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American Savings’ earnings dip but loans grow

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American Savings Bank’s net income slipped 0.8 percent in the July-September period amid a low interest rate environment but the state’s third-largest bank saw its loan portfolio grow for the eighth straight quarter.

The subsidiary of Hawaiian Electric Industries Inc. reported earnings today of $14.2 million compared with $15.5 million in the year-earlier quarter.

Loans, however, rose 2.5 percent to $3.76 billion from $3.67 billion on the strength of residential mortgage production that more than doubled from a year ago.

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