Tax reform leads to record quarter for American Savings Bank

Boosted by the Trump administration's federal tax reform, Honolulu-based American Savings Bank reported first quarter earnings of $18.9 million for the year ending March 31, the highest quarterly net income in the company’s history.

Net income for the bank, a subsidiary of Hawaiian Electric Industries Inc. (NYSE: HE), increased by 19.6 percent for the quarter, compared to last year’s first quarter, which was $15.8 million.

The bank said the lower federal corporate tax rate from the Tax Cuts…

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