american savings bank hawaii

Enhanced security features make MTP Data Center the only Tier 4 Data Center on Oahu Today, Servpac, Hawaii's Cloud Solution, announced it has finalized a. WHEREAS, American Savings Bank, F.S.B., Honolulu, Hawaii, OTS Docket. No. 08384 (Institution), by and through its Board of Directors (Board), has executed a. "There are no Cons this Bank is the best bank in Hawaii to work for This rating reflects the overall rating of American Savings Bank and. american savings bank hawaii

American savings bank hawaii -

Spinoff of American Savings Bank Canceled

Hawaiian Electric Industries has nixed a plan to spin off its American Savings Bank subsidiary after utility regulators rejected Hawaiian Electric's sale to an out-of-state energy company.

The spinoff of the $6.1 billion-asset bank was contingent on the sale of Hawaiian Electric to NextEra Energy in Juno Beach, Fla., but the Hawaii Public Utilities Commission vetoed the merger agreement, the companies said in separate press releases Monday. The commission late last week decided that the deal was not in the best interests of the public, according to news reports.

"With the termination of that transaction, the spin-off of [American Savings] is not contemplated at this time," Hawaiian Electric said in its press release.

Moreover, Connie Lau, the chairman and chief executive of Hawaiian Electric and American Savings, was quoted in the release as saying, "ASB will continue to serve and invest in Hawaii, helping residents and businesses grow and prosper."

The utility, which has owned American Savings since 1998, announced its plan to spin off the bank as a publicly traded company in December 2014. Under the merger agreement, NextEra Energy is required to pay Hawaiian Electric a $90 million breakup fee and as much as $5 million for reimbursement of transaction-related expenses.

The Hawaiian banking industry has been in transition recently. This month the $19 billion-asset First Hawaiian Bank in Honolulu, a unit of BNP Paribas, said that it would be spun off and that its shares would be listed on Nasdaq. BNP Paribas said in December that it was exploring alternatives for the bank, including a possible sale or an initial public offering to boost capital.

Источник: https://www.americanbanker.com/news/spinoff-of-american-savings-bank-canceled
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American Savings Bank's Foodland Branch location at the Pearl City Shopping Center.
Источник: https://www.mypearlcity.com/bizspotlight/rowena-cooper-branch-manager-american-savings-bank

American Savings Bank

This article is about a bank in Hawaii. It is not to be confused with the California-based American Savings Bank, the short-lived successor of American Savings and Loan.

American Savings Bank is Hawaii's third-largest financial institution, with assets of $6.7 billion.[1] A subsidiary of Hawaiian Electric Industries (NYSE: HE),[2] it is headed by Chairman Constance Lau.[3][4]

American Savings Bank dates back to September 7, 1922, when four men filed articles of incorporation in the state of Utah for Mutual Savings and loans. The following year, on April 24, another association filed articles of incorporation under the name of American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.

On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan to become American Mutual Savings and Loan. Ten years later, the corporate name was changed to American Savings and Loan Association.

By 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. The 1971 acquisition of Kauai Savings and Loan added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & Loan. American Savings and Loan now had branches on five islands. When American Savings and Loan acquired the Pacific Savings and Loan Association of Hawaii in 1977, it added another six locations on Oahu. In 1978, American Savings and Loan marked a milestone when it achieved $1 billion in assets.

On January 23, 1987, American Savings and Loan Association announced the formation of a separate subsidiary to conduct its operations. The subsidiary, called American Savings Bank, was a federally chartered savings bank with its home office in Honolulu, Hawaii.

On May 26, 1988, Hawaiian Electric Industries (HEI), parent company of Hawaiian Electric Company, acquired American Savings Bank from Salt Lake City-based American Savings and Loan Association.[5] In 1990, American Savings Bank acquired First Nationwide Bank’s operations.[6] On December 6, 1997, American Savings Bank acquired the assets of Bank of America Hawaii Division, increasing their branch total at that time to 68 and their assets to $5.5 billion.[7]

American Savings Bank operates 55 branches on five islands in the state of Hawaii.

References[edit]

  1. ^ ab"ASB > About Us > Our History & Culture". Archived from the original on 2008-02-13.
  2. ^"HEI". Hawaiian Electric Industries.
  3. ^"Hawaiian Electric Industries, Inc. - Corporate Governance - Biography". Archived from the original on 2012-07-19.
  4. ^Dicus, Howard (2011). "Hawaiian Electric, American Savings Bank profits up". Hawaii News Now.
  5. ^"American S&L Completes Sale Of Hawaiian Subsidiary". Deseret News. May 31, 1988.
  6. ^"Company Briefs". The New York Times. May 26, 1990.
  7. ^Daysog, Rick (May 27, 1997). "Bank of America to sell isle branches: American Savings gets 39 branches, deposits, loans". Honolulu Star-Bulletin.

External links[edit]

Источник: https://en.wikipedia.org/wiki/American_Savings_Bank

1Q 2021 Net Income of $29.6 Million

Elevated Credit Risk Environment is Moderating as Hawaii Economy Begins to Improve

HONOLULU, April 30, 2021 /PRNewswire/ -- American Savings Bank, F.S.B. (American), a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE), today reported net income for the first quarter of 2021 of $29.6 million, compared to $15.7 million in the fourth, or linked quarter of 2020 and $15.8 million in the first quarter of 2020.

"Our financial results reflect good execution in an environment that remains challenging for bank profitability. Our strong residential mortgage production and new ASB CARES or paycheck protection program loans are bright spots, but record deposit growth continues to outpace lending opportunities in this early stage of Hawaii's economic recovery," said Rich Wacker, president and chief executive officer of American. "Our results benefited from a reduction of reserves for credit losses, as certain commercial credits earned upgrades and our exposure to riskier unsecured consumer loans declined," said Wacker.

Financial Highlights

First quarter 2021 net interest income was $57.1 million compared to $58.5 million in the linked quarter and $61.1 million in the first quarter of 2020. The lower net interest income versus the linked and prior year quarters was primarily due to lower earning asset yields, which continued to be negatively impacted by the lower interest rate environment. Net interest margin for the first quarter of 2021 was 2.95% compared to 3.12% in the linked quarter and 3.72% in the first quarter of 2020.

In the first quarter of 2021 American released$8.4 millionin provision for credit losses, compared to provisions for credit losses of $11.3 million in the linked quarter and $10.4 million in the first quarter of 2020. The allowance for credit losses declined $9.4 million during the quarter, reflecting credit upgrades in the commercial loan portfolio, lower net charge offs, and lower reserve requirements for reductions in the consumer unsecured and home equity line of credit loan portfolios.

The net charge-off ratio for the first quarter of 2021 was 0.18%, compared to 0.36% in the linked quarter and 0.44% in the first quarter of 2020. Nonaccrual loans as a percent of total loans receivable held for investment were 1.00% in the first quarter of 2021, compared to 0.89% in the linked quarter and 0.90% in the prior year quarter.

Noninterest income was $19.0 million in the first quarter of 2021, compared to $20.2 million in the linked quarter and $14.8 million in the first quarter of 2020. The decrease in noninterest income from the linked quarter was primarily due to lower mortgage banking income, partially offset by higher fee income, increases in bank-owned life insurance income and gains from the sale of investment securities. The increase in noninterest income from the prior year quarter was primarily due to higher mortgage banking income.

First quarter of 2021 noninterest expense was $47.5 million, compared to $49.4 million in the linked quarter and $46.5 million in the first quarter of 2020. The decrease compared to the linked quarter was primarily due to lower retirement benefit costs.

Total loans were $5.3 billion as of March 31, 2021, down 0.4% from December 31, 2020. Total loans were lower primarily due to declines in the residential mortgage and home equity line of credit portfolios. While residential mortgage originations remained strong, the bank continued to strategically sell residential mortgage production into the secondary market. The decrease in these portfolios was partially offset by growth within the ASB CARES (Paycheck Protection Program) and commercial real estate portfolios. During the quarter, American originated $150 million in ASB CARES loans supporting small businesses and their employees.

Total deposits were $7.7 billion as of March 31, 2021, an increase of 4.9% from December 31, 2020. For the first quarter of 2021, the average cost of funds was 0.08%, down one basis point versus the linked quarter and down sixteen basis points versus the prior year quarter.

For the first quarter of 2021 return on average equity was 16.0%, compared to 8.6% in the linked quarter and 9.1% in the first quarter of 2020. Return on average assets was 1.40% for the first quarter of 2021, compared to 0.77% in the linked quarter and 0.87% in the same quarter last year.

In the first quarter of 2021, American paid dividends of $5.0 million to HEI. American had a leverage ratio of 8.3% at March 31, 2021.

HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2021 GUIDANCE

Concurrent with American's regulatory filing 30 days after the end of the quarter, American announced its first quarter 2021 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 first quarter of 2021.

HEI plans to announce its first quarter 2021 consolidated financial results on Friday, May 7, 2021 and will also conduct a webcast and conference call at 7:30 a.m.Hawaii time (1:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including American's earnings, and 2021 guidance.

Parties in the U.S. may listen to the conference call by dialing (844) 834-0652. International parties may listen to the conference call by dialing (412) 317-5198. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call/webcast link on HEI's website at www.hei.com under the "Investor Relations" section, sub-heading "News and Events — Events and Presentations."

A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. An audio replay will also be available about two hours after the event through May 21, 2021. To access the audio replay, dial (877) 344-7529 (U.S.) or (412) 317-0088 (international) and enter passcode 10153633.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) 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 the Investor Relations section of HEI's website at www.hei.com in addition to following HEI's, Hawaiian Electric's and American's press releases, HEI's and Hawaiian Electric'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'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 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's SEC filings.

HEI supplies power to approximately 95% of Hawaii's population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current.

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, political 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 "Cautionary Note Regarding 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, 2020 and HEI's other 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, 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

(in thousands)

March 31,
2021

December 31,
2020

March 31,
2020

Interest and dividend income

Interest and fees on loans

$

49,947

$

52,629

$

55,545

Interest and dividends on investment securities

8,673

7,590

9,430

Total interest and dividend income

58,620

60,219

64,975

Interest expense

Interest on deposit liabilities

1,462

1,709

3,587

Interest on other borrowings

27

11

313

Total interest expense

1,489

1,720

3,900

Net interest income

57,131

58,499

61,075

Provision for credit losses

(8,435)

11,307

10,401

Net interest income after provision for credit losses

65,566

47,192

50,674

Noninterest income

Fees from other financial services

5,073

4,541

4,571

Fee income on deposit liabilities

3,863

4,217

5,113

Fee income on other financial products

2,442

1,773

1,872

Bank-owned life insurance

2,561

2,051

794

Mortgage banking income

4,300

7,801

2,000

Gains on sale of investment securities, net

528

Other income, net

272

(187)

413

Total noninterest income

19,039

20,196

14,763

Noninterest expense

Compensation and employee benefits

28,037

27,156

25,777

Occupancy

4,969

5,171

5,267

Data processing

4,351

3,717

3,837

Services

2,862

3,214

2,809

Equipment

2,222

2,371

2,339

Office supplies, printing and postage

1,044

1,046

1,341

Marketing

648

1,527

802

FDIC insurance

816

775

102

Other expense

2,554

4,470

4,194

Total noninterest expense

47,503

49,447

46,468

Income before income taxes

37,102

17,941

18,969

Income taxes

7,546

2,283

3,208

Net income

$

29,556

$

15,658

$

15,761

Comprehensive income

$

(16,198)

$

18,306

$

35,608

OTHER BANK INFORMATION (annualized %, except as of period end)

Return on average assets

1.40

0.77

0.87

Return on average equity

16.04

8.58

9.15

Return on average tangible common equity

18.06

9.67

10.39

Net interest margin

2.95

3.12

3.72

Efficiency ratio

62.36

62.83

61.27

Net charge-offs to average loans outstanding

0.18

0.36

0.44

As of period end

Nonaccrual loans to loans receivable held for investment

1.00

0.89

0.90

Allowance for credit losses to loans outstanding

1.73

1.90

1.49

Tangible common equity to tangible assets

7.3

7.9

8.3

Tier-1 leverage ratio

8.3

8.4

8.8

Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)

$

5.0

$

3.0

$

28.0

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

American Savings Bank, F.S.B.

BALANCE SHEETS DATA

(Unaudited)

(in thousands)

March 31, 2021

December 31, 2020

Assets

Cash and due from banks

$

113,698

$

178,422

Interest-bearing deposits

110,365

114,304

Cash and cash equivalents

224,063

292,726

Investment securities

Источник: https://finance.yahoo.com/news/american-savings-bank-reports-first-210000770.html

American Savings Bank Headquarters

The American Savings Bank (ASB) Campus has been a dream of the bank for more than a decade. It represents the single biggest investment in its teammates, customers and the community. For the first time in its 90+ year history, ASB has one place to call home.

The building brings more than 650 teammates from five separate locations on Oahu, with a goal of working better together to help make dreams possible. It also serves as home base for the bank’s 1,100+ teammates across the state. The building features a training center and amenities for the entire team to use and enjoy. The first floor also includes an ASB branch location.

From the outset, ASB asked its architects to combine the ideals of community, nature, sustainability and art into the building.

Community

The bank takes its sense of community very seriously. Its logo, the kalo leaf, is featured in the bank’s architecture and art. Throughout the Pacific, the kalo has come to symbolize “community,” the interconnectedness that Hawaiians share with each other.

Nature

The bank is highly contemporary and innovative in terms of planning, with training rooms, breakout spaces, meeting areas, open floor layouts, modern work stations and an abundance of amenities throughout its spaces. Like the kalo, the building is full of life, responsive to its environment and in sync with nature.

Sustainability

The design of the curtainwall is the first of its kind in the western United States. Its individual components are part of an intelligent, interconnected glazing system. “Electrochromic” view glass panels tint themselves in response to sensors. They maximize available light and reduce heat gain and glare. These smart windows adjust themselves automatically, eliminating the need for shades and blinds.

The exterior, comprised almost entirely of precast concrete, saved money. The owner’s project managers insisted that importing structural steel from outside the state would be prohibitive. By blending architectural precast, traditionally used as a skin, with structural precast, which is normally covered up, enormous cost savings were experienced. 

Art

ASB’s campus is infused with art. The parking structure at the base of the building has a stylized, precast concrete design: a randomized, three-dimensional pattern “embossed” into its skin. It’s meant to honor the organic, “thatch-like” undergrowth of ASB’s brand.

Through the use of Revit, a complex and highly organic pattern was applied to each of the facades, creating a visually arresting exterior. Economics played a large role in this as well. A limited set of molds were created. They were rotated, inverted and turned upside down, making the base appear organic.

Источник: https://leoadaly.com/project/americansavingsbank/

Spinoff of American Savings Bank Canceled

Hawaiian Electric Industries has nixed a plan to spin off its American Savings Bank subsidiary after utility regulators rejected Hawaiian Electric's sale to an out-of-state energy company.

The spinoff of the $6.1 billion-asset bank was contingent on the sale of Hawaiian Electric to NextEra Energy in Juno Beach, Fla., but the Hawaii Public Utilities Commission vetoed the merger agreement, the companies said in separate press releases Monday. The commission late last week decided that the deal was not in the best interests of the public, according to news reports.

"With the termination of american savings bank hawaii transaction, the spin-off of [American Savings] is not contemplated at this time," Hawaiian Electric said in its press release.

Moreover, Connie Lau, the chairman and chief executive of Hawaiian Electric and American Savings, was quoted in the release as saying, "ASB will continue to serve and invest in Hawaii, helping residents and businesses grow and prosper."

The utility, which has owned American Savings since 1998, announced its plan to spin off the bank as a publicly traded company in December 2014. Under the merger agreement, NextEra Energy is required to pay Hawaiian Electric a $90 million breakup fee and as much as $5 million for reimbursement of transaction-related expenses.

The Hawaiian banking industry has been in transition recently. This month the $19 billion-asset First Hawaiian Bank in Honolulu, a unit of BNP Paribas, said that it would american savings bank hawaii spun off and that its shares would be listed on Nasdaq. BNP Paribas said in December that it was exploring alternatives for the bank, including a possible sale or an initial public offering to boost capital.

Источник: https://www.americanbanker.com/news/spinoff-of-american-savings-bank-canceled
[email protected]

American Savings Bank's Foodland Branch location at the Pearl City Shopping Center.
Источник: https://www.mypearlcity.com/bizspotlight/rowena-cooper-branch-manager-american-savings-bank

Throughout the project, Nordic PCL’s team worked collaboratively and leaned heavily on Lean construction tools, such as the Last Planner® System, for communication and project control. Last Planner® is founded on the ability to potentially foresee challenges and obstacles and work to overcome them early in the process. By benchmarking lessons american savings bank hawaii them into the project and sharing with all involved stakeholders, the team support an environment of open and honest communication and applied the knowledge to solve specific challenges. Pull planning, a Lean construction practice, was also incorporated into the project to create a collaborative design of operations and ensure detailed schedules and tasks were clearly assigned and shared. Pull planning enabled us to add a second crane on-site to successfully lift and set the exterior concrete panels and View Dynamic Glass windows.  

The eco-friendly American Savings Bank campus comes to life through the collaborative partnership between ASB and Nordic PCL, which created a space for teammates to work more collaboratively and innovatively than ever before.    

Источник: https://www.pcl.com/ca/en/our-work/american-savings-bank-f-s-b-

American Savings Bank

This article is about a bank in Hawaii. It is not to be confused with the California-based American Savings Bank, the short-lived successor of American Savings and Loan.

American Savings Bank is Hawaii's third-largest financial institution, with assets of $6.7 billion.[1] A subsidiary of Hawaiian Electric Industries (NYSE: HE),[2] it is headed by Chairman Constance Lau.[3][4]

American Savings Bank dates back to September 7, 1922, when four men filed articles of incorporation in the state of Utah for Mutual Savings and loans. The following year, on April 24, another association filed articles of incorporation under the name of American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.

On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan to become American Mutual Savings and Loan. American savings bank hawaii years later, the corporate name was changed to American Savings and Loan Association.

By 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. The 1971 acquisition of Kauai Savings and Loan added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & Loan. American Savings and Loan now had branches on five islands. When American Savings and Loan acquired the Pacific Savings and Loan Association of Hawaii in 1977, it added another six locations on Oahu. In 1978, American Savings and Loan marked a milestone when it achieved $1 billion in assets.

On January 23, 1987, American Savings and Loan Association announced the formation of a separate subsidiary to conduct its operations. The american savings bank hawaii, called American Savings Bank, was a federally chartered savings bank with its home office in Honolulu, Hawaii.

On May 26, 1988, Hawaiian Electric Industries (HEI), parent company of Hawaiian Electric Company, acquired American Savings Bank from Salt Lake City-based American Savings and Loan Association.[5] In 1990, American Savings Bank acquired First Nationwide Bank’s operations.[6] On December 6, 1997, American Savings Bank acquired the assets of Bank of America Hawaii Division, increasing their branch total at that time to 68 and their assets to $5.5 billion.[7]

American Savings Bank operates 55 branches on five islands in the state of Hawaii.

References[edit]

  1. ^ ab"ASB > About Us > Our History & Culture". Archived from the original on 2008-02-13.
  2. ^"HEI". Hawaiian Electric Industries.
  3. ^"Hawaiian Electric Industries, Inc. - Corporate Governance - American savings bank hawaii. Archived from the original on 2012-07-19.
  4. ^Dicus, Howard (2011). "Hawaiian Electric, American Savings Bank profits up". Hawaii News Now.
  5. ^"American S&L Completes Sale Of Hawaiian Subsidiary". Deseret News. May 31, 1988.
  6. ^"Company Briefs". The New York Times. May 26, 1990.
  7. ^Daysog, Rick (May 27, 1997). "Bank of America to sell isle branches: American Savings gets 39 branches, deposits, loans". Honolulu Star-Bulletin.

External links[edit]

Источник: https://en.wikipedia.org/wiki/American_Savings_Bank
phone number home depot bangor maine 2021 Net Income of $29.6 Million

Elevated Credit Risk Environment is Moderating as Hawaii Economy Begins to Improve

HONOLULU, April 30, 2021 /PRNewswire/ -- American Savings Bank, F.S.B. (American), a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE), today reported net income for the first quarter of 2021 of $29.6 million, compared to $15.7 million the reach key west spa the fourth, or linked quarter of 2020 and $15.8 million in the first quarter of 2020.

"Our financial results reflect good execution in an environment that remains challenging for bank profitability. Our strong residential mortgage production and new ASB CARES or paycheck protection program loans are bright spots, but record deposit growth continues to outpace lending opportunities in this early stage of Hawaii's economic recovery," said Rich Wacker, president and chief executive officer of American. "Our american savings bank hawaii benefited from a reduction of reserves for credit losses, as certain commercial credits earned upgrades and our exposure to riskier unsecured consumer loans declined," said Wacker.

Financial Highlights

First quarter 2021 net interest income was $57.1 million compared to $58.5 million in the linked quarter and $61.1 million in the first quarter of 2020. The lower net interest income versus the linked and prior year quarters was primarily due to lower earning asset yields, which continued to be negatively impacted by the lower interest rate environment. Net interest margin for the first quarter of 2021 was 2.95% compared to 3.12% in the linked quarter and 3.72% in the first quarter of 2020.

In the first quarter of 2021 American released$8.4 millionin provision for credit losses, compared to provisions for credit losses of $11.3 million in the linked quarter and $10.4 million in the first quarter of 2020. The allowance for credit losses declined $9.4 million during the quarter, reflecting credit upgrades in the commercial loan portfolio, lower net charge offs, and lower reserve requirements for reductions in the consumer unsecured and home equity line of credit loan portfolios.

The net charge-off ratio for the first quarter of 2021 was 0.18%, compared to 0.36% in the linked quarter and 0.44% in the first quarter of 2020. Nonaccrual loans as a percent of total loans receivable held for investment were 1.00% in the first quarter of 2021, compared to 0.89% in the linked quarter and 0.90% in the prior year quarter.

Noninterest income was $19.0 million in the first american savings bank hawaii of 2021, compared to $20.2 million in the linked quarter and $14.8 american savings bank hawaii in the first quarter of 2020. The decrease in noninterest income from the linked quarter was primarily due to lower mortgage banking income, partially offset by higher fee income, increases in bank-owned life insurance income and gains from the sale of investment securities. The increase in noninterest income from the prior year quarter was primarily due to higher mortgage banking income.

First quarter of 2021 noninterest expense was $47.5 million, compared to $49.4 million in the linked quarter and $46.5 million in the first quarter of 2020. The decrease compared to the linked quarter was primarily due to lower retirement benefit costs.

Total loans were $5.3 billion as of March 31, 2021, down 0.4% from December 31, 2020. Total loans were lower primarily due to declines in the residential mortgage and home equity line of credit portfolios. While residential mortgage originations remained strong, the bank continued to strategically sell residential mortgage production into the secondary market. The decrease in these portfolios was partially offset by growth within the ASB CARES (Paycheck Protection Program) and commercial real estate portfolios. During the quarter, American originated $150 million in ASB CARES loans supporting small businesses and their employees.

Total deposits were $7.7 billion american savings bank hawaii of March 31, 2021, an increase of 4.9% from December 31, 2020. For the first quarter of 2021, the average cost of funds was 0.08%, down one basis point versus the linked quarter and down sixteen basis points versus the prior year quarter.

For the first quarter of 2021 return on average equity was 16.0%, compared to 8.6% in the linked quarter and 9.1% in the first quarter of 2020. Return on average assets was 1.40% for the first quarter of 2021, compared to 0.77% in the linked quarter and 0.87% in the same quarter last year.

In the first quarter of 2021, American paid dividends of $5.0 million to HEI. American had a leverage ratio of 8.3% at March 31, 2021.

HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2021 GUIDANCE

Concurrent with American's regulatory filing 30 days after the end of the quarter, American announced its first quarter 2021 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 first quarter of 2021.

HEI plans to announce its first quarter 2021 consolidated financial results on Friday, May 7, 2021 and will also conduct a webcast and conference call at 7:30 a.m.Hawaii time (1:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including American's earnings, and 2021 guidance.

Parties in the U.S. may listen to the conference call by dialing (844) 834-0652. International parties may listen to the conference call by dialing (412) 317-5198. Parties may also access presentation materials and/or listen to the google play store gift card codes india call by visiting the conference call/webcast link on HEI's website at www.hei.com under the "Investor Relations" section, sub-heading "News and Events — Events and Presentations."

A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. An audio replay will also be available about two hours after the event through May 21, 2021. To access the audio replay, dial (877) 344-7529 (U.S.) or (412) 317-0088 (international) and enter passcode 10153633.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) 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, american savings bank hawaii should routinely monitor the Investor Relations section of HEI's website at www.hei.com in addition to following HEI's, Hawaiian Electric's and American's press releases, HEI's and Hawaiian Electric'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'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 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's SEC filings.

HEI supplies power to approximately 95% of Hawaii's population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current.

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, political 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 "Cautionary Note Regarding 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, 2020 and HEI's other 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 american savings bank hawaii 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, Money center in walmart closing time, Hawaiian Electric, 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

(in thousands)

March 31,
2021

December 31,
2020

March 31,
2020

Interest and dividend income

Interest and fees on loans

$

49,947

$

52,629

$

55,545

Interest and dividends on investment securities

8,673

7,590

9,430

Total interest and dividend income

58,620

60,219

64,975

Interest expense

Interest on deposit liabilities

1,462

1,709

3,587

Interest on other borrowings

27

11

313

Total interest expense

1,489

1,720

3,900

Net interest income

57,131

58,499

61,075

Provision for credit losses

(8,435)

11,307

10,401

Net state bank of cross plains income after provision for credit losses

65,566

47,192

50,674

Noninterest income

Fees from other financial services

5,073

4,541

4,571

Fee income on deposit liabilities

3,863

4,217

5,113

Fee income on other financial products

2,442

1,773

1,872

Bank-owned life insurance

2,561

2,051

794

Mortgage banking income

4,300

7,801

2,000

Gains on sale of investment securities, net

528

Other income, net

272

(187)

413

Total noninterest income

19,039

20,196

14,763

Noninterest expense

Compensation and employee benefits

28,037

27,156

25,777

Occupancy

4,969

5,171

5,267

Data processing

4,351

3,717

3,837

Services

2,862

3,214

2,809

Equipment

2,222

2,371

2,339

Office supplies, printing and postage

1,044

1,046

1,341

Marketing

648

1,527

802

FDIC insurance

816

775

102

Other expense

2,554

4,470

4,194

Total noninterest expense

47,503

49,447

46,468

Income before income taxes

37,102

17,941

18,969

Income taxes

7,546

2,283

3,208

Net income

$

29,556

$

15,658

$

15,761

Comprehensive income

$

(16,198)

$

18,306

$

35,608

OTHER BANK INFORMATION (annualized %, except as of period end)

Return on average assets

1.40

0.77

0.87

Return on average equity

16.04

8.58

9.15

Return on average tangible common equity

18.06

9.67

10.39

Net interest margin

2.95

3.12

3.72

Efficiency ratio

62.36

62.83

61.27

Net charge-offs to average loans outstanding

0.18

0.36

0.44

As of period end

Nonaccrual loans to loans receivable held for investment

1.00

0.89

0.90

Allowance for credit losses to loans outstanding

1.73

1.90

1.49

Tangible common equity to tangible assets

7.3

7.9

8.3

Tier-1 leverage ratio

8.3

8.4

8.8

Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)

$

5.0

$

3.0

$

28.0

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

American Savings Bank, F.S.B.

BALANCE SHEETS DATA

(Unaudited)

(in thousands)

March 31, 2021

December 31, 2020

Assets

Cash and due from banks

$

113,698

$

178,422

Interest-bearing deposits

110,365

114,304

Cash and cash equivalents

224,063

292,726

Investment securities