POSTED: 11:39 a.m. HST, Jul 30, 2012
American Savings Bank grew its loan portfolio for the seventh consecutive quarter but net income fell 6.6 percent in the April-June period primarily due to a one-time insurance gain a year ago.
The state’s third-largest bank said today it had earnings of $14.2 million compared with $15.2 million in the second quarter of 2011. Loans increased 2.5 percent.
American Savings, a subsidiary of Hawaiian Electric Industries Inc., reported earnings ahead of its parent company to coincide with a new regulatory deadline that mandates federally regulated banks file their financial results no less than 30 days after the quarter ends. HEI, which also owns the state’s largest utility, will release its earnings on Thursday.