American Savings Bank Reports Third Quarter 2026 Net Income of $29.0 million, or $0.45 per Diluted Share and Declares Dividend

American Savings Bank, N.A. (NYSE: ASBH) (“ASB” or the “Bank”) today reported financial results for the quarter ended September 30, 2026.

Statement of Income

Net income for the quarter ended September 30, 2026, was $29.0 million, an increase of $1.8 million compared to the prior quarter and an increase of $9.0 million compared to the prior year. Excluding the $0.6 million net of tax impact of IPO-related expenses, net income would have been $29.6 million for the quarter ended September 30, 2026. Earnings per diluted share for the quarter ended September 30, 2026, was $0.45, an increase of $0.03 per diluted share compared to the prior quarter and an increase of $0.14 per diluted share compared to the prior year. Excluding the impact of IPO-related expenses, earnings per diluted share would have been $0.46 for the quarter ended September 30, 2026.

Net interest income for the quarter ended September 30, 2026, was $76.4 million, an increase of $1.2 million compared to the prior quarter and an increase of $4.7 million compared to the prior year. The increase compared to the prior quarter primarily reflects higher average loan balances and improved earning-asset yields, partially offset by lower average investment securities and interest-earning deposits in other financial institutions versus the comparable quarters.

Net interest margin for the quarter ended September 30, 2026, was 3.61%, an increase of 4 bps compared to the prior quarter and 15 bps compared to the prior year. The increase was driven primarily by higher investment securities, residential loan and consumer loan yields and continued run-off of higher rate time certificates versus comparable periods.

Provision for credit losses was $0.7 million for the quarter ended September 30, 2026, a decrease of $2.6 million compared to the prior quarter and an increase of $8.6 million compared to the prior year. The decrease from the prior quarter primarily reflects the absence of the provision recognized in the second quarter related to real estate-secured loans to a commercial relationship and headwinds within the hospitality sector. The year-over-year comparison reflects the $11.5 million reserve release associated with the consumer loan portfolio sale in the third quarter of 2025.

Noninterest income for the quarter ended September 30, 2026, was $21.0 million, a decrease of $2.8 million compared to the prior quarter and an increase of $18.6 million compared to the prior year. The decrease compared to the prior quarter primarily relates to a lower fair market value (“FMV”) adjustment related to bank-owned life insurance (“BOLI”). Excluding the FMV impact of BOLI, noninterest income would have been $1.3 million higher in the current quarter versus the prior quarter, driven primarily by higher service charges on deposit accounts, income from investment services and other income. The increase compared to the prior year was driven by the loss on sale of consumer loans recognized in the third quarter of 2025 when the Bank sold its portfolio of mainland solar and home improvement consumer loans.

Noninterest expense for the quarter ended September 30, 2026, was $59.0 million, a decrease of $2.1 million compared to the prior quarter and an increase of $1.0 million compared to the prior year. The decrease compared to the prior quarter primarily relates to a lower FMV adjustment related to the Bank’s deferred compensation liability included in Salaries and employee benefits. Excluding the FMV impact, noninterest expense would have increased $2.0 million compared to the prior quarter, driven primarily by higher salaries and employee benefits resulting from higher incentive accruals. Excluding the FMV impact, noninterest expense would have increased $3.8 million compared to the prior year, driven primarily by higher salaries and employee benefits and approximately $0.9 million of expenses related to our initial public offering.

The effective tax rate for the quarter ended September 30, 2026, was 23.0% compared to 21.6% in the prior quarter and 16.5% in the prior year. The increase in the effective tax rate was primarily due to higher pre-tax income and certain costs that are no longer deductible as a result of being a public company.

Balance Sheet

Total assets at September 30, 2026, were $8.9 billion, $112.2 million lower than June 30, 2026, and $141.9 million higher compared to September 30, 2025. The decrease from prior quarter primarily relates to a decrease in interest-bearing deposits in other financial institutions as well as modest declines in loans and investment securities.

Total deposits were $8.1 billion, a decrease of $137.6 million, or 1.7%, compared to prior quarter and an increase of 1.4% compared to prior year. Core deposits decreased $92.1 million compared to June 30, 2026, primarily due to a decrease in interest-bearing checking, partially offset by growth in noninterest-bearing checking and savings accounts. The cost of deposits for the third quarter of 2026 was 0.68%, a decrease of 1 bp from the second quarter and a decrease of 9 bps compared to the prior year.

Book value per common share and tangible book value per common share at September 30, 2026, were $10.64 per common share, compared to $10.65 per common share at June 30, 2026, and $9.93 per common share at September 30, 2025. The balance at quarter-end compared to prior quarter primarily reflects third quarter net income offset by dividends paid in the third quarter and an increase in accumulated other comprehensive loss related to fair value changes of available-for-sale investment securities. The increase compared to prior year primarily reflects net income during the trailing twelve months offset by dividends paid during the same period.

Asset Quality

Allowance for credit losses was $60.2 million, or 0.97% of total loans, net at September 30, 2026, compared to $61.5 million, or 0.99% of total loans, at June 30, 2026, and $56.0 million, or 0.92% of total loans, at September 30, 2025. Net charge-offs for the quarter ended September 30, 2026, were $1.8 million, or 0.11% as a percentage of average loans (annualized), compared to $0.1 million, or less than 1 bp, in the prior quarter and $1.1 million, or 0.07%, compared to the prior year. The decrease in the allowance and increase in charge-offs as of and for the quarter ended September 30, 2026, compared to the prior quarter included a partial charge-off of a nonperforming commercial construction loan.

Nonaccrual loans at September 30, 2026, were $12.6 million, or 0.20% of total loans, net of deferred loan fees and discounts, compared to $8.4 million, or 0.13%, at June 30, 2026, and $8.5 million, or 0.14%, at September 30, 2025.

Capital

Total stockholders’ equity was $691.7 million on September 30, 2026, compared to $692.5 million on June 30, 2026. The tier 1 leverage ratio was 9.24% at September 30, 2026, compared to 9.10% at June 30, 2026, and 8.93% at September 30, 2025.

On October 27, 2026, ASB’s Board of Directors declared a cash dividend on common stock of $0.27 per share of common stock to stockholders of record as of November 9, 2026. The dividend will be paid on November 20, 2026.

Conference Call and Webcast Details

ASB will host a conference call and webcast to discuss third quarter 2026 results and provide further business updates.

About American Savings Bank

ASB is a Hawaii-based, full-service community bank serving Hawaii’s consumers, businesses and communities since 1925. ASB makes dreams possible for Hawaii’s residents by offering products and services that encourage financial wellness, empower families to become homeowners and help businesses thrive. ASB operates a network of 35 branches and over 120 ATMs in the State of Hawaii. With one of the state’s highest-rated mobile apps for banking, ASB is available anytime, anywhere, making banking easier for our customers. ASB pairs its customer experience with an award-winning employee experience that has received local and national recognition, including being named a Best Place to Work in Hawaii for 16 years.

Visit www.asbhawaii.com for more information.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended). These statements reflect our current views with respect to, among other things, future operating results and financial position, our business strategy and plans and market growth. These statements are often, but not always, made through the use of words or phrases such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” or words or phrases of similar meaning, such as “will be positioned to.” These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions. Moreover, we operate in a competitive and changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For further information on some of these risk factors and important factors that could affect our future results and financial condition, see our filings with U.S. Office of the Comptroller of the Currency (“OCC”) including, but not limited to, our registration statement on Form S-1 that was declared effective by the OCC on September 15, 2026, relating to our initial public offering. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this presentation, except as required by law.