Hawaiian Electric Industries, Inc. (NYSE:HE) Q1 2022 Earnings Conference Call May 9, 2022 4:15 PM ET
Company Participants
Julie Smolinski - Vice President, Investor Relations and Corporate Sustainability
Scott Seu - President & Chief Executive Officer
Greg Hazelton - Executive Vice President & Chief Financial Officer
Shelee Kimura - President & Chief Executive Officer, Hawaiian Electric
Dane Teruya - Executive Vice President & Chief financial officer, American Savings Bank, F.S.B.
Conference Call Participants
Julien Dumoulin-Smith - Bank of America
Operator
Good afternoon and welcome to the Q1 2022 Hawaiian Electric Industries Inc. Earnings Conference Call. My name is Sam and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]
At this time I'd now like to turn the call over to our host, Julie Smolinski, VP Investor Relations and Corporate Sustainability. Julie?
Julie Smolinski
Thank you, Sam. Welcome everyone to HEI's first quarter 2022 earnings call. Joining me today are Scott Seu, HEI President and CEO; Greg Hazelton, HEI Executive Vice President and CFO; Shelee Kimura, Hawaiian Electric President and CEO; Ann Teranishi, American Savings Bank President and CEO; and other members of senior management.
Our press release and our presentation for this call are available on the Investor Relations section of our website. During today's call, we'll be using certain non-GAAP financial measures to describe our operating performance. Our presentation contains reconciliations of these measures to the equivalent GAAP measures.
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, and in the Investor Relations section of our website.
Now, Scott will begin with his remarks.
Scott Seu
Greetings everyone. Thank you for joining us today. We're pleased with our consolidated first quarter earnings, which represent a 7% increase over the prior year. Each of our businesses contributed to these solid results. The utility is executing well under the new performance-based regulation framework.
While it had higher operations and maintenance expenses in the first quarter, those were offset by other items that Greg will address and we're on track with our full year plan. The utility remains focused on delivering customer value, while progressing ambitious climate change action goals.
The bank's results reflect good execution in an improving banking environment. Earning asset yields are starting to improve with rising interest rates, credit quality remains solid as our state's economy strengthens, and the bank is managing expenses well amid its digital transformation.