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American Savings Bank's loans up but earnings fall 26.7 percent

By Dave Segal

LAST UPDATED: 11:41 a.m. HST, Jul 30, 2014

American Savings Bank saw continued growth in its loan portfolio but earnings fell 26.7 percent in the second quarter amid lower merchant fees and reduced mortgage banking income from the year-earlier period.

The subsidiary of Hawaiian Electric Industries Inc. said Wednesday it had net income of $11.7 million compared with $15.9 million in second quarter of 2013.

Loans rose 8.4 percent to $4.3 billion from $3.96 billion while deposits gained 5.8 percent to $4.52 billion from $4.28 billion.

HEI will release its full earnings on Aug. 11.

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