American Savings Bank Q1 2024 net income $20.9M, up 12.8% YoY; releases Maui wildfire reserves

HAWAIIAN ELECTRIC INDUSTRIES INC

2024-Q1 EPS reported $0.38 revenue$897,158,000

Net income $20.9M vs $18.6M in Q1 2023 (+12.8%); core net income also $20.9M.
Released $1.5M of Maui wildfire reserves and recovered $0.4M lost cash; wildfire expenses $1.8M.
Net interest margin 2.75%, up from 2.63% linked quarter due to balance sheet repositioning.
Negative provision for credit losses of $2.2M reflects improved Maui economic outlook; allowance/loans 1.16%.
No dividend paid to HEI in Q1; Tier 1 leverage ratio 8.0% and strong liquidity.

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