American Savings Bank, fresh off the opening of its new $100 million headquarters, reported today that its net income rose 9.9% in the first quarter as the margin between what it received from loans and paid out in deposits widened substantially.
The state’s third-largest bank posted a profit of $20.8 million versus $19 million in the year-earlier period. Its net interest margin improved to 3.99% from 3.76% in the first quarter of 2018.
The new 11-story headquarters, located at 300 N. Beretania St. near Chinatown, held its grand opening at the beginning of April and will be home to about 650 of the bank’s 1,200 employees. So far, approximately 575 employees have moved in from five different locations with the remainder to relocate over the next few weeks.