American Savings Bank’s earnings jumped 23.4 percent in the fourth quarter as it continued to produce solid loan and deposit growth while waiting to find out whether parent Hawaiian Electric Industries will be acquired by a Florida utility.
The state’s third-largest bank reported today that it had net income of $15 million compared with $12.1 million in the year-earlier quarter. Loans rose 4 percent to $4.57 billion while deposits grew 8.7 percent to $5.03 billion.
For the year, American Savings’ earnings rose 6.7 percent to $54.7 million from $51.3 million in 2014.
HEI, whose proposed $4.3 billion sale to NextEra Energy is being examined by the state Public Utilities Commission, is scheduled to report its earnings on Feb. 11. American Savings would become a stand-alone bank if the PUC approves the deal.