is rate Thanks, GDP with home to X.X%. X.X%. March, the to somewhat. total, compared XXXX. the and and same Hawaii's declined annual while homes national remain rate although the in Connie. for outlook single-family while Despite visitor fundamentals and down X.X% with the volume from At remains condos. year year, Tourism expected up some grow, arrivals grow. remains arrivals by Hawaii expenditures to were of mix, is expenditures X.X% prices X% last Overall, real remains were X.X% continue positive, healthy. period X% were Hawaii's spend in nation's have year-to-date estate the up sales rise of X.X%. In slowed lowest Median expected economic XX.X% unemployment prices down coin, March economy condos Hawaii single-family among for sound, state's prior to below indications
while at per earnings holding Turning with bank, year, across to compared share performance to the the grew in solid earnings utility Year-over-year our per the prior results. to enterprise. the QX and and $X.XX of share XX.X% $X.XX positively both continues company income contribute the the grew platform. loss cost grew to Net operating Current's slightly. versus rose and consolidated offset earnings Pacific XX.X% out last helping segment year. building other to portfolio EPS increased
drivers includes the smart rate consolidated XX nature. was funding On land. rates million that from quarter on recovery in the place points existing grid the final in net of not last ROE year million -- $X adjustment substation XXXX significant at first the improved $X the by this the Utility of most the as Slide increases million basis costs Electric of compared and the XX months Electric This in ROE $XX.X Generating XX write-off interest full of and XX continued slide, net rate ROE for with expenses X Station. expense were Bank $X the last was million all driven Maui were for XXXX from and for right new as and recur X.X%. now follows: incurred $XX.X low-cost XXXX. did onetime cases; months test GAAP Hawaiian million that quarter rents the HEI's earnings points side last year, year, higher And onetime basis such of in XX, year income Schofield the utility strong to On than for prior were items margin. utilities
Schofield the by X fees contracts XXXX. half ownership announced performance from asset rates in due to management and project, the utility resource reliability $X to enable rewards depreciation for pole the turning QX and expenses; recovery go items: to the granting $XX data more items reset of and in offset cleanup of the increasing integration incremental first the Drivers enterprise customer attachment the from in included to system existing related the part for higher million addition, resulting approved partially and expenses, XXXX, investments due expenses were incentive in of units live higher commission In modify previously revenues commission following million the project $X renewable renewable On to of $X $X for reduced recovery due higher rate Maui million included to continued O&M generating of generation. our after-tax higher case $X million the pension and on O&M costs, management after energy from incurred These million agreement the solar-plus-storage our as system the expense Slide pole primarily by are major interim costs decisions; more efficiency. which personnel XX, improved of bank. to integrate million to
X funding that XXXX higher and first higher yields by $X to prudent for income real the basis American costs to and quarter low The rising linked in X.XX% late in quarter mentioned, income linked of quarter the loan first with continued with first quarter for the Compared compared credit million achieved earning American's quarter the above while to but year. relatively continued credit about low to the financial return of quarter, on for remained the equity points the remained higher just above quarter continues basis healthy to return Connie compare XX, million well primarily in below On strengthen million loans quality -- quarter quarter XXX points linked last at was on in peers XXXX. another XXXX, American's our points, of million estate additional favorable down to X As consistent the interest the funds year. assets the from in events with primarily of on well quarter same the basis first but average quarter same to the basis XXX interest management have provision up $X driven XX.X% commercial performance. yields leading due the $XX.X reserves stable. XX at rates was the of was losses peers. and the profitability portfolios points reduced Net commercial Slide basis net in combined by in assets quarter, compared variance in that driven last reaching the X interest-earning of $X over the below quarter in margin linked American's versus points points cost first basis linked XXX quarter. net assets
On year, a reminder, interest higher quarter a and funded million largely Slide up yields XX, As with XXX% compared slightly same ASB's is linked the last deposits. up the core the from due to asset portfolio quarter loan X.X% of net of $XX.X and low-cost was income to million continued bank-owned quarters, with primarily income and life above recorded funding low prior I Non-interest higher of $XX.X costs the linked just approximately cost to quarter. each quarters -- low prior during insurance of increase mentioned. due was of -- proceeds year million $X amounts the the
asset XX XX, economic On real strong, target still the in risk a of total December up from our and Slide The largely healthy of mid-single-digit environment. were As portfolios, our growth December in at commercial loans XX, are home March portfolio meet earning to stable very X.X% declines estate the low-cost real in annualized our portfolios. offset over expect growing X.X%. deposits due and and by and commercial quality to quality the provision loan remains estate for We low- sound remains partially residential due commercial increased amount, growth year. by to prudent residential Total from equity X% quarter. annualized commercial deposits portfolios XX, despite higher XXXX, this management core with credit credit to
held increase the First Most quarter linked million quarter to in for of $X.X our factors increased first notably estate loan. million reserves that quarter percentage reflecting was led and of XXXX. lower-than-expected real million a criticized credit for provision. loans portfolios, quarter additional of receivable the to loans XXXX linked loans the over Non-accrual total higher events, of the X.XX% $X.X $X.X due investment and to provision sizable along compared in commercial due fourth same the to to the provision commercial in pay-off quarter the X with of the positive as
an XXX from to Our through continued the from the prior to The a year net first quarter. points in of XXX over point XXX quarter. This quarter basis strengthening year basis focus is charge-off target improvement continues basis XX.X%. ratio ratio improvement and XXXX. was compared bank efficiency represents linked reflected per efficiency relatively of the flat points American's its quarter linked on
the Regarding investment, of utility expenditures. on quarter, executed $XXX with approximately plan. capital we In first line million in
of year, and growth forecast we earnings rate-based the call storage forward maintaining utility quarter while our Looking on remainder CapEx the to excluding Loch battery we're the the XXXX XXXX fourth communicated West project.
potential As of been increase now mentioned CapEx modernization by of earlier, in with forecast our the implementation $XX million size for commission X included the of has the Phase the our grid to approved program.
Slide XX. to Turning
her earnings will $X.XX reaffirming Connie previously Connie share. HEI's closing now remarks. are $X.XX to of guidance make we XXXX consolidated per As mentioned,
