Hawaiian Electric Industries, Inc. (NYSE:HE) Q1 2023 Earnings Conference Call May 9, 2023 4:15 PM ET
Company Participants
Mateo Garcia - Director of Investor Relations
Scott Seu - President & Chief Executive Officer
Paul Ito - Executive Vice President & Chief Financial Officer
Ann Teranishi - President & Chief Executive Officer of American Savings Bank
Dane Teruya - Chief Financial Officer, American Savings Bank
Conference Call Participants
Julien Dumoulin-Smith - Bank of America
Paul Patterson - Glenrock Associates
Operator
Good afternoon. Thank you for attending today's Q1 2023 Hawaiian Electric Industries Inc. Earnings Conference Call. My name is Alexis, and I will be your moderator for today's call. [Operator Instructions]
I would now like to pass the conference over to Mateo Garcia, Director of Investor Relations. You may proceed.
Mateo Garcia
Thank you, Alexis. Welcome everyone to HEI's first quarter 2023 earnings call. Joining me today are Scott Seu, HEI President and CEO; Paul Ito, HEI CFO; Shelee Kimura, Hawaiian Electric President and CEO; and Ann Teranishi, American Savings Bank President and CEO; and other members of senior management.\
Our earnings release and our presentation for this call are available in the Investor Relations section of our website. As a reminder forward-looking statements will be made on today's call. Factors that could cause actual results to differ materially from expectations can be found in our presentation, our SEC filings under the Investor Relations section of our website.
Now, Scott will begin with his remarks.
Scott Seu
Aloha kakou. Greetings everyone. Thank you for joining us today. I'll give an overview of our results, update you on our businesses and the Hawaii economy, and then turn the call over to Paul to further discuss our financial results and guidance.
Our combination of businesses continued to deliver solid results in the first quarter. ASB's low-risk community banking model, supported by a strong primarily retail deposit franchise showed its resilience. And with 86% of deposits from our retail customers and 85% of total deposits F.D.I.C. insured or fully collateralized ASB is a very different bank than the banks that have experienced challenges in recent months.
The utility continues to show its ability to deliver consistent performance under performance-based regulation or PBR and operate efficiently to deliver earnings growth. Our consolidated first quarter earnings of $54.7 million, and earnings per share of $0.50 reflects strong execution from across our enterprise.
The utility executed well growing net income to $47 million despite elevated costs from storms during the quarter. And ASB grew net income over the fourth quarter of last year generating net income of $18.6 million. As a reminder, last year's first quarter results included a $0.06 per share gain on sale in the holding company and other segment.