American Savings Bank Reports Second Quarter 2016 Earnings

Provision for loan losses (pretax) was $4.8 million in the second quarter of 2016, flat compared to the $4.8 million in the linked quarter of 2016 and higher than the $1.8 million in the second quarter of 2015.  The increase in provision compared to the prior year quarter was mainly due to commercial real estate and consumer loan growth and specific downgrades to commercial credits in the second quarter of 2016. The net charge-off ratio was 0.15% compared to 0.21% in the linked quarter and 0.11% in the prior year quarter.  Credit quality remains within acceptable limits and the increasing loan loss reserves reflect growth in commercial real estate and consumer loans which require higher reserve levels.

Noninterest income (pretax) was $16.6 million in the second quarter of 2016, compared to $15.4 million in the linked quarter and $16.4 million in the second quarter of 2015.  The $1.2 million higher noninterest income compared to the linked quarter was primarily due to the gain on sale of investment securities and slightly higher mortgage banking income in the second quarter of 2016.

Noninterest expense (pretax) was $42.6 million in the second quarter of 2016, compared to $41.4 million in the linked quarter and $41.5 million in the second quarter of 2015.  The higher noninterest expense in the second quarter of 2016 was impacted by $1.2 million due to costs related to the replacement and upgrade of the electronic banking platform.

Total loans were $4.8 billion at June 30, 2016, an increase of $112 million and $138 million in the second quarter and year-to-date 2016, respectively.  Year-to-date annualized loan growth was 6.0%, in line with American's target of mid-single digit loan growth for the full year. 

Total deposits were $5.2 billion at June 30, 2016, an increase of $92 million and $207 million in the second quarter and year-to-date 2016, respectively.  Year-to-date annualized deposit growth of 8.2% was primarily driven by the $126 million (5.6% year-to-date annualized) increase in low-cost core deposits.   Average cost of funds remained low at 0.23% for the second quarter of 2016, unchanged from the linked quarter and 1 basis point higher than the prior year quarter.

American's return on average equity was 9.2% for the second quarter of 2016, compared to 8.9% in the linked quarter and 9.4% in the second quarter of 2015.  Return on average assets was 0.86% for the second quarter of 2016, compared to 0.84% in the linked quarter and 0.89% in the same quarter last year.  American's solid results enabled it to pay dividends of $9.0 million to HEI in the quarter while maintaining healthy capital levels – leverage ratio of 8.7% and total capital ratio of 13.2% at June 30, 2016.

HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2016 EPS GUIDANCE

Concurrent with American's regulatory filing 30 days after the end of the quarter, American announced its second quarter 2016 financial results today.  Please note that these reported results relate only to American and are not necessarily indicative of HEI's consolidated financial results for the second quarter of 2016.

HEI plans to announce its second quarter and year-to-date 2016 consolidated financial results on Thursday, August 4, 2016 and will conduct a webcast and conference call to discuss its consolidated earnings, including American's earnings, and 2016 EPS guidance on Thursday, August 4, 2016, at 11:00 a.m. Hawaii time (5:00 p.m. Eastern time). 

Interested parties within the United States may listen to the conference by calling (888) 311-8190 and entering passcode: 16065228.  International parties may listen to the conference by calling (330) 863-3378 and entering passcode: 16065228 or by accessing the webcast on HEI's website at www.hei.com under the heading "Investor Relations."  HEI and Hawaiian Electric Company intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information.  Such disclosures will be included on HEI's website in the Investor Relations section.  Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric Company's and American's press releases, HEI's and Hawaiian Electric Company's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts.  The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings unless, and except to the extent, specifically incorporated by reference.  Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC.  No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings.

An online replay of the webcast will be available at the same website beginning about two hours after the event.  Replays of the conference call will also be available approximately two hours after the event through August 18, 2016, by dialing (855) 859-2056 or (404) 537-3406 and entering passcode: 16065228.

HEI supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions.

FORWARD-LOOKING STATEMENTS

This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2015, HEI's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 and HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric Company, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
		Three months ended												Six months ended June 30
(in thousands)		June 30, 2016				March 31, 2016				June 30, 2015				2016				2015
Interest and dividend income
Interest and fees on loans		$	49,690			$	48,437			$	46,035			$	98,127			$	91,233
Interest and dividends on investment securities		4,443				5,017				3,306				9,460				6,357
Total interest and dividend income		54,133				53,454				49,341				107,587				97,590
Interest expense
Interest on deposit liabilities		1,691				1,592				1,266				3,283				2,526
Interest on other borrowings		1,467				1,485				1,487				2,952				2,953
Total interest expense		3,158				3,077				2,753				6,235				5,479
Net interest income		50,975				50,377				46,588				101,352				92,111
Provision for loan losses		4,753				4,766				1,825				9,519				2,439
Net interest income after provision for loan losses		46,222				45,611				44,763				91,833				89,672
Noninterest income
Fees from other financial services		5,701 Werbung Mehr Nachrichten zur Hawaiian Electric Industries Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Shanta Gold Ltd 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - TClarke Plc 26.04.24 - PR Newswire Moonpig Group Plc - Directorate Change Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59