News Column

BRIEF: American Savings' profits decline 15.2 percent

January 30, 2014

By Dave Segal, The Honolulu Star-Advertiser

Jan. 30 -- American Savings Bank showed strong loan growth in the fourth quarter but net income fell 15.2 percent primarily due to lower gains on residential mortgage sales and less fee income the bank collected from debit card transactions. The state's third-largest bank said today it had earnings of $12.2 million compared with $14.4 million in the year-earlier quarter. For the year, American Savings' net income slipped 1.9 percent to $57.5 million from $58.6 million in 2012. American Savings, a subsidiary of Hawaiian Electric Industies Inc , announced its earnings after the market closed today. HEI will release its full earnings report on Feb. 18 . ___ (c)2014 The Honolulu Star-Advertiser Visit The Honolulu Star-Advertiser at Distributed by MCT Information Services

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Source: Honolulu Star-Advertiser (HI)

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