Scott W. Seu
Aloha kakou. Welcome, everyone.
then followed for you the Maui and more the For just operational updates of regarding results up financial we today's the detail X months and over wildfires. Deghetto been tragedy start August key in before call, open by financial with X our XXXX Scott it wildfires, questions.
It's will I'll updates, since through walk
that to it continues we ahead. be grieve, community road and a long Our will know
necessary However, solutions come to in by help together and I'm encouraged state stronger. near- the have long-term and our many our to the community inspired way so and work emerge towards heal
and announced and initiative a to mitigation to One in addressing the that safe. in protect is ensure our capital supporting attract and whole Ohana Ohana state's approach. the this changes Maui's legislative wildfires events, needed and as We're future against our lays risk underway. Governor recovery, One society session extreme state, reflected Josh fall a keep Maui's can take the society holistic our weather communities now that of in will recovery view of we It's whole framework clear climate out increasing our communities invest support that wildfire last as a Green of seeing
his avoid Ohana and jeopardize also our energy One also Ohana, working conflicts, to catastrophic of and find One delay intentions Green many families values The to economic of fires, state. with for not recovery. risk priorities. only the company's could future, which severely the to but economic intention provide impacted align our Governor help Under are by the reconstruction together state Hawaii's has and legal stabilization stated protracted parties solutions most for could reduce the wildfires
these Maui a months in $XXX Meaningful committed the targeting now was provides since to one Maui and announced. $XX to Maui Hawaii, Ohana X initiative, loved Telcom remainder. fires. who Hawaiian Spectrum injured commitments March have and Kamehameha will Schools, launch. Hawaiian Electric and those a families has million, alternative are the and County, It aspect [ the one have severely Ohana lost of ] Governor's been is goals to who in progress the X of million just towards One contribute the contribute up an made for One The has Recovery litigation Fund, of State
the next have which at property everyone this support by owners as been speed to it will with healing severely help said, seek has encouraging. businesses is come impacted forward. fire. governor and the The And has first move fund will The and process of who together help this phase
of The for the tools in also have month, owners a legislative have last introduced, future to that address approach face. weather recovery Governor and society and to solutions Ohana recover of been began framework, As a wildfires, to utilities Maui's the events recovery, the for focused impacts a along address range session address increasingly intentions catastrophic seeing establish but bills going a laid we're Green measures to damages needed part ensuring the of not of financing and securitization Utilities whole Public to state Commission, by plans, legislative only the severe out risk implementing would fund cost One also explore forward. challenges for We're with wildfire property option. approved that we to planning overseen communities requirements the from on our state mitigation as bills
firefighting has develop have recovery. that Utilities wildfire aspects broadly. to and Governor Safety a electric bills Reduction is finance proposed a overseen that the state a Task significant Wildfire a changes The name establish and introduced Wildfire early importance and run the legislature tool utility May. of legislative securitization energy state requires will wildfire utility through address help to which His the to helicopter more Office a marshal, a fire the program, of by Public can would can considering legislative bills undergo a a of plan to Advisory the expressed over as It's and stabilize bills examples. has in future. been and risk Dozens process, that mitigation State few session, safety still bill wildfire Commission also other Field early includes The of Hawaii's legislation the Board Force, the administration
events to urgently weather pleased other risks the to and so I'm see state. in to commitment address However, many among pose our wildfires extreme Hawaii
continue work through to litigation also We process. the
XXX Company to in settled. once set the and by in as wildfires, Electric named when were Court, State counter named such a process is that have the longer well. has the has HEI by jurisdiction been lawsuits earlier revisited file we'll X lawsuits February removed federal is Most storm need losses to August claims, as effect are Certain As the in and no XXX as to court but of defendant Hawaiian being settled. been in will claiming these be XX, from court, plaintiffs of wind of related dates milestone state been and still jurisdiction
they and filed, those respond have once from been claims with exposure to us. different Subrogation we'll also complaints about insurers on served XXX Maui on are
slide. next the to Turning
Earlier and long-term utility in million adaptation by fueled phase the will harden against change. effort Act of that decisions received matching that efforts includes strengthen Energy forward their a This months Hawaiian several events energy move this advance month, as resiliency approval while received X-year the to investments Department climate it climate for our PUC foundational resilience we Infrastructure a weather-related the grid with by help first $XX in support recent our recovery. funding plan. of slate utilities plan to Hawaii's with approval utility grids enables the resilience million severe The Electric goals. continue rate of of $XXX $XX Investment in system constructive clean Our regulatory Jobs million to
in deferred also prior approvals XXXX costs the decisions Maui the utility regulatory COVID-XX to several $X.X year-end, previously with costs received important associated The recover and including to to million pandemic. from defer wildfires
supply Our for $XX Waena a of ensuring ] adequacy approved. is million the battery This was also critical approximately energy project [ island. project storage on on Maui
and Hawaii's XXX contracts XXX to developers utility has to The of are renewable generation, X.X across expected dependence generation projects negotiations hours XX gigawatt islands. of approximately its megawatts storage. negotiations Contract The of with for imported renewable on will megawatts are procurement of power process X energy Stage RFP, variable for continued projects progress the produce firm reduce long-term its in renewables largest ever. our generation. further The oil
options will Oahu XXX-megawatt Waiau selected was loan potentially the gas of site funding the built with could project Electric's Energy utility's Hawaiian hydrogen and own the The it federal existing Department XX-year-old As on available. when we've repowering RFP. project discussed [ ] The use in facility, is the at be on commercially fund of project. utility to renewable or becomes the working previously, closely help
pursuing resilience and for to We are for natural additional to increase sources, federal million including grants nearly hazards, also including of resilience, grid investments funding modernization innovation $XXX wildfires.
utility first ] provides Oahu's grid-forming most and The on battery storage the capacity the the battery advanced continued connected megawatts at December, a this engagement energy. power scale. the federal stand-alone with clean utility's plant provided total system energy energy the and and energy And In XXX-megawatt of We're regulatory powered Kapalei pleased of storage constructive towards grid Hawaii's grid. [ future. this XXX by government progress clean hours world's is time to encouraged energy a services has battery
announce agreement more new X-year union, provides continue effective XXXX. critical performing XXXX, contract through The to a and as generation October resilient. our pleased work with on I'm contract to our IBEW electric modernize reached also recently grids system we we our stability that and visibility make
Turning now to our financial results.
strategic the million, and core line the have of balance and sale income expenses of included net of a $XX earnings to perform insurance resulting from alongside repositioning we XXXX million reconstruction $XX a loss expectations, million $X.XX. This Our the in recoveries Maui per others On efforts. consolidated a while share at wildfire-related securities of on net $XXX.X continued was was bank. about sheet in basis, and work deferrals with Maui operations
income $XXX excludes XXXX in Pacific gain core was million, income, items, $X.XX, investment year's recorded EPS at on Excluding an method which these and to down compared net sale about X% the of core equity last net was Current.
million net and $XXX.X about $XX.X or a $X.XX $X.XX EPS and XXXX. net income to X% million income were Utility $XXX and EPS and on and core Bank were up million compared basis, $X.XX.
from company wildfire-related $XX.X loss, in million EPS expenses and last million level, of million loss million net in net year. up income and XXXX $X.XX, $XX included core wildfire-related securities down $X.XX was year $XX.X of prior and $X.X holding million expenses. from the Excluding the and was was $XX.X At the the
$XX.X core expenses, million, and was loss loss EPS was these $X.XX. Excluding net core
deposits December customer are deposits fully as to bank. challenging impacts FDIC environment legal as stable XXXX. rate through long risk to tenured XX, a the deposits the the ASB's wildfires insured experienced ASB's result year. were to interest of there wildfires. the were and the business remained And of collateralized. XX% of economic base the deposit safe, resilient and claims Maui is no loyal related during Turning and proved of Customer in
characterized strong Asset The market with ample strong delinquency by quality rates strong, quality mainland. the capacity. the remains liquidity and capital to Hawaii comparison low continues and and credit be bank's in to remains lending
most credit. the deferment improved with positions the for they ASB provided will net investment of at has fees, securities Maui and lines ATM need consumer transaction quarter, when fires, Scott the sale options margin proceeds. and bank greater emergency customers facing while time us, strengthening low-yielding the has fourth support a in discuss result to community Deghetto in including forbearance high-cost and In and bank ASB the of The Maui and profitability hardship as executed reduced numerous balance interest the personal commercial the the detail. for financial for and deposits our securities waived quarter continued a sheet. sold of fourth loans
Bankers Hawaii to $XXX,XXX community has and resources provide bank Restaurant the provided Maui other the Maui charitable others has Hawaii to addition, partnered during of and In the and time. for this contributions Association donations support with residents Association, the difficult
following We economic proved August. regarding in are outlook, Hawaii's the and has the optimistic wildfires resilient economy
seasonally initially statewide the remain rate of in year-end. and rate visitor estimating forecasts years. at more Maui's X.X% as to of state was in to December predicted over of that had to continues Maui's an Hawaii Maui their XXXX. or unemployment of of will month unemployment unemployment outperform rate unemployment previous UHERO's that years, adjusted University the latest the UHERO previous Organization, Maui of arrivals Economic compared improvement arrivals the were Research wildfires. be the The was in visitor X% would outlook XX% U.S. recovery, outlook December, would prolonged X.X%. UHERO, following Hawaii's X.X% average be low is immediately the and around XX% And a XX%.
despite arrivals arrivals up of the This well levels. the $XX.X for from full for above half impacts economic increased about wildfires, statewide billion at pre-pandemic Despite XXXX. was in X.X% XX% visitor is over almost were levels XX% being by levels. Total Maui the statewide XXXX. spending year pre-pandemic Visitor visitor pre-pandemic of year spending the to Japanese
Scott recent market by for to be we're and consistently was in median inventory limited stable encouraged walk characterized our Real estate to price just in sales over the mortgage median $XXX,XXX. supported see Deghetto more values to year-over-year, results decline limited single-family land condo development. off prices, down through the Hawaii million. rates. December, to now property Oahu volumes under in were In I'll detail. home by strong. $X and remain hand but continues financial available Home sales was the Hawaii's price it
