency ratio |
|
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|
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|
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| ||||||
Reported |
| 65 | % | 63 | % | 109 | % | 58 | % | 59 | % | 54 | % | ||||||
Adjusted |
| 66 | % | 53 | % | 56 | % | 56 | % | 55 | % | 52 | % | ||||||
|
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| ||||||
Pretax, preprovision income (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reported |
| $ | 96,964 |
| $ | 91,460 |
| $ | (14,136 | ) | $ | 108,380 |
| $ | 106,948 |
| $ | 121,280 |
|
Adjusted |
| 91,688 |
| 129,304 |
| 119,844 |
| 113,412 |
| 118,048 |
| 126,704 |
| ||||||
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Return on average assets |
|
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|
|
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|
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| ||||||
Reported |
| 0.85 | % | 0.89 | % | (0.36 | )% | 1.12 | % | 1.32 | % | 1.26 | % | ||||||
Adjusted |
| 0.81 | % | 1.34 | % | 1.27 | % | 1.18 | % | 1.45 | % | 1.33 | % | ||||||
