American Savings Bank Q3 net income $18.8M, swing from Q2 loss; NIM expands to 2.82%

HAWAIIAN ELECTRIC INDUSTRIES INC

2024-Q3 EPS reported -$12.16 revenue$2,732,901,000

Q3 net income $18.8M vs net loss $45.8M in Q2; core net income $19.4M, up from $17.6M YoY.
Net interest margin 2.82% (up 3 bps linked quarter, up 12 bps YoY) on higher asset yields.
Provision for credit losses $0.2M; net charge-off ratio 0.15%, nonaccrual loans 0.42% of portfolio.
Noninterest expense $56.0M, down from $136.5M in Q2 which included $82.2M goodwill impairment.
Loans $6.1B (-2.3% YTD); deposits $8.0B (-1.8% YTD); no dividend paid to parent HEI in Q3.

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