American Savings Bank 2023 net income $53.4M, down 33% YoY; Q4 net $3.2M after repositioning loss

HAWAIIAN ELECTRIC INDUSTRIES INC

2023-FY EPS reported $1.81 revenue$3,682,166,000

2023 net income $53.4M vs $80.0M in 2022; core net income (ex-wildfire & repositioning) $72.6M.
Q4 2023 net income $3.2M includes $11.0M after-tax loss on sale of securities and $2.0M wildfire expenses; core Q4 net $16.2M.
Net interest margin 2.74% for 2023, down from 2.89% in 2022; average cost of funds rose 77 bps to 0.93%.
Nonaccrual loans rose to 0.46% of loans from 0.28% year ago; Tier 1 leverage ratio 7.7% as of Dec 31, 2023.
No dividend paid to HEI in Q4; balance sheet repositioning sold low-yielding securities to reduce high-cost deposits.

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