First quarter net profit falls for American Savings Bank

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April 30—American Savings Bank reported net income of $23.9 million in the first quarter, down 19% from $29.6 million in the same period last year.

The state’s third-largest bank, which is owned by Hawaiian Electric Industries Inc., reported on Friday that total assets rose slightly to $9.25 billion from $9.18 billion at the end of the month. fourth quarter of 2021, while total deposits increased 1.4% to $8.3 billion from $8.2 billion in the same periods.

The bank’s net interest income, which is the difference between what it originates in loans and what it pays out in deposits, rose 3% to $59 million in the quarter ending March 31, compared to $57.1 million during the same period in 2021.

Ann Teranishi, president and CEO of American Savings Bank, said in a statement that the latest quarterly results “reflect strong execution in an improving banking environment.”

“Asset returns are starting to improve on rising interest rates, while credit quality remains strong, with tailwinds from Hawaii’s economic recovery,” Teranishi said.

Total loans stood at $5.2 billion as of March 31, matching the amount as of December 31, according to the bank.

Ahead of the American Savings earnings announcement, shares of parent company HEI fell $1.42, or 3.3%, to close at $41.11 Friday on Wall Street as the overall stock market s was collapsing.

HEI is due to announce its first quarter results on May 9.

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