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Hawaiian Electric Industries Q1 net income $34.2 million

Staff Writer |
Hawaiian Electric Industries (HEI) reported consolidated net income for common stock for the first quarter of 2017 of $34.2 million and diluted earnings per share (EPS) of $0.31 compared to $32.4 million and EPS of $0.30 for the first quarter of 2016.

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Core earnings were $34.2 million and core EPS1 of $0.31 in the first quarter of 2017 compared to $35.3 million and $0.33, respectively, in the first quarter of 2016.

American Savings Bank's (American) net income for the first quarter of 2017 was $15.8 million compared to $16.2 million in the fourth (or linked) quarter of 2016 and $12.7 million in the first quarter of 2016.

Compared to the first quarter of 2016, the $3.1 million increase was primarily driven by $3 million (after-tax) higher net interest income mainly due to growth in the commercial real estate and consumer loan portfolios as well as the deployment of strong deposit growth into our investment portfolio.

The holding and other companies' net losses were $3.1 million in the first quarter of 2017 compared to the $5.7 million net loss in the first quarter of 2016.

Excluding the Transaction Adjustments which totaled $1.5 million in the first quarter of 2016, holding and other companies' net losses were $3.1 million and $4.2 million in the first quarters of 2017 and 2016, respectively.

The lower net loss was primarily driven by tax benefits in the first quarter of 2017 related to the adoption of an accounting standard update on share-based compensation.


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