American Savings Bank

Operating in Hawaii since 1925, American Savings Bank, N.A. serves nearly 400,000 customers through 35 branches on five Hawaiian islands. It ranked third by assets among Hawaii-headquartered banks, with $9.0 billion of assets, $8.2 billion of deposits, $6.2 billion of loans, and $693 million of stockholders' equity as of 6/30/26, with approximately 14.2% of state deposit share as of 6/30/25. The company highlights a relationship-driven Hawaii franchise anchored by a granular, low-cost deposit base; cost of deposits was 0.69% in 2Q26, the lowest among Hawaii's four largest banks and in the 99th percentile of Nasdaq and NYSE-traded U.S. banks. Low-cost core deposits were 92% of the total at 6/30/26, with the deposit base consisting of savings (34.4%), noninterest-bearing checking (30.8%), interest-bearing checking (20.6%), time certificates (7.5%), and money market (6.7%). That base spans 440,000-plus accounts with an average balance of roughly $19,000 at a 14-year tenure, is 77% FDIC-insured and 83% tied to personal (68%) and small business (15%) customers, and supported a 76% loan-to-deposit ratio with no outstanding borrowings. Its $6.25 billion loan portfolio consisted of residential mortgage (44.0%), CRE (25.4%), HELOC (14.7%), C&I (10.6%), commercial construction (2.9%), and consumer (1.9%). Of that, 87.5% is real-estate secured at a 50.5% weighted-average LTV, and roughly 95% is collateralized by Hawaii real estate or was made to Hawaii borrowers at origination. While credit metrics were strong at 6/30/26 with NPLs at 0.19%, negligible net charge-offs, and a stable allowance for credit losses of $62 million (0.99% of loans), asset quality showed signs of stress in the 1H26 as criticized loans doubled in the first six months ($149.7mm). Its $1.9 billion securities portfolio, 98% US government or agency-guaranteed, yielded 2.37% at an estimated 4.0 duration. In 2025, a $735 million securities sale, a mainland consumer loan portfolio sale, and a pension plan termination produced $191 million of pre-tax losses, a $30 million GAAP net loss, and $101 million of adjusted net income. The company expects a quarterly cash dividend of $0.27 per share (6.7% yield).