Scott W. Seu
[Foreign Language] Welcome, everyone.
I'll with touch Maui today's on For then and regarding the agreement the updates I'll definitive Pacific the and at discuss wildfires utility, it start earlier turning week. financial before settlement announcements. who to bank Scott call, and through signed of this Current key walk third implications financial up open for over results questions. more We'll detail will then quarter recent in it our DeGhetto, the updates
regain terms suffered of definitive and to the On offer those November Finalizing to with agreement settlement accelerated plaintiffs milestone loss the a this other our X, financial tort enterprise. in an path in another into litigation. important we announced Maui efforts entered that and HEI, agreement Hawaiian who strength recovery defendants our the wildfire is Electric of
sheet the discussed outcome for just this reaching after agreement remain this quarter. our settlement pleased agreement We best final initial sign X and community company. the that confident We're our we represents months last to term
toward litigation our and path ahead. of the increased a forward resolution line company's sight moving We're for certainty with of clearer wildfire-related tort
the we the the of 'Ohana a terms contributed under million $XX billion Electric announced, settlement As includes previously Hawaiian initiative. will contribute $X.XX to agreement, previously of which total and the HEI One pretax
in We expect to to with pay annual XXXX. installments, be settlement first expected in made the late the payment X equal amount
conditioned insurance that the resolution agreement have property of paid for on companies no from a other loss damages, of the defendants. is claims claims settlement The additional payments with and
made Over the the insurer's been last has months, claims. toward few progress important resolving
tort requires liens August Second On XX, Court recovery litigation, their an against overseeing assert on the requiring to according order them policyholders' which Wildfire to the their recoveries settle. which Maui, law, Hawaii Circuit is seek if insurers Maui issued to policyholders
order. Hawaii expected Hawaii Second the review the weigh December Court proceeding State November earlier Court on The which Supreme on is in Supreme XX. Circuit to X, Court Opening XX, the on briefs briefs the Circuit are subsequently Hawaii Court due agreed the And filed Supreme and this Court questions. rule. were requested week in to Supreme to Court's September After reply
with issue We're of plaintiffs, insurers the would towards the finalizing and ruling which resolve favor that Court issue individual us the Supreme closer likely will outstanding the hopeful step bring X a in settlement.
steps seeking the process insurer resolution are Court of of the with Many Supreme claims. to judicial happening eventually receive concurrently required the approval
refiled court class could class class the federal the effectuated plaintiffs the it settlement and state For in case that dismiss court. so example, in defendants and in consolidated be state be to the action court agreed could
the financing current conditions in are line is agreement settlement agreement judicial laid of expectations The settlement and implications plan. and review the accounting time DeGhetto agreement other settlement after received, met. final Scott and the final out will become our will regarding approval discuss
Turning to operational updates.
included plans risks the year, and increase shared in to through utility wildfire and public awareness implementation or is of address situational plans operational Over a practices the implementing prioritizing advanced power shutoff term. to technologies, immediate the use action past resilience. grid enhanced we've the strategies of improving PSPS program These the safety near hardening
X. of earnings when utility October. advanced coordination had XXXX. call, program September rapidly been On priorities has that The these power of activated program to the its we communication the last or on noted our July each in high test the has we degree throughout required officially and safety successful watches put public PSPS, and utility already for be to The PSPS shutoff launched twice
carefully monitored fortunately, utility public responders, customers. watches. it through effectively pleased activations. the to and the shut with customers, was was power that able necessary utility to first others weather the And The I'm off coordinate conditions not PSPS throughout to agencies,
installed with utility and its will service to cameras XX new more continue of enhance XX stations territory. deployed to continues to it continuously stakeholders effective. and work new utility now across The key and video program the closely this implementation technologies targeted improve awareness weather AI-enhanced and to refine Our situational has advanced make
Grid new smart the of have lines. hardening strategically circuits and risk X,XXX highest and are utility make the XX,XXX XXXX poles. being implemented. to also Crews as since to across poles conductors poles, also investments such upgrade lightning is over approximately and covered continues work progressing, inspected arresters underground install have sparkless reclosers Technologies and the fuses, replaced fall
executing vegetation efforts. removal to tree management hazard increased addition and In
face resilience and increased grid risks the Hawaii, in for floods, environmental harden wildfires. we that various hurricanes, to including investments tsunamis Importantly,
months mitigation utility The January comprehensive the wildfire XXXX. be few within and filing by of next will plan new a
In continuing customers strategic last ASB the continued bank. and interest net net partner the remain while profitability we've strong across repositioning. operations well. trusted throughout income Turning to seen earnings expansion Hawaii. balance now as margin and serve perform generating to strong following quarter, sheet to bank's core third continues financial it a the XXXX The to as year's
sources higher a sources currently cost balance potential and rate replacing environment. positioned financing, continued well financing of is cheaper has ASB's interest sheet ASB with of for declining
long is bank portfolio. and tenure of September seeing base the as or were remain across XX% XX, deposit insured FDIC strong And Economic remained stable. and healthy, credit bank's indicators its of fully deposits loan loyal quality in Hawaii collateralized. The
to before Pacific the a Scott Current, give over call I'll brief turning on update DeGhetto. Lastly,
As we've HEI healthy will Hawaii. year, that strategy advancing a to designed financially future a support empower over enterprise past for discussed has a thriving the strong, been
undertaking no Current review timetable has this Consistent options There review, of HEI with from any and set that a for will the strategic our been no be for comprehensive approach, regarding Pacific actions there Current. can is result evaluation. Pacific assurances
remain we agreement to and noncash evaluation, ongoing with on this continuing a DeGhetto build we're across forward. our for Current, with charge discuss. operations HEI's in significant connection which place, to will our clarify a asset impairment our Pacific reported In strong companies summary, settlement now progress signed path Scott In
companies to As we are we'll actions look continue customers the well ahead, prudent positioned our community to serve to long term. for ensure and our and measured take
With Scott that, I call over will DeGhetto. now to turn the
