American Savings BankPrepares for Spin-off

American Savings Bank, F.S.B.(American), a wholly-owned indirect subsidiary of Hawaiian ElectricIndustries, Inc. (HEI) (NYSE РHE), today reported net income of $12.7 millionfor the first quarter of 2016 compared to $15.0 million in the fourth (orlinked) quarter of 2015 and $13 .5 million in the first quarter of 2015.

“American delivered solid results this quarter with strong deposit growth,higher net interest income and margins, and a better efficiency ratio.¬† Ourbottom line reflected the effect of higher loss provisioning due to loangrowth as well as higher provisioning during the construction phase of severalcommercial real estate projects, and we remain encouraged about the outlookfor Hawaii’s economy this year,” said Rich Wacker , president and chiefexecutive officer of American.¬† “We have advanced our preparations for theplanned spin-off of ASB Hawaii and recently filed our updated Form 10registration statement with the Securities and Exchange Commission.” Read More…

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