Articles from American Savings Bank

American Savings Bank, N.A. (“ASB”) announced today that it has publicly filed a registration statement on Form S-1 (the “Registration Statement”) with the Office of the Comptroller of the Currency (the “OCC”) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. ASB has applied to list its common stock on the New York Stock Exchange under the symbol “ASBH.” The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The proposed offering will be made only by means of a prospectus, which forms a part of the Registration Statement. Copies of the Registration Statement and the preliminary prospectus included therein relating to the proposed offering, when available, may be obtained for free by visiting the OCC’s reading room at https://occ.secureocp.com/App/ReadingRoom.aspx. Alternatively, copies of the Registration Statement and the accompanying exhibits and schedules may be inspected without charge at the public reference facilities maintained by the OCC at 400 7th Street, SW, Washington, D.C., 20219.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2024 net income of $18.8 million, compared to a net loss of $45.8 million in the second quarter of 2024 and net income of $11.4 million in the third quarter of 2023. Core net income1 for the quarter was $19.4 million, compared to $20.7 million in the second quarter and $17.6 million in the third quarter of last year.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported a second quarter 2024 net loss of $45.8 million. The second quarter 2024 results reflect the impact of an after-tax goodwill impairment of $66.1 million in connection with HEI’s ongoing review of strategic options for ASB. The goodwill impairment is related to acquisitions that took place in the 1980s and 1990s. The impairment is non-cash and has no impact on ASB’s liquidity.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported first quarter 2024 net income of $20.9 million compared to $3.2 million in the fourth quarter of 2023 and $18.6 million in the first quarter of 2023. Net income for the quarter reflected the release of $1.5 million of Maui wildfire-related reserves and the recovery of $0.4 million in cash lost or damaged during the wildfires, partially offset by Maui wildfire-related expenses of $1.8 million. Excluding the after-tax impacts of these items, core net income1 for the first quarter was also $20.9 million.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported 2023 net income of $53.4 million, compared to $80.0 million in 2022. Net income for the year included $8.3 million of Maui wildfire-related expenses after tax, and an $11.0 million after-tax loss on the sale of investment securities recorded in the fourth quarter. The loss resulted from selling low-yielding securities in order to reduce high cost deposits, strengthening the bank’s balance sheet while positioning the bank for improved net interest margin. Core net income1 for the year was $72.6 million. Fourth quarter 2023 net income of $3.2 million included $2.0 million of after-tax Maui-wildfire related expenses as well as the aforementioned loss on sale of securities. Core net income1 for the fourth quarter was $16.2 million.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2023 net income of $11.4 million, compared to $20.2 million in the second quarter of 2023 and $20.8 million in the third quarter of 2022. Core net income1 for the third quarter of 2023 was $17.6 million.

American Savings Bank (ASB) is well positioned and stands ready to support our community as families heal and rebuild in the aftermath of the Maui wildfires.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported second quarter 2023 net income of $20.2 million, compared to $18.6 million in the first quarter of 2023 and $17.5 million in the second quarter of 2022.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported first quarter 2023 net income of $18.6 million, compared to $17.9 million in the fourth quarter of 2022 and $23.9 million in the first quarter of 2022.

American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported 2022 net income of $80.0 million, compared to $101.2 million in 2021. Net income for 2021 reflected a $25.8 million negative provision for credit losses following large provisioning in 2020 related to the COVID-19 pandemic, compared to a provision for credit losses totaling $2.0 million in 2022 (pre-tax). Net income for 2021 also included $14.3 million in Paycheck Protection Program (PPP) fee income, compared to $2.9 million in PPP fee income in 2022 (pre-tax).