comscore American Savings Bank’s earnings jump 7.9% | Honolulu Star-Advertiser
Top News

American Savings Bank’s earnings jump 7.9%

American Savings Bank’s net income jumped 7.9% in the third quarter on strong loan growth and a steady net interest margin that was achieved despite the challenges of a lower rate environment.

The state’s third-largest bank posted earnings today of $22.9 million compared with $21.2 million in the year-ago quarter. Loans rose 6% to $5.08 billion. The bank’s net interest margin, which reflects the difference between what it collects on loans and what it pays for deposits, was up 1 basis point to 3.82%.

American Savings’ net interest income edged up 1.5% to $62.1 million. Noninterest income, which includes service charges and fees, jumped 6.7% to $16.3 million as the bank’s mortgage banking income soared eightfold to $1.5 million from $169,000.

“Our results and earnings growth reflect good performance in a volatile market environment,” American Savings President and CEO Rich Wacker said. “In October, we completed the sale of our former headquarters, achieving another important milestone from the transition to our new campus.”

Parent company Hawaiian Electric Industries Inc. will report its full financial results on Friday.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (2)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up