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Tony Mizuno Promoted to Executive Vice President of Commercial Banking Following Gabe Lee's Retirement After 25 Years at ASB

ASB January 08, 2024 | 3 MIN read News Releases

American Savings Bank (ASB) announced the retirement of Gabe Lee, who served as Executive Vice President (EVP) of Commercial Banking for over 25 years and successfully created ASB’s Commercial Banking division. Tony Mizuno, who joined ASB in 2020 and has more than 30 years of banking experience, was promoted to lead ASB’s Commercial Banking team. Lee will continue as a strategic business advisor until March 2025.

“We are grateful for Gabe’s vision, leadership and commitment over the years to build ASB’s Commercial Banking division, basically from the ground up, into what it is today,” said Ann Teranishi, president and CEO at ASB. “Although he is retiring, Gabe’s contributions will live on through the many bankers he has mentored, along with the numerous customers, business and community partners, and teammates he has supported over his 40-plus year career in banking.”

In his new role, Mizuno is responsible for overseeing the areas of corporate and commercial banking, commercial real estate, cash management and international services at ASB.      

“Tony is an effective and experienced banking leader, who has already contributed greatly during his time at ASB,” Teranishi said. “He has a true passion for bringing real impact to the community, with a commitment to support local businesses and tackle Hawaii’s affordable housing challenges. We’re excited to welcome him as a member of our Executive Management Team.”      
 

Gabe Lee's Accomplishments

Lee joined ASB in 1998 as Senior Vice President, Commercial Banking. His remarkable achievements during his 40-year banking career include growing ASB’s commercial real estate portfolio from $189 million to $1.44 billion and expanding the commercial and industrial loan portfolio tenfold, from $65 million to $677 million. Lee grew ASB’s overall commercial banking portfolio by 736.6%.

Gabe Lee's photo

Gabe Lee  
EVP, Commercial Banking  
(1998-2023)

“ASB has been an important part of my life for the past 25 years, and I am proud of the team and all that they have achieved,” said Gabe Lee. “It’s bittersweet for me to leave this exceptional team, but I am happy to support them in any way I can going forward, and I am excited for Tony to continue growing ASB’s bright future. I want to thank Ann and the executive team at ASB, along with prior leaders and mentors, for their friendship and this magnificent journey.”      

Lee is on the Board of Regents for the University of Hawaii and a board member for Diamond Head Theatre, Ahahui Koa Anuenue, Boy Scouts of America – Aloha Council and the Chinese Chamber of Commerce.

Tony Mizuno Promoted to EVP, Commercial Banking

Tony Mizuno joined ASB in 2020 as Senior Vice President, Manager of Commercial Real Estate Banking and was quickly promoted to director. Prior to joining ASB, Mizuno held numerous leadership positions during his 27 years at Bank of Hawaii and was Chief Operating Officer and Chief Financial Officer of The Certified Group. Mizuno has extensive experience in affordable housing, commercial mortgages, construction lending and equipment leasing. 

Tony Mizuno's photo

Tony Mizuno  
EVP, Commercial Banking

“I am honored to serve in my new role and look forward to working closely with our leaders and community partners to continue maximizing our investment in supporting Hawaii’s residents and businesses,” said Tony Mizuno. “This new phase comes at an exciting time at ASB, as we approach our centennial next year and maximize our strong capital position and solid credit quality to make banking easy and convenient for customers. It has been an honor working alongside Gabe, and I wish him all the best in his well-deserved retirement.”      

With deep commitments to the community, Mizuno has been a board member for Child & Family Service since 2012, Hawaii Community Reinvestment Corporation since 2012 and the Gift Foundation of Hawaii since 2016. He also serves as the treasurer for Hawaii’s National Association of Industrial and Office Properties (NAIOP), the nation’s leading trade association for developers, owners, investors, asset managers and other professionals in industrial office and mixed-used commercial real estate.      

Mizuno served as a judge for local industry competitions, including the NAIOP Hawaii Kukulu Hale Awards and University of Hawaii’s Venture Competition. He was also recognized for his business and community contributions as a Hawaii Business Magazine 20 For the Next 20 awardee. Mizuno has a Bachelor of Business Administration with a focus on finance from the University of San Diego.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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Guy Fieri Foundation Donates $1.2 Million to Lahaina Restaurant Workers Impacted by Wildfires

ASB December 28, 2023 | 4 MIN read Community

With a deep love for Maui, celebrated chef and TV personality Guy Fieri teamed up with the Hawaii Restaurant Association (HRA), American Savings Bank (ASB) and Fiserv, Inc., to distribute $600 prepaid debit cards to Lahaina restaurant workers who lost their job when their workplace was destroyed in the tragic wildfires on Aug. 8. With many residents still struggling to purchase everyday essentials, such as food and medication, this gift provides much-needed assistance to Lahaina restaurant workers who have lost so much.

Kahului Branch Team

The HRA has spent the last few weeks reaching out to affected Lahaina restaurant owners whose businesses were destroyed by the fire. So far, HRA has been in contact with about 70 restaurant owners, who are scheduled to pick up the cards for their employees at ASB’s Kahului Branch through the end of the week.     

**IMPORTANT** Lahaina restaurant owners who have not yet been in contact with the HRA should email info@hawaiirestaurant.com or call (808) 944-9105 for more information on the prepaid debit card program and next steps. Restaurant owners must contact the HRA before picking up their employees’ cards.     

As a chef and foodie, Fieri has established a special connection with Maui and has showcased many of the island’s restaurants on his various television shows. Fieri has dedicated his life to supporting the culinary industry, and when he heard about the devastation from the fires on Maui restaurant workers, he sprang into action.

Donation to Lahaina Restaurant Workers

Fieri organized “Chefs for Maui,” a dinner in Sonoma, California, which drew support from 38 award-winning chefs, celebrity friends, foodies and world-renowned restauranteurs. The sold-out event raised over $1.5 million, which was donated to the HRA and Salvation Army Hawaii. A portion of those proceeds went toward purchasing these prepaid debit cards for Maui restaurant workers.     

“Hawaii Restaurant Association is pleased to partner with the Guy Fieri Foundation, American Savings Bank and Fiserv to provide this support to workers employed at the restaurants destroyed in the Lahaina wildfires,” said Sheryl Matsuoka, executive director at HRA. “As we worked over the last several months to contact those affected, we heard many stories of heartbreak, tragedy and loss. Yet, we also heard stories of hope and resilience.”     

“We are honored to collaborate with the Guy Fieri Foundation, as well as American Savings Bank and Fiserv, in this meaningful endeavor to, once again, support our foodservice community,” said Matsuoka.

Donation to Lahaina Restaurant Workers

To ensure donations from the Guy Fieri Foundation directly benefit impacted restaurant workers, ASB and Fiserv waived all fees related to the production, distribution and management of the cards.     

“American Savings Bank is committed to supporting the individuals, families and businesses on Maui as the community heals and rebuilds in the aftermath of the devastating wildfires," said Ann Teranishi, president and CEO at American Savings Bank. “We hope the generosity demonstrated by the Guy Fieri Foundation will inspire others to join in and support the Maui community.”     

“We’re proud to help bring to life initiatives that benefit small businesses, their workers, and the communities they serve,” said Jose Garcia, senior vice president at Fiserv. “The need for everyday essentials never stops, and with a fee-free prepaid card, people will have a convenient way to access these donations to make day-to-day purchases.”

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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ASB Awards Over $145,000 to Winners of KeikiCo Business Plan Competition

ASB December 26, 2023 | 2 MIN read Community

Student entrepreneurs across the state presented their best ideas in American Savings Bank’s 6th annual Bank for Education KeikiCo Business Plan Competition. From a sustainable waste management system to a mental health app for parents and kids to stay in touch, over 100 teams submitted game-changing ideas, developed valuable business skills and received a chance to win up to $25,000 for their school.       

“Every year, KeikiCo participants impress us with their creativity, innovation and entrepreneurial spirit – qualities that are key to diversifying Hawaii’s economy” said Ann Teranishi, president and CEO at ASB. “This year, we were inspired by the students who presented ideas to help those on Maui recover from the devastating wildfires. American Savings Bank is proud to support these young leaders and entrepreneurs with mentorship and financial education resources.”

Nanakuli High School KeikiCo Winners

Students formed teams of up to five members and created business plans and video pitches that were reviewed by judges from the business community. First-place teams in each division won $25,000 for their school and each member of the winning team also received an individual cash bonus of up to $500. The public was also invited to vote for their favorite team, with the top three teams in each division receiving the People’s Choice award.       

“Students explored their business ideas, honed real-world skills and developed effective collaboration and customer service expertise,” said Joseph Halfmann, principal at Pearl City High School. “Their realistic solutions to better our community showcase their dedication and ingenuity. We thank American Savings Bank and partners for making this program possible.”       

To help them develop their business plans, KeikiCo participants benefit from a comprehensive program, including a video curriculum, online resources and mentorship designed to foster entrepreneurship, marketing and critical thinking skills crucial for building a successful business in Hawaii.       

“Last year, we used our $25,000 KeikiCo award to buy cardboard shredders for schools on the west side to help manage the influx of cardboard due to ecommerce,” said Michelle Pieper, Hawaiian language teacher at Nanakuli High & Intermediate School. “This year, our team built on that project with a plan to use shredded cardboard to create eco-friendly oil change boxes. I’m proud of the students for using their winnings to make a difference in their communities. When people ask me what I teach, I say I teach kuleana.”

Elementary School Division

  • 1st Place: Manoa Elementary - Pastries & Pages ($25,000)
  • 2nd Place: Waialua Elementary - ZenKen’s Fabulous Face Painting ($15,000)
  • People's Choice: Our Lady of Good Counsel - Manila Fiesta Filipino Cuisine ($5,000)
  • Special Mention: Kaimuki Christian - Dream Lights ($2,500)

Manoa Elementary KeikiCo Winners    
Manoa Elementary School - 1st Place Winner

Middle School Division

  • 1st Place: Mililani Middle - Two Times Recycling Co. ($25,000)
  • 2nd Place: Highlands Intermediate - Paper Charmed ($15,000)
  • People's Choice: Kalakaua Middle - Super Strainer ($5,000)
  • Special Mention: Maui Waena Intermediate - Cranes of Hope ($2,500)

Mililani Middle KeikiCo Winner    
Mililani Middle School - 1st Place Winner

High School Division

  • 1st Place: Pearl City High - Flutter ($25,000)
  • 2nd Place: Nanakuli High & Intermediate - Scrappahz Union 96792 ($15,000)
  • People's Choice: Kaimuki High - W.O.R.M.S Club ($5,000)
  • Special Mention: Pearl City High - Social U / Aloha Bracelets ($2,500)
  • Advisor Award: Nanakuli High & Intermediate - Michelle Pieper, Scrappahz Union 96792 ($500)

Pearl City High School KeikiCo Winners    
Pearl City High School - 1st Place Winner

Winners join ASB’s Bank for Education Ohana, an exclusive group of schools that receive special benefits such as priority consideration for grants, volunteer service projects, scholarships, internships and exclusive event invitations.      

The KeikiCo Contest is a cornerstone of ASB’s Bank for Education program, contributing over $1.5 million to Hawaii’s schools since 2010.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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Keiki Super Skaters Fly High at Aala Park

ASB December 01, 2023 | 2 MIN read Community

On Sunday, Dec. 3, American Savings Bank (ASB), Super Skate Posse, APB Skateshop and Trust for Public Land join forces at Aala Park for a sneaker, helmet and skateboard giveaway to support over 60 keiki skateboard enthusiasts from Kalakaua Middle School, Princess Ruth Ke‘elikolani Middle School and other community groups. The invitation-only giveaway portion of the event will be followed by a free skate exhibition and a best trick contest, from 1:30 p.m. to 3:30 p.m., which the public is invited to attend.

Aala Skate Park Clinic

Participants will have the opportunity to meet and be amazed as all-stars like Jaime Reyes – Hawaii’s goofy-footed professional skateboarder who grew up skating at Aala Park – flip, grind and grab air.       

“We’re thrilled to see Aala Skatepark bursting with energy once again as neighborhood kids and families re-discover what a great asset it is,” said Beth Whitehead, executive vice president and chief administrative officer at ASB. “Aala Park has a special place in our hearts, and we are committed to providing fun, safe and healthy opportunities for the community to enjoy.”       

“APB is excited to support the Super Skate Posse Giveaway at Aala Skatepark for the third time,” said Chad Hiyakumoto, owner of APB Skateshop. “This event gives Chinatown-Palama neighborhood kids access to a positive new activity while celebrating a skatepark that is iconic to the Honolulu skate scene.”

Event Timeline:

11 a.m. to 1:30 p.m.

  • Skate Lessons and Equipment Distribution
    • Distribution of new skateboards, helmets, shoes, t-shirts and bags.
    • Private skate lessons and giveaways for about 60 area youth who have been pre-selected by community partners.
  • Who: Invitation-only

1:30 p.m. to 2:15 p.m.

  • Professional Skate Demonstration            
    A 30-minute skate demonstration, led by five notable skaters:
    • Jaime Reyes (Hawaii skate legend and pioneer who is one of the only women to grace the cover of Thrasher, LGBTQIA+ icon.)
    • Heimana Reynolds (Hawaii Olympic athlete)
    • Danny Hamaguchi (Hawaii pro skater for Thank You Skateboards)
    • Louie Lopez (FA & Cons signature professional athlete, 2022 Thrasher Skater of The Year candidate)
    • Beatrice Domond (FA Skateboards professional rider and cultural model)
    • Erik Herrera (Hawaii pro skater for Chocolate Skateboards)
  • Who: Open to the public

2:30 p.m. to 3:30 p.m.

  • Best Trick Competition      
    Prizes include $500 in gift cards
  • Who: Open to the public

Last year’s event drew more than 100 participants who were thrilled to get a rare glimpse of professional skateboarders in Hawaii showing off their best tricks.        

“Growing up, I loved skateboarding, and it is what I did with all my free time from middle school all the way through college,” said William Grindell, principal of Kalakaua Middle School. “It is heartwarming to know that efforts are being made to make skateboarding accessible to our students, especially those who might face barriers due to financial constraints.”        

Free follow-up skateboarding lessons will be offered to event participants through APB Skateshop and Trust for Public Land during winter break.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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American Savings Bank Receives Exceptional Community Bank Service Award

ASB September 01, 2023 | 5 MIN read Personal

Content written by Independent Banker

There’s a word in Hawaiian—kahiau—that means to give generously without expecting anything in return, and American Savings Bank (ASB), a financial institution with an almost century-long history of community support in Hawaii, exemplifies that spirit perfectly.

With roots stretching back to 1925 and 38 branches across the Hawaiian Islands, ASB is one of the state’s leading financial institutions. Yet the Honolulu-based bank’s focus, says president and CEO Ann Teranishi, is firmly on its community.    

Recognized as one of the best places to work by Hawaii Business Magazine for over a decade now, ASB has also been lauded by Fortune for its inclusivity, and it has a deep commitment to community service. “We understand that bringing real impact to our community means more than just giving financially,” Teranishi explains. “It also requires year-round commitment of our time, ‘sweat equity,’ best ideas and leadership to support our focus areas.”     

These areas are improving education, strengthening communities and underserved families, promoting economic vitality by fostering innovation and entrepreneurship, and increasing access to affordable housing. In recent years, another major goal of the community bank has been the revitalization of ‘A’ala Park in Kalihi-Palama, the neighborhood that’s home to the ASB Campus, an 11-story office space that has served as the bank’s homebase since 2019.

Supporting the underserved

To fund these goals, ASB initiated the Kahiau Giving Campaign in 2011, an employee workplace giving program named after that concept of selfless generosity. As Teranishi explains, “We decided we wanted to support more organizations in a meaningful way and get teammates more engaged in bringing real impact to our community. Rather than holding a handful of small fundraisers throughout the year, we decided to do one big splash effort.”     

The program helps underserved communities through five nonprofit partners: Child & Family Service, Kapiolani Health Foundation, Kupu, Partners in Development Foundation, and United Way Chapters throughout Hawaii. “We specifically selected these five Kahiau partners because their mission and values are aligned with our own,” Teranishi says, “and because the support they provide to our community is critical to improving the health and well-being of our state.”     

Each year, ASB invites all 1,100 of its employees to donate, and it matches those donations up to $150,000. Since it was first set up, the program has collected nearly $3 million in donations for the community. In 2021 alone, it raised more than $360,000.

“We begin each annual campaign with a fun celebration,” says Teranishi, “starting with our executive leadership team decked out in costumes greeting teammates as they arrive to work, followed by silly videos and posters of our leaders, snacks, photo booths, a virtual donor’s wall of fame and certificates for participants.     

“Our teammates love a bit of friendly competition, so we turn our Kahiau Giving Campaign into a fun challenge by dividing teammates into four teams to see who will be the first to reach 100% participation,” she adds. “By engaging everyone in fun and meaningful ways and having our leadership team be the champions of this program, we’ve seen a dramatic increase in participation, from 46% to 97%.”     

Throughout the year, employees are encouraged to support the same partners through the bank’s Seeds of Service program, which is where the sweat equity comes in. The ASB team has clocked up nearly 100,000 volunteer hours to date on projects that include landscaping, painting, meal preparation and teaching financial literacy at schools.

The community bank’s Community Advancement team keeps up with its partners to make sure it’s aware of new programs and initiatives—a fact that helped ASB scale up its efforts when the pandemic hit. In 2020, it donated $25,000 to local food banks, partnered with Child & Family Service to give out PPE supplies, groceries and hot meals to more than 400 families in Chinatown, and collaborated with Pint Size Hawaii and Mauna Loa Macadamia Nuts to distribute ice cream to healthcare workers. The following year, the community bank gave out cash prizes as part of Hawaii’s vaccination drive and partnered with a local healthcare provider to host free vaccination clinics for the underserved.

ASB Banker

ASB team members contributed to the bank’s Seeds of Service program, tallying nearly 100,000 volunteer hours.

A focus on conservation

One of ASB’s key partners is Kupu, a nonprofit founded in 2007 to empower local youth to serve their communities and conserve the environment. Since its inception, Kupu has worked with more than 5,000 young adults, planted a million native plants and removed more than 100,000 acres of invasive species. It also set up a culinary program, teaching food preparation using sustainable resources.     

ASB has worked with Kupu for a decade. In 2021, it helped the nonprofit secure a Federal Home Loan Bank of Des Moines’ Strong Communities Award for $15,000 to address the effects of the pandemic on the local economy. ASB also partnered with Kupu to set up a food truck in Honolulu from which culinary students serve healthy food using locally grown produce. The bank most recently donated $5,000 to Kupu’s 2022 Environmental Fair, an annual event that promotes community engagement and career opportunities for youth and young adults.     

Kepa Barrett, a Kupu alumnus who now serves as its external affairs officer, remembers sitting on Moa’ula Iki, the second highest peak on the island of Kaho’olawe, during Kupu’s Hawaii Youth Conservation Corps summer program in 2011. “I’ll never forget what I saw that day: a 180-degree view of Oahu, Molokai, Maui, Lanai and Hawaii Island scattered across a 200-mile expanse of the Pacific,” Barrett says.     

“I could feel my kupuna speaking over me that day,” he says, referring to the spirit of an honored elder, “telling me it was my kuleana [responsibility or privilege] to protect and preserve our land—our ‘āina. The support that American Savings Bank gives to Kupu provides opportunities like this for other youth and young adults to gain a different perspective on how they can give back to their community here in Hawaii. We could not serve Hawaii’s community the way we do without the support of ASB, and we are deeply honored to partner with them.”

Teranishi believes that involvement with nonprofits like Kupu also empowers the bank’s employees, giving them leadership opportunities, encouraging teamwork and allowing them to forge connections at work and within the community.     

“As much as we are grateful for the opportunities to support our community in various ways,” she says, “we gain just as much in return. Giving is truly a win-win situation for everyone, and we are so proud of our teammates’ commitment to take care of our customers, community and each other.”

Reference: https://www.independentbanker.org/article/2023/08/31/icba's-2022-national-community-bank-service-award-winners

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

BANK FOR EDUCATION: 
KEIKICO CONTEST

Our annual KeikiCo Contest is a business plan competition where students can showcase their best ideas to win $5,000 to $25,000 for their schools.

keikico

KeikiCo People's Choice Voting has Now Closed

Mahalo for your votes!
Check back on December 22, 2023 for our full list of 2023 KeikiCo winners!

HOW IT WORKS

  1. Open to the first 60 schools to submit their School Registration Form. Teams can be made of 2 to 5 students (teams of 5 are recommended to best evenly distribute the work).

  2. Competing divisions from public, private and charter schools in Hawaii:

    • Elementary (Grade 3-5), Middle (Grade 6-8) and High School (Grade 9-12)

  3. Cash Prizes for your school: $5,000, $15,000 or even $25,000. Prizes include:

    • First Place: $25,000 to the school of the winning team NEW! Students on First Place teams also have chance to win individual prizes of $250 - $500.

    • Second Place: $15,000 to the school of the winning team

    • People's Choice: $5,000 to the entry with the highest votes (one per division)

IMPORTANT DATES

Monday, Aug. 28: Contest officially begins!

Monday, Nov. 6 at 5:00 p.m. HST: Deadline for teams to submit Business Plans, Video Pitch link and all completed waivers.

Tuesday, Nov. 28: Notification to winning schools

Wednesday, Nov. 29 - Tuesday, Dec. 5: People’s Choice Voting

Thursday, Dec. 7 - Thursday, Dec. 21: Awards ceremonies at schools.

KEIKICO RESOURCES

Common Questions

CONTESTBUSINESS PLANVIDEO PITCH

CONTEST

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BUSINESS PLAN

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VIDEO PITCH

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American Savings Bank Reports Third Quarter 2023 Financial Results

ASB November 08, 2023 | 8 MINS read News Releases

$8.6 Million of Maui Wildfire-Related Expenses, Including $5.9 Million of Additional Provision. Solid Credit Quality and Capital Position. Liquidity Remains Strong.

American Savings Bank (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2023 net income of $11.4 million, compared to $20.2 million in the second quarter of 2023 and $20.8 million in the third quarter of 2022. Core net income1 for the third quarter of 2023 was $17.6 million.

“American Savings Bank continues to be well-positioned to support our community with a strong capital position, excellent credit quality, lending capacity and ample liquidity,” said Ann Teranishi, president and chief executive officer of ASB. “Despite the economic impacts of the wildfires, our customers and business have proved resilient. I’m very proud of our ASB teammates for delivering exceptional service through this difficult period. Our hearts are with the people of Maui, and we remain committed to supporting the recovery and rebuild effort.”

Financial Highlights

Third quarter 2023 net interest income was $62.6 million compared to $63.2 million in the second, or linked quarter of 2023 and $65.7 million in the third quarter of 2022. The lower net interest income compared to the linked and prior year quarters was primarily due to higher interest expense from rising deposit costs resulting from growth in higher yielding certificates of deposit. The lower net interest income compared to the prior year quarter also included higher interest expense from increased wholesale borrowings, and lower interest and dividends on investment securities. Net interest margin for the third quarter of 2023 was 2.70%, compared to 2.75% in the linked quarter, and 2.96% in the third quarter of last year.

The third quarter 2023 provision for credit losses was $8.8 million, compared to $0.04 million in the linked quarter and a $0.2 million negative provision for credit losses in the third quarter of 2022. The higher provision for credit losses for the quarter was primarily due to $5.9 million in additional credit reserves related to borrowers impacted by the Maui wildfires and the resulting economic disruption. As of September 30, 2023, ASB’s allowance for credit losses to outstanding loans was 1.23% compared to 1.13% as of June 30, 2023 and 1.24% as of September 30, 2022.

The net charge-off ratio for the third quarter of 2023 was 0.07%, compared to 0.14% in the linked quarter and 0.03% in the third quarter of 2022. Nonaccrual loans as a percentage of total loans receivable held for investment were 0.16%, compared to 0.22% in the linked quarter and 0.35% in the prior year quarter.

Noninterest income was $15.3 million in the third quarter of 2023 compared to $15.6 million in the linked quarter and $13.0 million in the third quarter of 2022. The decrease compared to the linked quarter was primarily due to a gain on sale of real estate recognized in the linked quarter and lower fee income, partially offset by higher bank-owned life insurance income. The increase compared to the prior year quarter was primarily due to higher bankowned life insurance income.

Noninterest expense was $56.3 million compared to $53.8 million in the linked quarter and $51.6 million in the third quarter of 2022. The increase compared to the linked and prior year quarters was primarily due to wildfire-related expenses incurred during the quarter, including $1.3 million in professional services costs and $1.0 million in other extraordinary expenses.

Total loans were $6.2 billion as of September 30, 2023, up 3.6% from December 31, 2022, primarily reflecting growth in the commercial real estate and residential mortgage portfolios.

Total deposits were $8.2 billion as of September 30, 2023, an increase of 0.7% from December 31, 2022. Core deposits declined 5.1%, while certificates of deposits increased 71.8%. As of September 30, 2023, 87% of deposits were F.D.I.C. insured or fully collateralized, up slightly from 86% as of June 30, 2023, with approximately 77% of deposits F.D.I.C. insured. For the third quarter of 2023, the average cost of funds was 1.02%, up 19 basis points versus the linked quarter and up 89 basis points versus the prior year quarter. Wholesale funding totaled $750 million as of September 30, 2023, unchanged from June 30, 2023.

For the third quarter of 2023, return on average equity was 9.2%, compared to 16.2% in the linked quarter and 15.1% in the third quarter of 2022. Return on average assets was 0.47% for the third quarter of 2023, compared to 0.84% in the linked quarter and 0.89% in the prior year quarter. Excluding Maui wildfire related costs, core returns on average equity and average assets2 were 14.3% and 0.73%, respectively.       

In the third quarter of 2023, ASB paid dividends of $14.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.7% as of September 30, 2023.

HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2023 GUIDANCE

Concurrent with ASB’s regulatory filing 30 days after the end of the quarter, ASB announced its third quarter 2023 financial results today. Please note that these reported results relate only to ASB and are not necessarily indicative of HEI’s consolidated financial results for the third quarter 2023.       

HEI plans to announce its third quarter 2023 consolidated financial results on Thursday, November 9, 2023 and will also conduct a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB’s earnings, and 2023 guidance.

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” subheading “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 November 23, 2023. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

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 in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s, Hawaiian Electric’s and ASB’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the Investor Relations section of the website. The information on HEI’s website is not incorporated by reference into this document or into 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 https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

NON-GAAP MEASURES

Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs. See “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and related GAAP reconciliations at the end of this release.

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, 2022 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, ASB 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.

  1. Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.
  2. Core returns on average equity and average assets are non-GAAP measures which exclude Maui wildfire-related after-tax costs. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.

MEDIA CONTACT       
Shara Aiu, American Savings Bank       
syaiu@asbhawaii.com

Irene Casina's headshot

Irene Casinas

Vice President  
Business Banker

 

American Savings Bank

NMLS #2543163  
Direct: (808) 539-7965  
icasinas@asbhawaii.com  
Branch served: Kahului, Kehalani Foodland and Kihei

Irene joins the Business Banking team with nearly 5 years of experience in the financial service industry. She is committed to offering an exceptional customer experience and making business dreams possible for her clients. Irene has extensive experience in building long-lasting relationships, which allows her to find the personalized solutions for her business customers.  

Her interests include cooking, traveling and spending quality time with family and friends.  

Irene holds an associate degree from the University of Hawaii Maui College. She is proficient in Spanish and Ilocano.

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ASB's Annual Statewide Volunteer Day on Five Islands Makes a Significant Impact on National Make a Difference Day

ASB October 28, 2023 | 2 MIN read Community

American Savings Bank (ASB) brought together hundreds of teammates, friends and family members across five islands on Saturday, Oct. 28, in honor of National Make a Difference Day. The annual statewide Seeds of Service volunteer event reflects ASB’s commitment to bring real impact to the community.

2023 ASB Seeds of Service

“For nearly a century, ASB has been dedicated to improving the lives of Hawaii’s residents, businesses and communities,” said Ann Teranishi, president and CEO at ASB. “Our annual statewide Seeds of Service volunteer day is a testament to our commitment to building a stronger Hawaii. I’m proud of our 1,100 teammates for continuing to create a lasting impact.” 

On this special day, ASB executives led the efforts of hundreds of volunteers across the five islands served by ASB, all united to enhance their local communities. The event included a variety of activities and projects, including:

  1. Oahu: Over 100 volunteers, including community partners Trust for Public Land, Honolulu Prosecuting Attorney Steve Alm and more, gathered at Aala Park and the surrounding Chinatown-Kalihi neighborhood, an area ASB is committed to revitalizing, for cleanup, beautification, painting, trash collection and graffiti removal.
  2. Maui: Volunteers assembled at Maui Gateway Distribution to organize critical wildfire relief resources, including food and essential supplies, for the community to rebuild and recover.
  3. Hawaii Island: Volunteers dedicated their efforts to Kealakehe High School and Ernest Bowen deSilva Elementary School, an ASB Bank for Education Ohana School, where they worked to beautify the schools.
  4. Molokai: On Molokai, volunteers gathered at Kualapuu School and focused on enhancing the school’s surroundings through painting, cleanup and more.
  5. Kauai: Kauai Foodbank received tremendous support from ASB volunteers, who devoted their time to food and supply distribution.

Since 2015, ASB teammates have committed 112,000 hours of volunteer service to Hawaii, reflecting a deep commitment to supporting Hawaii’s residents, businesses and communities. For more information on ASB’s key community programs, please visit: www.asbhawaii.com/about-us/our-community.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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What is a Home Equity Line of Credit (HELOC), and is it Right for Me?

ASB October 30, 2023 | 3 MIN read Personal

A HELOC is a line of credit that allows homeowners to borrow against the equity in their home. A HELOC is like a credit card, giving you the flexibility to make purchases up to your limit and only paying on the balance and interest on the amount you draw.    

So, what makes a HELOC different from other lines of credit? Typically, home equity lines have lower interest rates compared to other credit products since it is secured, using your home as collateral. Despite the uncertain interest rate environment, there may be promotional interest rates to encourage you to apply (see ASB’s promotional HELOC rates). If a HELOC suits your needs, here are some things that improve your likelihood of approval.

Homeowner doing renovations on home

Equity in your home

Since you’re using your home as collateral, the amount of equity helps to determine how much you can borrow. Your equity is calculated by subtracting your mortgage balance(s) from the market value of your home.    

Let’s say your home has a market value of $500,000 and your mortgage balance is $300,000, your equity is valued at $200,000, or 40%. Lenders generally require a minimum of 15-20% equity in the property.

Good Debt-to-Income (DTI) Ratio

Your DTI ratio is determined by your monthly income and monthly debt payments. Lenders use DTI to measure how much of your monthly income is going toward mortgage payments, credit cards, car loans, student loans, and other payments. Generally, a good DTI is below 43%. Estimate your DTI by using a DTI calculator online or old-school with pen and paper.    

DTI = (Total monthly debit payments / monthly income) x 100

Credit Score

Your credit score is a key determinant of your rate, payment structure, and approval. A credit score is a number that reflects your ability to manage debt, which lenders use to determine how likely you are to repay. According to an Experian article most lenders are looking for a credit score of 720 or more when approving HELOCs.

Documents

Documents, the bane of our existence. A complete set of documents helps to expedite your application across the finish line. To begin the approval process, please have the following documents as part of your application (your lender may ask for additional information):

  • Completed and signed HELOC application
  • Income documents, as applicable
    • Paystubs covering the most recent month
    • Last two years’ personal tax returns and W-2s
    • Social Security Award Letter or most recent 1099s
    • Pension, annuity, or retirement account statements
  • Insurance policies for fire, hurricane and flood, if applicable
  • Current mortgage statement for your home
  • If a trust has title to your real property, a copy of your trust documents (including all amendments and restatements)
  • Name of condo project and monthly maintenance fee, if applicable
  • Solar energy agreements, if applicable
  • Copy of the Final Closing Disclosure – if any of the following apply:
    • You sold a property in the last year
    • You purchased a property within the last three months
    • Refinanced a mortgage within the last three months

Once you have your required documents, you are ready to apply for your HELOC! A Home Equity Line of Credit is a powerful tool that gives you the flexibility to put your kids through school, start your dream renovation, or cover unexpected expenses life throws your way. Make an appointment with a ASB banker today to make your dreams a reality!

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