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HEI Reports 2010 And Fourth Quarter Earnings

Noninterest expense (pretax) for the fourth quarter of 2010 was $35.0 million, the lowest level since the start of the PIP and down from $41.7 million in the fourth quarter of 2009 and $36.3 million in the third quarter of 2010.

The bank remains strongly capitalized with a Tier 1 leverage ratio of 9.2% and total risk-based capital ratio of 13.9% as of the end of the fourth quarter of 2010.

UTILITY WELL POSITIONED TO EXECUTE CLEAN ENERGY STRATEGY

Full Year Results:

Utility net income was $76.6 million in 2010 compared to $79.4 million in 2009. The $2.8 million net income decline resulted primarily from (on an after-tax basis):
  • Approximately $6 million lower kilowatthour sales;
  • $23 million higher operations and maintenance (O&M) expenses 1; and
  • $11 million higher financing costs primarily due to generating units put into service in the latter part of 2009.

1 Excludes demand-side management (DSM) program costs. DSM program costs were $4 million for the full year in 2010 compared to $21 million in 2009 and $2 million in both fourth quarter 2009 and 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.

These factors were somewhat offset by (on an after-tax basis):
  • $26 million of rate relief granted in our 2009 Oahu and 2010 Maui rate cases;
  • Tax settlement items, which net to $6 million; and
  • $5 million lower fuel costs related to improved system-wide generating unit efficiencies.

Kilowatthour sales were down 1.1% year over year due largely to the effects of cooler and less humid weather. This was in line with our guidance provided last quarter for a year-over-year decline of 1%.

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