American Savings Bank Q3 net income $11.4M, down 45% QoQ; Maui wildfire costs $8.6M

HAWAIIAN ELECTRIC INDUSTRIES INC

2023-Q3 EPS reported $1.37 revenue$2,725,795,000

Net income $11.4M vs $20.2M linked quarter; core net income (ex-wildfire costs) $17.6M.
Maui wildfire-related expenses total $8.6M, including $5.9M additional provision for credit losses.
Net interest margin 2.70% vs 2.75% linked; provision for credit losses $8.8M vs $0.04M linked.
Total loans $6.2B up 3.6% from Dec 2022; deposits $8.2B up 0.7%; 87% FDIC-insured or collateralized.
Tier 1 leverage ratio 7.7%; return on avg equity fell to 9.2% from 16.2% linked quarter.

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