POSTED: 8:09 p.m. HST, Jan 30, 2013
LAST UPDATED: 8:56 p.m. HST, Jan 30, 2013
American Savings Bank said today that fourth-quarter earnings declined 6.4 percent to $14.4 million from $15.3 million in the year-earlier period.
However, the state’s third-largest bank said the 2.6 percent loan growth it achieved was in line with targets for the year.
Parent company HEI Industries Inc., which began reporting American Savings’ earnings separately in the first quarter of last year, is due to report its overall financial results on Feb. 15. HEI’s stock edged down 1 cent to $26.74. The bank’s earnings were reported after the market closed.
American Savings’ loans and leases rose to $3.8 billion from $3.7 billion while noninterest income, driven mainly by higher gains on sales of newly originated residential loans, increased 18.6 percent to $22.9 million from $19.2 million.
The bank’s deposits increased 3.9 percent to $4.2 billion from $4.1 billion.
American Savings’ net interest margin, however, declined to 3.81 percent from 4.16 percent.