American Savings Bank saw first-quarter net income of $23.9 million, down 19% from $29.6 million in the same period last year.

The state’s third-largest bank, which is owned by Hawaiian Electric Industries Inc., reported Friday that total assets rose slightly to $9.25 billion from $9.18 billion at the end of the fourth quarter in 2021, while total deposits rose 1.4% to $8.3 billion from $8.2 billion in the same periods.

The bank’s net interest income, which is the difference between what it generates from loans and pays out in deposits, rose 3% to $59 million in the quarter ending March 31 from $57.1 million in the same period in 2021.

Ann Teranishi, president and chief executive officer of American Savings Bank, said in a statement that the latest quarterly results “reflect good execution in an improving banking environment.”

“Earning asset yields are starting to improve as a result of the rising interest rate environment, while credit quality remains solid, with tailwinds from Hawaii’s recovering economy,” said Teranishi.

Total loans were $5.2 billion as of March 31, consistent with the amount on Dec. 31, according to the bank.

Before American Savings’ results were announced, parent company HEI’s stock dropped $1.42, or 3.3%, to close at $41.11 Friday on Wall Street as the overall stock market plummeted.

HEI is schedule to announce its first-quarter results May 9.