ASB posts Q2 net loss of $45.8M on $66.1M goodwill impairment; core net income $20.7M

HAWAIIAN ELECTRIC INDUSTRIES INC

2024-Q2 EPS reported -$11.37 revenue$1,794,518,000

Net loss of $45.8M includes $66.1M after-tax goodwill impairment tied to HEI strategic review of ASB.
Core net income (ex-impairement & wildfire costs) was $20.7M vs. $20.9M in Q1 2024 and $20.2M in Q2 2023.
Net interest margin expanded to 2.79%, up 4 bps from linked quarter; negative credit provision of $1.9M.
Total loans $6.1B (down 2.5% from YE2023); deposits $8.0B (down 1.3%); no dividend paid to HEI in Q2.
Tier 1 leverage ratio 8.4%; non-cash impairment has no impact on liquidity or regulatory capital.

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