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

Higher lending margins and lower deposit costs accompanied rising problem-loan ratios and a sequential decline in deposits.

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

Highlights for the Third Quarter
Net Income	Diluted Earnings per Share	Net Interest Income	Net Interest Margin (NIM)	Cost of Deposits	Efficiency Ratio	Book Value per Share1
$29.0 million	$0.45	$76.4 million	3.61%	0.68%	60.6%	$10.64
$29.6 million as adjusted	$0.46 as adjusted
Executive Commentary
“We reached an important milestone in the third quarter with the completion of our initial public offering and are pleased to report results for the first time as a public company,” said Ann Teranishi, president and chief executive officer. “This achievement reflects our teammates’ hard work and dedication to supporting our customers and communities every day. We are proud to build on more than 100 years of serving Hawaii with a straightforward, reliable business model. Our results demonstrate the strength of our franchise, with quarter-over-quarter margin expansion, improved efficiency, and stronger earnings and capital ratios.”

Income Statement Highlights
(amounts in millions, except per share data)	Three Months Ended												Prior Quarter							Year-Over-Year
	September 30, 2026				June 30, 2026				September 30, 2025				$				%			$			%
Net income	$	29.0			$	27.2			$	20.0			$	1.8			6.7	%		$	9.0		45.2	%
Diluted earnings per share		0.45				0.42				0.31				0.03			7.1				0.14		45.2
Net interest income		76.4				75.2				71.7				1.2			1.5				4.7		6.5
Noninterest income		21.0				23.8				2.4				(2.8	)		(11.7	)			18.6		761.8
Noninterest expense		59.0				61.1				58.0				(2.1	)		(3.4	)			1.0		1.7
Balance Sheet Highlights
(amounts in millions, except per share data)	As of												Prior Quarter End							Year-Over-Year
	September 30, 2026				June 30, 2026				September 30, 2025				$				%			$			%
Total assets	$	8,936.9			$	9,049.2			$	8,795.0			$	(112.2	)		(1.2	)%		$	141.9		1.6	%
Investment securities		1,909.9				1,941.8				1,790.5				(31.9	)		(1.6	)			119.4		6.7
Loans receivable		6,214.7				6,238.5				6,090.5				(23.8	)		(0.4	)			124.2		2.0
Deposits		8,053.9				8,191.5				7,946.1				(137.6	)		(1.7	)			107.8		1.4
Book value per share1		10.64				10.65				9.93				(0.01	)		(0.1	)			0.71		7.2
Asset Quality Highlights
	As of												Prior Quarter							Year-Over-Year
	September 30, 2026				June 30, 2026				September 30, 2025				bps							bps
Allowance for credit losses to total loans, net		0.97	%			0.99	%			0.92	%		(2)							5
Nonperforming loans to total loans, net		0.29				0.19				0.19			10							10
Net charge-offs (annualized) to average loans		0.11				—				0.07			11							4
Other Financial Metrics
	Three Months Ended												Prior Quarter							Year-Over-Year
	September 30, 2026				June 30, 2026				September 30, 2025				bps							bps
Net interest margin		3.61	%			3.57	%			3.46	%		4							15
Return on avg. assets		1.29				1.21				0.91			8							38
Return on average tangible common equity		16.68				15.87				12.62			81							406
Efficiency ratio		60.6				61.7				78.3			(110)							(1,770)
Tier 1 leverage ratio		9.24				9.10				8.93			14							31
Tier 1 capital ratio		13.69				13.49				13.17			20							52
Total capital ratio		14.76				14.59				14.19			17							57
1 As of the periods presented, the Bank had no intangible assets and had an immaterial amount of preferred stock. Tangible book value is therefore substantially the same as book value.

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.

	Date: Friday, October 30, 2026
	Time: 2:00 P.M. Eastern | 1:00 P.M. Central | 11:00 A.M. Pacific | 8:00 A.M. Hawaii
	Participant Toll-Free Dial-in Number: 1-833-461-5787
	Participant International Dial-in Number: 1-585-542-9983
	Conference ID: 477 004 733
	Webcast URL: https://events.q4inc.com/attendee/477004733

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.

American Savings Bank, N.A.
Financial Highlights									Table 1
Amounts in thousands, except per share data; unaudited		As of or For the Three Months Ended																				Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
			2026				2026				2026				2025				2025				2026				2025
Operating Results
Net interest income		$	76,370			$	75,217			$	74,244			$	74,020			$	71,710			$	225,831			$	209,109
Provision (benefit) for credit losses			739				3,298				1,049				1,903				(7,816	)			5,086				(2,737	)
Noninterest income			21,046				23,827				20,103				22,836				2,442				64,976				(110,815	)
Noninterest expense			59,008				61,083				56,879				81,040				58,049				176,970				165,816
Net income (loss)			28,989				27,175				28,553				11,353				19,961				84,717				(41,547	)
Pre-tax, pre-provision income(1)			38,408				37,961				37,468				15,816				16,103				113,837				(67,522	)
Performance Ratios
Return on average assets(2)			1.29	%			1.21	%			1.27	%			0.51	%			0.91	%			1.26	%			(0.62	)%
Adjusted return on average assets(1)(2)			1.32				1.25				1.28				1.21				1.19				1.28				1.10
Return on average tangible common equity(1)(2)			16.68				15.87				16.91				6.86				12.62				16.48				(9.29	)
Adjusted return on average tangible common equity(1)(2)			17.04				16.36				17.05				16.26				16.52				16.81				16.62
Net interest margin(2)			3.61				3.57				3.55				3.55				3.46				3.58				3.29
Cost of deposits(2)			0.68				0.69				0.69				0.72				0.77				0.69				0.81
Efficiency ratio			60.6				61.7				60.3				83.7				78.3				60.9				168.7
Adjusted efficiency ratio(1)			59.7				60.5				60.0				61.7				61.7				60.1				61.9
Capital Ratios
Tier 1 leverage ratio			9.24	%			9.10	%			9.03	%			9.00	%			8.93	%
Tier 1 capital ratio			13.69				13.49				13.49				13.46				13.17
Total capital ratio			14.76				14.59				14.55				14.52				14.19
Common Stock Data3:
Basic earnings (loss) per share		$	0.45			$	0.42			$	0.44			$	0.17			$	0.31			$	1.30			$	(0.64	)
Diluted earnings (loss) per share		$	0.45			$	0.42			$	0.44			$	0.17			$	0.31			$	1.30			$	(0.64	)
Dividends declared per common share		$	0.27			$	0.27			$	0.27			$	—			$	—			$	0.81			$	—
Tangible book value per share		$	10.64			$	10.65			$	10.48			$	10.31			$	9.93
Weighted average common stock outstanding
Basic			64,998				64,998				64,998				64,998				64,998				64,998				64,998
Diluted			65,006				64,998				64,998				64,998				64,998				65,001				64,998
Average balances:
Average loans, including loans held for sale		$	6,221,377			$	6,175,040			$	6,091,422			$	6,099,090			$	6,112,552			$	6,163,089			$	6,091,062
Average earning assets		$	8,428,575			$	8,441,368			$	8,415,948			$	8,322,552			$	8,258,890			$	8,428,677			$	8,499,236
Average assets		$	8,988,897			$	8,995,938			$	8,969,324			$	8,879,842			$	8,795,986			$	8,984,791			$	8,983,526
Average deposits		$	8,118,001			$	8,143,415			$	8,123,212			$	8,028,080			$	7,969,399			$	8,128,190			$	8,012,120
(1) These are non-GAAP financial measures we believe are helpful in interpreting our financial results. For more information on non-GAAP measures and for a reconciliation to the most directly comparable GAAP financial measures, see Statement on Management’s Use of Non-GAAP Financial Measures.
(2) Ratios are presented on an annualized basis.
(3) Common stock data for the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, and the nine months ended September 30, 2026 and September 30, 2025, are adjusted for the Bank’s 7,222-to-1 forward split that became effective on September 15, 2026.

American Savings Bank, N.A.
Statements of Income (Loss) (unaudited)															Table 2
(amounts in thousands, except per share data)		Three Months Ended																		Nine Months Ended
		September 30,				June 30,			March 31,				December 31,			September 30,				September 30,
			2026				2026			2026			2025				2025				2026				2025
Interest income
Loans		$	77,249			$	75,814		$	74,407			$	75,742		$	75,443			$	227,470			$	224,375
Investment securities			12,395				12,537			11,619				10,810			9,781				36,551				30,092
Other			793				907			2,053				2,117			1,892				3,753				9,897
Total interest income			90,437				89,258			88,079				88,669			87,116				267,774				264,364
Interest expense
Deposits			13,945				14,020			13,835				14,649			15,405				41,800				48,565
Other borrowings			122				21			—				—			1				143				6,690
Total interest expense			14,067				14,041			13,835				14,649			15,406				41,943				55,255
Net interest income			76,370				75,217			74,244				74,020			71,710				225,831				209,109
Provision (benefit) for credit losses			739				3,298			1,049				1,903			(7,816	)			5,086				(2,737	)
Net interest income after provision (benefit) for credit losses			75,631				71,919			73,195				72,117			79,526				220,745				211,846
Noninterest income
Service charges on deposit accounts			5,430				4,935			4,771				5,277			5,144				15,136				14,698
Other service charges and fees			8,252				8,276			8,224				8,519			8,200				24,752				23,789
Income from investment services			4,283				3,997			3,684				3,906			3,682				11,964				10,345
Mortgage banking income			263				187			206				194			147				656				554
Bank-owned life insurance			1,683				5,730			2,497				4,239			4,455				9,910				7,375
Loss on sale of investment securities, net			—				—			—				—			—				—				(149,869	)
Loss on sale of consumer loans			—				—			—				—			(19,918	)			—				(19,918	)
Other income, net			1,135				702			721				701			732				2,558				2,211
Total noninterest income			21,046				23,827			20,103				22,836			2,442				64,976				(110,815	)
Noninterest expense
Salaries and employee benefits			33,033				35,881			33,291				34,650			33,198				102,205				93,448
Occupancy			5,421				5,507			5,377				5,753			5,921				16,305				16,633
Data processing			5,614				5,668			5,492				5,781			5,532				16,774				16,392
Services			2,877				2,720			2,443				3,005			2,895				8,040				8,247
Equipment			2,314				2,287			2,273				2,292			2,253				6,874				6,964
FDIC insurance			1,043				1,079			1,076				1,363			1,394				3,198				4,772
Marketing			1,070				862			852				1,248			1,228				2,784				3,190
Office supplies, printing and postage			1,001				1,188			1,093				1,024			1,121				3,282				3,210
Pension plan settlement			—				—			(717	)			21,275			—				(717	)			—
Other expense			6,635				5,891			5,699				4,649			4,507				18,225				12,960
Total noninterest expense			59,008				61,083			56,879				81,040			58,049				176,970				165,816
Income (loss) before income taxes			37,669				34,663			36,419				13,913			23,919				108,751				(64,785	)
Income tax expense (benefit)			8,680				7,488			7,866				2,560			3,958				24,034				(23,238	)
Net income (loss)		$	28,989			$	27,175		$	28,553			$	11,353		$	19,961			$	84,717			$	(41,547	)
Per common share data1:
Basic earnings (loss) per share		$	0.45			$	0.42		$	0.44			$	0.17		$	0.31			$	1.30			$	(0.64	)
Diluted earnings (loss) per share		$	0.45			$	0.42		$	0.44			$	0.17		$	0.31			$	1.30			$	(0.64	)
Basic weighted-average shares outstanding			64,998				64,998			64,998				64,998			64,998				64,998				64,998
Diluted weighted-average shares outstanding			65,006				64,998			64,998				64,998			64,998				65,001				64,998
Dividends declared per common share		$	0.27			$	0.27		$	0.27			$	—		$	—			$	0.81			$	—
Supplemental information
FMV adjustment included in Bank-owned life insurance		$	(297	)		$	3,815		$	635			$	1,212		$	2,591			$	4,153			$	1,916
FMV adjustment on deferred comp liability included in Salaries and employee benefits		$	(297	)		$	3,827		$	981			$	1,242		$	2,571			$	4,511			$	2,088
(1) Common stock data for the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, and the nine months ended September 30, 2026 and September 30, 2025, are adjusted for the Bank’s 7,222-to-1 forward split that became effective on September 15, 2026.

American Savings Bank, N.A.
Balance Sheets (unaudited)									Table 3
(dollars in thousands)		As of
		September 30,				June 30,				March 31,				December 31,				September 30,
			2026				2026				2026				2025				2025
Assets
Cash and due from banks		$	165,047			$	145,718			$	133,593			$	112,962			$	123,680
Interest-bearing deposits in other financial institutions			9,357				83,168				94,873				286,993				152,382
Cash and cash equivalents			174,404				228,886				228,466				399,955				276,062
Investment Securities
Available-for-sale, at fair value			847,996				865,754				938,614				755,884				676,959
Held-to-maturity, at amortized cost			1,061,892				1,076,007				1,089,344				1,101,853				1,113,537
Federal Home Loan Bank and Federal Reserve Bank stock, at cost			17,588				16,179				16,179				16,366				5,575
Loans held for sale, at lower of cost or fair value			1,084				4,485				—				4,723				1,776
Loans held for investment			6,214,714				6,238,473				6,147,761				6,083,247				6,090,536
Allowance for credit losses			(60,220	)			(61,535	)			(58,292	)			(57,557	)			(56,008	)
Net loans held for investment			6,154,494				6,176,938				6,089,469				6,025,690				6,034,528
Premises and equipment, net			171,143				172,404				173,705				174,956				175,435
Bank-owned life insurance			220,255				218,567				212,836				210,340				211,395
Accrued interest receivable			30,440				30,261				30,525				29,435				28,800
Mortgage servicing rights, net			5,970				6,183				6,361				6,579				6,802
Deferred tax asset			120,111				115,919				111,155				111,415				110,632
Other assets			131,555				137,577				146,055				142,290				153,491
Total assets		$	8,936,932			$	9,049,160			$	9,042,709			$	8,979,486			$	8,794,992
Liabilities and stockholders' equity
Liabilities:
Noninterest-bearing		$	2,533,312			$	2,524,356			$	2,523,695			$	2,498,000			$	2,454,299
Interest-bearing			5,520,613				5,667,132				5,676,119				5,639,022				5,491,833
Total deposits			8,053,925				8,191,488				8,199,814				8,137,022				7,946,132
Other borrowings			31,300				—				—				—				—
Other liabilities			159,964				165,176				161,425				172,588				203,719
Total liabilities		$	8,245,189			$	8,356,664			$	8,361,239			$	8,309,610			$	8,149,851
Stockholders' equity:
Preferred stock		$	5			$	5			$	5			$	5			$	—
Common stock			9				9				9				9				9
Additional paid-in capital			360,431				359,704				359,704				359,704				359,704
Accumulated other comprehensive loss, net of tax benefits			(147,082	)			(134,118	)			(135,474	)			(136,020	)			(149,397	)
Retained earnings			478,380				466,896				457,226				446,178				434,825
Total stockholders' equity			691,743				692,496				681,470				669,876				645,141
Total liabilities and stockholders' equity		$	8,936,932			$	9,049,160			$	9,042,709			$	8,979,486			$	8,794,992

American Savings Bank, N.A.
Average Balances and Net Interest Margin (Quarter-to-Date)																					Table 4A
Amounts in thousands; unaudited		Three Months Ended										Three Months Ended										Three Months Ended
		September 30, 2026										June 30, 2026										September 30, 2025
		Average Balance				Interest income / expense			Yield / Rate(5)			Average Balance				Interest income / expense			Yield / Rate(5)			Average Balance				Interest income / expense			Yield / Rate(5)
Assets
Interest-earning deposits		$	54,951			$	515		3.66	%		$	71,884			$	662		3.65	%		$	161,501			$	1,803		4.37	%
FHLB and FRB stock			16,719				278		6.63				16,274				245		6.02				5,575				89		6.34
Investment securities
Taxable			2,072,793				12,056		2.33				2,114,688				12,190		2.31				1,914,629				9,410		1.96
Non-taxable			62,735				429		2.71				63,482				439		2.75				64,633				470		2.88
Total investment securities			2,135,528				12,485		2.34				2,178,170				12,629		2.32				1,979,262				9,880		1.99
Loans
Residential			2,760,053				30,136		4.37				2,737,131				29,573		4.32				2,633,196				27,501		4.18
Commercial real estate			1,575,008				19,540		4.88				1,573,001				19,402		4.89				1,451,276				18,367		4.97
Home equity line of credit			913,856				10,822		4.70				923,577				10,735		4.66				945,742				11,230		4.71
Residential land			14,165				299		8.44				13,671				288		8.45				16,901				345		8.16
Commercial construction			197,741				3,205		6.37				186,216				3,123		6.66				209,974				3,841		7.19
Commercial & industrial			643,030				9,130		5.60				629,432				8,850		5.61				658,796				9,776		5.85
Consumer			117,524				4,351		14.69				112,012				4,064		14.55				196,667				4,644		9.38
Total loans(1)(2)			6,221,377				77,483		4.94				6,175,040				76,035		4.92				6,112,552				75,704		4.91
Total interest-earning assets(3)			8,428,575				90,761		4.28	%			8,441,368				89,571		4.24				8,258,890				87,476		4.20
Allowance for credit losses			(62,377	)									(58,844	)									(61,624	)
Noninterest-earning assets			622,699										613,414										598,720
Total assets		$	8,988,897									$	8,995,938									$	8,795,986
Liabilities and stockholders' equity
Interest-bearing deposits
Savings		$	2,833,597			$	3,977		0.56	%		$	2,812,175			$	3,834		0.55	%		$	2,760,548			$	3,617		0.52	%
Interest-bearing checking			1,604,662				3,320		0.82				1,642,161				3,317		0.81				1,472,253				2,830		0.76
Money market			563,408				3,455		2.43				549,705				3,311		2.42				530,324				4,173		3.12
Time certificates			598,185				3,193		2.12				635,176				3,558		2.25				729,554				4,785		2.60
Total interest-bearing deposits			5,599,852				13,945		0.99				5,639,217				14,020		1.00				5,492,679				15,405		1.11
Advances from Federal Home Loan Bank			12,004				122		3.99				2,104				21		3.84				11				1		4.50
Federal Funds Purchased			11				—		3.75				—				—		—				11				—		4.50
Total interest-bearing liabilities			5,611,867				14,067		0.99	%			5,641,321				14,041		1.00	%			5,492,701				15,406		1.11	%
Noninterest-bearing liabilities
Deposits			2,518,149										2,504,198										2,476,720
Other			163,529										165,601										194,130
Stockholders' equity			695,352										684,818										632,435
Total liabilities and stockholders' equity		$	8,988,897									$	8,995,938									$	8,795,986
Net interest income						$	76,694									$	75,530									$	72,070
Net interest margin (%)(4)									3.61	%									3.57	%									3.46	%
Supplemental Information
Total deposits including non-interest bearing		$	8,118,001						0.68	%		$	8,143,415						0.69	%		$	7,969,399						0.77	%
(1) Includes loans held for sale, at lower of cost or fair value, of $3.1 million, $2.5 million and $25.3 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(2) Includes recognition of net deferred loan fees of $0.4 million, $0.3 million and $0.6 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, together with interest accrued prior to suspension of interest accrual on nonaccrual loans. Includes nonaccrual loans.
(3) Interest income and yield are expressed on a taxable-equivalent basis. Taxable-equivalent adjustments were $0.3 million, $0.3 million and $0.4 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025.
(4) Annualized net interest income and expense are based on the day count convention at the interest-earning asset or interest-bearing liability level and is divided by average interest-earning assets.
(5) Average yields and costs are presented on an annualized basis.

American Savings Bank, N.A.
Analysis of Change in Net Interest Income		Table 4B
Amounts in thousands; unaudited		Three Months Ended September 30, 2026
		Compared to June 30, 2026
		Rate				Volume				Total
Change in interest income(1)
Interest-earning deposits		$	2			$	(149	)		$	(147	)
FHLB and FRB stock			26				7				33
Investment securities
Taxable			112				(246	)			(134	)
Non-taxable			(5	)			(5	)			(10	)
Total investment securities			107				(251	)			(144	)
Loans
Residential mortgage(2)			327				236				563
Commercial real estate			54				84				138
Home equity line of credit			141				(54	)			87
Residential land			—				11				11
Commercial construction			(124	)			206				82
Commercial & industrial			(8	)			288				280
Consumer			46				241				287
Total loans			436				1,012				1,448
Total change in interest income		$	571			$	619			$	1,190
Change in interest expense
Interest-bearing deposits
Savings		$	(101	)		$	(42	)		$	(143	)
Interest-bearing checking			(55	)			52				(3	)
Money market			(21	)			(123	)			(144	)
Time certificates			182				183				365
Total interest-bearing deposits			5				70				75
Other borrowings
Advances from Federal Home Loan Bank			(1	)			(100	)			(101	)
Federal Funds Purchased			—				—				—
Total change in interest expense			4				(30	)			(26	)
Change in net interest income		$	575			$	589			$	1,164
(1) The taxable-equivalent basis adjustments were not material.
(2) Includes residential construction loan interest income.

American Savings Bank, N.A.
Analysis of Change in Net Interest Income		Table 4C
Amounts in thousands; unaudited		Three Months Ended September 30, 2026
		Compared to September 30, 2025
		Rate				Volume				Total
Change in interest income(1)
Interest-earning deposits		$	(255	)		$	(1,033	)		$	(1,288	)
FHLB and FRB stock			4				185				189
Investment securities
Taxable			1,826				820				2,646
Non-taxable			(27	)			(14	)			(41	)
Total investment securities			1,799				806				2,605
Loans
Residential mortgage(2)			1,279				1,356				2,635
Commercial real estate			(334	)			1,507				1,173
Home equity line of credit			(25	)			(383	)			(408	)
Residential land			12				(58	)			(46	)
Commercial construction			(420	)			(216	)			(636	)
Commercial & industrial			(414	)			(232	)			(646	)
Consumer			(122	)			(171	)			(293	)
Total loans			(24	)			1,803				1,779
Total change in interest income		$	1,524			$	1,761			$	3,285
Change in interest expense
Interest-bearing deposits
Savings		$	(267	)		$	(93	)		$	(360	)
Interest-bearing checking			(229	)			(261	)			(490	)
Money market			965				(247	)			718
Time certificates			806				786				1,592
Total interest-bearing deposits			1,275				185				1,460
Other borrowings
Advances from FHLB			—				(121	)			(121	)
Total change in interest expense			1,275				64				1,339
Change in net interest income		$	2,799			$	1,825			$	4,624
(1) The taxable-equivalent basis adjustments were not material.
(2) Includes residential construction loan interest income.

American Savings Bank, N.A.
Average Balances and Net Interest Margin (Year-to-Date)											Table 4D
Amounts in thousands; unaudited		Nine Months Ended										Nine Months Ended
		September 30, 2026										September 30, 2025
		Average Balance				Interest income / expense			Yield / Rate(5)			Average Balance				Interest income / expense			Yield / Rate(5)
Assets
Interest-earning deposits		$	107,915			$	2,986		3.65	%		$	270,828			$	9,020		4.39	%
FHLB and FRB stock			16,453				767		6.22				13,935				877		8.41
Investment securities
Taxable			2,077,860				35,517		2.28				2,058,402				28,975		1.88
Non-taxable			63,360				1,309		2.74				65,009				1,414		2.89
Total investment securities			2,141,220				36,826		2.29				2,123,411				30,389		1.91
Loans
Residential mortgage			2,747,766				89,256		4.33				2,625,107				81,917		4.16
Commercial real estate			1,545,597				57,011		4.88				1,440,884				55,043		5.05
Home equity line of credit			923,291				32,219		4.67				948,370				32,918		4.64
Residential land			13,954				880		8.41				16,832				961		7.61
Commercial construction			192,579				9,635		6.63				201,869				10,713		7.03
Commercial & industrial			625,870				26,720		5.68				653,187				28,743		5.85
Consumer			114,032				12,417		14.56				204,813				14,776		9.64
Total loans(1)(2)			6,163,089				228,138		4.93				6,091,062				225,071		4.92
Total interest-earning assets(3)			8,428,677				268,717		4.24	%			8,499,236				265,357		4.15
Allowance for credit losses			(59,716	)									(63,452	)
Noninterest-earning assets			615,830										547,742
Total assets		$	8,984,791									$	8,983,526
Liabilities and stockholders' equity
Interest-bearing deposits
Savings		$	2,811,817			$	11,480		0.55	%		$	2,722,451			$	9,623		0.47	%
Interest-bearing checking			1,624,212				9,627		0.79				1,474,845				8,339		0.76
Money market			557,884				10,136		2.43				514,662				12,065		3.13
Time certificates			631,658				10,557		2.23				825,398				18,538		3.00
Total interest-bearing deposits			5,625,571				41,800		0.99				5,537,356				48,565		1.17
Advances from Federal Home Loan Bank			4,751				143		3.96				184,179				6,690		4.79
Federal funds purchased			7				—		3.75				4				—		4.50
Total interest-bearing liabilities			5,630,329				41,943		1.00	%			5,721,539				55,255		1.29	%
Noninterest-bearing liabilities
Deposits			2,502,619										2,474,764
Other			166,551										190,997
Stockholders' equity			685,292										596,226
Total liabilities and stockholders' equity		$	8,984,791									$	8,983,526
Net interest income						$	226,774									$	210,102
Net interest margin (%)(4)									3.58	%									3.29	%
Supplemental Information
Total deposits including non-interest bearing		$	8,128,190						0.69	%		$	8,012,120						0.81	%
(1) Includes loans held for sale, at lower of cost or fair value, of $2.6 million and $9.5 million for the nine months ended September 30, 2026 and 2025, respectively.
(2) Includes recognition of net deferred loan fees of $1.4 million and $1.7 million for the nine months ended September 30, 2026 and 2025, respectively, together with interest accrued prior to suspension of interest accrual on nonaccrual loans. Includes nonaccrual loans.
(3) Interest income and yield are expressed on a taxable-equivalent basis. Taxable-equivalent basis adjustments were $0.9 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively.
(4) Annualized net interest income and expense are based on the day count convention at the interest-earning asset or interest-bearing liability level and is divided by average interest-earning assets.
(5) Average yields and costs are presented on an annualized basis.

American Savings Bank, N.A.
Analysis of Change in Net Interest Income		Table 4E
Amounts in thousands; unaudited		Nine Months Ended September 30, 2026
		Compared to September 30, 2025
		Rate				Volume				Total
Change in interest income(1)
Interest-earning deposits		$	(1,321	)		$	(4,713	)		$	(6,034	)
FHLB and FRB stock			(252	)			142				(110	)
Investment securities
Taxable			6,248				294				6,542
Non-taxable			(71	)			(34	)			(105	)
Total investment securities			6,177				260				6,437
Loans
Residential mortgage(2)			3,424				3,915				7,339
Commercial real estate			(1,888	)			3,856				1,968
Home equity line of credit			206				(905	)			(699	)
Residential land			95				(176	)			(81	)
Commercial construction			(597	)			(481	)			(1,078	)
Commercial & industrial			(830	)			(1,193	)			(2,023	)
Consumer			(700	)			(1,659	)			(2,359	)
Total loans			(290	)			3,357				3,067
Total change in interest income		$	4,314			$	(954	)		$	3,360
Change in interest expense
Interest-bearing deposits
Savings		$	(1,556	)		$	(301	)		$	(1,857	)
Interest-bearing checking			(362	)			(926	)			(1,288	)
Money market			2,874				(945	)			1,929
Time certificates			4,200				3,781				7,981
Total interest-bearing deposits			5,156				1,609				6,765
Other borrowings
Advances from Federal Home Loan Bank			989				5,558				6,547
Total change in interest expense			6,145				7,167				13,312
Change in net interest income		$	10,459			$	6,213			$	16,672
(1) The taxable-equivalent basis adjustments were not material.
(2) Includes residential construction loan interest income.

American Savings Bank, N.A.
Loans Receivable Held for Investment										Table 5
		September 30,				June 30,				March 31,				December 31,				September 30,
Amounts in thousands; unaudited			2026				2026				2026				2025				2025
Real estate loans:
Residential mortgage		$	2,750,382			$	2,745,794			$	2,726,230			$	2,739,266			$	2,664,847
Commercial real estate			1,569,377				1,586,748				1,555,263				1,484,535				1,463,763
Home equity line of credit			905,074				915,405				924,051				933,990				945,642
Residential land			13,170				14,579				13,531				14,609				16,017
Commercial construction			211,155				183,325				181,599				195,600				221,916
Residential construction			18,547				17,981				17,457				17,312				14,790
Total real estate loans			5,467,705				5,463,832				5,418,131				5,385,312				5,326,975
Commercial & industrial			642,824				661,964				625,579				591,316				654,865
Consumer			113,578				121,811				113,079				115,742				117,125
Total loans			6,224,107				6,247,607				6,156,789				6,092,370				6,098,965
Deferred loan fees and discounts			(9,393	)			(9,134	)			(9,028	)			(9,123	)			(8,429	)
Total loans, net		$	6,214,714			$	6,238,473			$	6,147,761			$	6,083,247			$	6,090,536

Deposit Liabilities by Type								Table 6
		September 30,			June 30,			March 31,			December 31,			September 30,
Amounts in thousands; unaudited		2026			2026			2026			2025			2025
Core deposits
Noninterest-bearing checking		$	2,533,312		$	2,524,356		$	2,523,695		$	2,498,000		$	2,454,299
Interest-bearing checking			1,595,557			1,682,538			1,664,709			1,664,668			1,486,734
Savings			2,824,243			2,817,266			2,801,745			2,775,842			2,757,629
Money market			529,441			550,532			554,843			523,870			533,623
Total core deposits			7,482,553			7,574,692			7,544,992			7,462,380			7,232,285
Time certificates			571,372			616,796			654,822			674,642			713,847
Total deposit liabilities		$	8,053,925		$	8,191,488		$	8,199,814		$	8,137,022		$	7,946,132

American Savings Bank, N.A.
Loans Past Due and Nonaccrual Loans				Table 7
		September 30,			June 30,			March 31,			December 31,			September 30,
Amounts in thousands; unaudited		2026			2026			2026			2025			2025
Loans past due
Residential mortgage		$	11,945		$	9,954		$	7,864		$	14,623		$	8,560
Commercial real estate			—			—			—			110			—
Home equity line of credit			5,206			5,019			4,971			5,564			3,838
Residential land			—			—			—			—			—
Commercial construction			4,145			25,000			—			—			—
Residential construction			—			—			—			—			—
Commercial & Industrial			611			353			95			94			282
Consumer			1,998			1,756			2,135			2,343			2,018
Total loans past due		$	23,905		$	42,082		$	15,065		$	22,734		$	14,698
Loans past due 90 days or more and accruing
Residential mortgage		$	5,757		$	3,506		$	3,351		$	2,481		$	2,964
Commercial real estate			—			—			—			—			—
Home equity line of credit			—			—			—			—			—
Residential land			—			—			—			—			—
Commercial construction			—			—			—			—			—
Residential construction			—			—			—			—			—
Commercial & Industrial			—			—			—			—			—
Consumer			—			—			—			—			—
Total loans past due 90 days or more and accruing		$	5,757		$	3,506		$	3,351		$	2,481		$	2,964
Nonaccrual loans
Residential mortgage		$	2,309		$	2,197		$	2,222		$	5,418		$	2,866
Commercial real estate			—			—			—			—			—
Home equity line of credit			5,080			5,170			5,287			4,643			4,357
Residential land			—			—			—			—			—
Commercial construction			4,145			—			—			14,962			—
Residential construction			—			—			—			—			—
Commercial & Industrial			143			129			87			120			105
Consumer			893			915			1,107			1,107			1,194
Total nonaccrual loans		$	12,570		$	8,411		$	8,703		$	26,250		$	8,522
Total loans, net		$	6,214,714		$	6,238,473		$	6,147,761		$	6,083,247		$	6,090,536

American Savings Bank, N.A.
Reserve for Credit Losses									Table 8
(unaudited)		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
(Dollars in thousands)			2026				2026				2026				2025				2025
Balance at beginning of period		$	66,735			$	63,492			$	62,757			$	61,208			$	70,128
Provision (benefit) for credit losses			739				3,298				1,049				1,903				(7,816	)
Charge-offs
Residential mortgage			—				—				—				—				—
Commercial real estate			—				—				—				—				—
Home equity line of credit			—				—				—				15				—
Residential land			—				—				—				—				—
Commercial construction			2,126				—				—				—				—
Residential construction			—				—				—				—				—
Total real estate charge-offs			2,126				—				—				15				—
Commercial & industrial			178				10				84				177				61
Consumer			1,261				1,345				1,437				1,398				2,341
Total charge-offs			3,565				1,355				1,521				1,590				2,402
Recoveries
Residential mortgage			42				18				4				4				4
Commercial real estate			—				—				—				—				—
Home equity line of credit			14				120				7				7				22
Residential land			101				29				1				—				—
Commercial construction			—				—				—				—				—
Residential construction			—				—				—				—				—
Total real estate recoveries			157				167				12				11				26
Commercial & industrial			621				317				297				370				383
Consumer			1,033				816				898				855				889
Total recoveries			1,811				1,300				1,207				1,236				1,298
Net charge-offs			1,754				55				314				354				1,104
Balance at end of period		$	65,720			$	66,735			$	63,492			$	62,757			$	61,208
Components:
Allowance for credit losses - loans		$	60,220			$	61,535			$	58,292			$	57,557			$	56,008
Reserve for unfunded commitments			5,500				5,200				5,200				5,200				5,200
Total reserve for credit losses		$	65,720			$	66,735			$	63,492			$	62,757			$	61,208
Ratios
Allowance for credit losses / total loans, net			0.97	%			0.99	%			0.95	%			0.95	%			0.92	%
Net charge-offs (annualized) / average total loans, net			0.11				—				0.02				0.02				0.07

Statement on Management’s Use of Non-GAAP Financial Measures

To supplement the financial statements prepared and presented in accordance with GAAP, the Bank uses certain non-GAAP financial measures, as described below, to facilitate analysis of financial and business trends and for internal planning and forecasting purposes. We are presenting these non-GAAP financial measures because we believe, when taken collectively, they may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations or outlook.

However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for the financial statements presented in accordance with GAAP.

The Bank presents the following non-GAAP financial measures in this document:

• Adjusted noninterest income
• Adjusted noninterest expense
• Adjusted net income and Adjusted diluted earnings per share
• Pre-tax, pre-provision income
• Adjusted return on average assets
• Return on average tangible common equity and Adjusted return on average tangible common equity
• Adjusted Revenue
• Adjusted efficiency ratio

Reconciliations and explanations of each non-GAAP measure are described below. Each of the non-GAAP financial measures presented should be considered in context with GAAP financial results.

Adjusted noninterest income

Adjusted noninterest income is defined as noninterest income excluding loss on sale of investment securities and loss on sale of consumer loans. These adjustments resulted from certain balance sheet repositioning activities during the periods presented that we consider to be outside of the ordinary course of business. We believe this measure allows investors to assess our noninterest income, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest income to the most directly comparable financial measure, Noninterest income, is below.

Amounts in thousands; unaudited		Three Months Ended															Nine Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026				2025
Noninterest income		$	21,046		$	23,827		$	20,103		$	22,836		$	2,442		$	64,976		$	(110,815	)
Loss on sale of investment securities, net			—			—			—			—			—			—			149,869
Loss on sale of consumer loans			—			—			—			—			19,918			—			19,918
Adjusted noninterest income		$	21,046		$	23,827		$	20,103		$	22,836		$	22,360		$	64,976		$	58,972

Adjusted noninterest expense

Adjusted noninterest expense is defined as noninterest expense excluding pension plan settlement and IPO professional services and other related expense. The pension plan settlement is related to the termination of the ASB Retirement Plan in the fourth quarter of 2025. We believe this measure allows investors to assess our noninterest expense, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest expense to the most directly comparable financial measure, Noninterest expense, is below.

Amounts in thousands; unaudited		Three Months Ended																			Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,			September 30,
			2026				2026				2026				2025				2025			2026			2025
Noninterest expense		$	59,008			$	61,083			$	56,879			$	81,040			$	58,049		$	176,970			$	165,816
Pension plan settlement			—				—				717				(21,275	)			—			717				—
IPO professional services and other related expense			(870	)			(1,138	)			(1,037	)			—				—			(3,045	)			—
Adjusted noninterest expense		$	58,138			$	59,945			$	56,559			$	59,765			$	58,049		$	174,642			$	165,816

Adjusted net income and Adjusted diluted earnings per share

Adjusted net income is defined as net income, excluding loss on sale of investment securities, loss on sale of consumer loans, pension plan settlement and IPO professional services and other related expense, net of taxes. These adjustments resulted from certain strategic activities during the periods presented that we consider to be outside of the ordinary course of business. A reconciliation of Adjusted net income and Adjusted diluted earnings per share to the most directly comparable financial measure, Net income (loss), is below.

Amounts in thousands, except per share amounts; unaudited		Three Months Ended																				Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
			2026				2026				2026				2025				2025				2026				2025
Net income (loss)		$	28,989			$	27,175			$	28,553			$	11,353			$	19,961			$	84,717			$	(41,547	)
Loss on sale of investment securities, net			—				—				—				—				—				—				149,869
Loss on sale of consumer loans			—				—				—				—				19,918				—				19,918
IPO professional services and other related expense			870				1,138				1,037				—				—				3,045				—
Pension plan settlement			—				—				(717	)			21,275				—				(717	)			—
Release of allowance for credit losses - sale of consumer loans			—				—				—				—				(11,500	)			—				(11,500	)
Non-GAAP pre-tax adjustments			870				1,138				320				21,275				8,418				2,328				158,287
Tax effect of Non-GAAP adjustments			(233	)			(305	)			(86	)			(5,702	)			(2,256	)			(624	)			(42,421	)
Adjusted net income		$	29,626			$	28,008			$	28,787			$	26,926			$	26,123			$	86,421			$	74,319
Diluted earnings per share		$	0.45			$	0.42			$	0.44			$	0.17			$	0.31			$	1.30			$	(0.64	)
Per share impact of Non-GAAP adjustments (after-tax)			0.01		0		0.01				—				0.24				0.09				0.03				1.78
Adjusted diluted earnings per share		$	0.46			$	0.43			$	0.44			$	0.41			$	0.40			$	1.33			$	1.14
Diluted weighted-average common stock outstanding		$	65,006			$	64,998			$	64,998			$	64,998			$	64,998			$	65,001			$	64,998

Pre-tax, pre-provision income

Pre-tax, pre-provision income is defined as net income, excluding income tax expense (benefit) and provision (benefit) for credit losses. We believe this measure provides investors with useful and comparative information to assess trends in the Bank's core operations reflected in the quarter's results. A reconciliation of Pre-tax, pre-provision income to the most directly comparable financial measure, Net income (loss), is below.

Amounts in thousands; unaudited		Three Months Ended																Nine Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,				September 30,
		2026			2026			2026			2025			2025				2026				2025
Net income (loss)		$	28,989		$	27,175		$	28,553		$	11,353		$	19,961			$	84,717		$	(41,547	)
Income tax expense (benefit)			8,680			7,488			7,866			2,560			3,958				24,034			(23,238	)
Provision (benefit) for credit losses			739			3,298			1,049			1,903			(7,816	)			5,086			(2,737	)
Pre-tax, pre-provision income		$	38,408		$	37,961		$	37,468		$	15,816		$	16,103			$	113,837		$	(67,522	)

Return on average assets and Adjusted return on average assets

Return on average total assets is defined as the ratio of annualized net income divided by average assets for the respective period. We believe this ratio measures our ability to generate profits from our assets. Adjusted return on average total assets is defined as the ratio of adjusted net income divided by average assets. We believe this ratio measures our ability to generate profits from our assets, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average assets and Adjusted return on average assets is below.

Amounts in thousands; unaudited		Three Months Ended																				Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
		2026				2026				2026				2025				2025				2026				2025
Net income (loss)		$	28,989			$	27,175			$	28,553			$	11,353			$	19,961			$	84,717			$	(41,547	)
Adjusted net income		$	29,626			$	28,008			$	28,787			$	26,926			$	26,123			$	86,421			$	74,319
Average assets		$	8,988,897			$	8,995,938			$	8,969,324			$	8,879,842			$	8,795,986			$	8,984,791			$	8,983,526
Return on average assets			1.29	%			1.21	%			1.27	%			0.51	%			0.91	%			1.26	%			(0.62	)%
Adjusted return on average assets			1.32	%			1.25	%			1.28	%			1.21	%			1.19	%			1.28	%			1.10	%

Return on average tangible common equity and Adjusted return on average tangible common equity

Return on average tangible common equity is defined as the ratio of annualized net income divided by average tangible common equity for the respective period. We believe this ratio measures our ability to generate profits from our tangible common equity. Adjusted return on average tangible common equity is defined as the ratio of adjusted net income divided by average tangible common equity. We believe this ratio measures our ability to generate profits from our tangible common equity, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average tangible common equity and Adjusted return on average tangible common equity is below. Tangible common equity is calculated as total stockholders' equity less intangible assets and preferred stock. The Bank had no intangible assets and an immaterial amount of preferred stock, therefore tangible common equity is substantially the same as stockholders’ equity.

Amounts in thousands; unaudited		Three Months Ended																				Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
		2026				2026				2026				2025				2025				2026				2025
Net income (loss)		$	28,989			$	27,175			$	28,553			$	11,353			$	19,961			$	84,717			$	(41,547	)
Adjusted net income		$	29,626			$	28,008			$	28,787			$	26,926			$	26,123			$	86,421			$	74,319
Average tangible common equity		$	695,347			$	684,813			$	675,483			$	662,337			$	632,435			$	685,287			$	596,226
Return on average tangible common equity			16.68	%			15.87	%			16.91	%			6.86	%			12.62	%			16.48	%			(9.29	)%
Adjusted return on average tangible common equity			17.04	%			16.36	%			17.05	%			16.26	%			16.52	%			16.81	%			16.62	%

Revenue and Adjusted Revenue

Revenue is defined as Net interest income plus Noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations. Adjusted revenue is defined as Net interest income plus Adjusted noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Revenue and Adjusted Revenue is below.

Amounts in thousands; unaudited		Three Months Ended															Nine Months Ended
		September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
		2026			2026			2026			2025			2025			2026				2025
Net interest income		$	76,370		$	75,217		$	74,244		$	74,020		$	71,710		$	225,831		$	209,109
Noninterest income			21,046			23,827			20,103			22,836			2,442			64,976			(110,815	)
Total revenue			97,416			99,044			94,347			96,856			74,152			290,807			98,294
Loss on sale of investment securities, net			—			—			—			—			—			—			149,869
Loss on sale of consumer loans			—			—			—			—			19,918			—			19,918
Adjusted total revenue		$	97,416		$	99,044		$	94,347		$	96,856		$	94,070		$	290,807		$	268,081

Efficiency ratio and Adjusted efficiency ratio

Efficiency ratio is defined as the ratio of Noninterest expense to Revenue. We believe this ratio allows investors to measure our operational efficiency. Adjusted efficiency ratio is defined as the Adjusted noninterest expense to Adjusted revenue. We believe this measure allows investors to measure our efficiency, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Efficiency ratio and Adjusted efficiency ratio is below.

Amounts in thousands; unaudited		Three Months Ended																				Nine Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
			2026				2026				2026				2025				2025				2026				2025
Noninterest expense		$	59,008			$	61,083			$	56,879			$	81,040			$	58,049			$	176,970			$	165,816
Total revenue		$	97,416			$	99,044			$	94,347			$	96,856			$	74,152			$	290,807			$	98,294
Efficiency ratio			60.6	%			61.7	%			60.3	%			83.7	%			78.3	%			60.9	%			168.7	%
Adjusted noninterest expense		$	58,138			$	59,945			$	56,559			$	59,765			$	58,049			$	174,642			$	165,816
Adjusted total revenue		$	97,416			$	99,044			$	94,347			$	96,856			$	94,070			$	290,807			$	268,081
Adjusted efficiency ratio			59.7	%			60.5	%			60.0	%			61.7	%			61.7	%			60.1	%			61.9	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261029366809/en/

Investor Relations Contact:
Jordan Hino
InvestorRelations@asbhawaii.com
(808) 539-7050

Source: American Savings Bank, N.A.

Key Terms

bank-owned life insurance financial

Bank-owned life insurance (BOLI) is a life insurance policy that a bank purchases with itself as the beneficiary, typically on the lives of selected employees, so the bank receives the payout when a covered person dies. Investors care because these policies show up as assets on a bank’s balance sheet and generate tax-advantaged income and cash flow that can help offset employee benefit costs and smooth reported earnings—think of it as a low-profile savings vehicle that also provides a death benefit, which affects a bank’s reported profitability and risk profile.

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Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

tier 1 leverage ratio financial

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

available-for-sale investment securities financial

Investments classified as available-for-sale are stocks, bonds or similar financial assets a company holds but does not plan to trade frequently or keep to maturity; they are kept available to sell when needed. Their changes in market value are recorded separately from regular profit or loss until the assets are actually sold, so they can make a company’s reported net worth swing even though day-to-day earnings are unaffected — important for investors assessing balance-sheet strength and potential future cash flow.