in the strength and highs last Thanks, Hawaii's visitors following below is in tourism at is peak arrivals levels. half year. some last versus with Unemployment less visitor This in remained first economy due Connie. higher although stable of softening stronger rate. steady international in year, costs record September spending remains for X.X% This to part year is dollar. seeing national the well a and continued this year's
modestly with consecutive homes Hawaii and real condos. were XXXX. GDP XXXX are estate prices volumes The grow state's is continue fundamentals stable declined following single-family remained outlook steady appreciation. sound, relatively Median while of in expected to and price to years seven year-to-date flat for X.X% sales for
in results. year QX $X.XX to the quarter. prior were compared per per Turning our share earnings $X.XX share, to
the about increased that one-time quarter As third of last by quarter the tax in year EPS Connie benefit $X.XX. mentioned,
Excluding other one-time while utility benefit, at tax and grew that year-over-year bank, the and loss grew holding both slightly. earnings the company segment
platform offsetting the cost its and Current's operating to of activities. building contribute out earnings, Pacific asset the to Hamakua continues development
XX the mid-November. was our months utility, right of last in we X.X%. Electric realized consolidated in rates interim slide, the ROEs Light the At On side ROE for expect from improvement Hawaii the GAAP
this AFUDC earnings million, the mechanism, compared million net million last interest Schofield results and in the $X income year the fees. nearly to higher quarter rate On Slide one-time higher pole of rate project and prior-year quarter quarter. be from in the recovery recovery most Without benefit, year's lower million $XX.X from third the The project and Generation expense $X interim X% X, drivers mechanism of $X would were than utilities XXXX. $XX.X the million utility $X major tax from significant under QX were attachment from higher revenues, adjustment million increases
renewable were customer $X higher million operations momentarily. energy efficiency. and maintenance the the mentioned previously The items million by $X compared improved in to quarter third XXXX system items, partially expenses, to third integrate the following of $X offset I'll depreciation, million benefit and due discuss to increasing investments more tax and after-tax reliability and These which of higher quarter XXXX,
these chart maintenance items last On experienced as for right overhauls saw the higher as year. well you the last costs expenses fleet. We generating can quarter, on from that in and for we've O&M, higher bottom see
older for to as generating older run repair tear. to have meaning in units we revenues, wear need less of reliability integrate these more We projects. and variability they as the Given are renewable important units more efficiently, good we keep
expenditures overhauls cases. recognized future expect historical levels of higher so averages, recovery be maintenance case in which to is While based future the see rate historical below for year. in on as These and experienced are averages, incurred will levels this those rate well are benefit included we
was Connie million Turning primarily increase XX, same the to due dynamics, and a growing net last The the despite lower Slide up income. lower on quarter income both year. well to non-interest American interest as to from bank and the challenging the interest $XX noted, third to net higher executed rate linked-quarter compared the provision, linked-quarter in expense, quarter
in higher was non-interest the basis at XX.X% bank. in as of points versus comparable higher points prior the income quarter in quarter. and last Return to higher basis to assets largely on offset equity the profitability due good third as XXX the second non-interest linked-quarter same net quarter up American achieved The XX it quarter provision Overall, XXX and lower from was quarter income, to compare partially solid year. the interest XX.X%, last of increase and profitability on in well by favorably points year continued XX.X% peers the the same at Return expense. basis was over the year. up to
to margin, driver peers. well net performance. at core drivers be net able to Let's maintain of look Net funds funds at remained key our X.XX%. bank at steady yields to asset the best-in-class. we cost stable X.XX% were and of American's continues versus points. cost of were low perform interest and the was income American's basis XX this at continued interest margin X.XX% Year-to-date, earning of Interest
increase the of compared to million prior higher and increased volume. to as premiums year loan increase interest The The in next investment portfolio lower was prior-year quarters. linked of the versus primarily securities the loan volumes net the due Turning higher to and $XX.X primarily amortization slide, from to the linked-quarter income was as well due yields.
quarter third and compared Non-interest income compared prior-year loan XXXX. million in linked million, $XX.X The primarily as loan lower the to mortgage linked-quarter the increase and $XX.X was stronger more and residential sales. rates income, $XX.X quarters from in of the production higher was banking million drove to
XXXX, total XXXX As of annualized annualized deposits were to September with growing rising $X.X XX, billion. XX, deposits low-cost core December to billion, $X.X X.X% from X.X%
with the for equity of asset the estate digit as driven commercial, mainly in We to up loan of low growth XX. in increases The growth our $XXX or real loan credit, December XX, portfolios. from by meet strong September $X.X home delivered to to the still and lines mid-single annualized American XXXX, of quarter target loans full-year. X.X% was billion expect rising million commercial growth earning
across not an in to real credit seeing of large commercial risk stable remained seen We're credit portfolios, impact. environment. single quality but quality year, our prudent have as a this estate can sound Credit deterioration decline management due any you've a commercial significant and earlier or economic
$X.X year. in The third of million $X from quarter same last million linked-quarter and in quarter provision million the the declined $X.X
The lower provision from nonperforming elevated lower contributed higher charge-off net consumer charge-off loan quarter page. the portfolios. ratio of charge-off provision quarter stemmed to provision provision that as linked-quarter. the in scored was the side due of left credit and versus and pay-off from the of shown versus the the That year the the the the on commercial that credit primarily The did commercial increase linked-quarter credit partial a to prior
this bank prudently expenses the mentioned, costs worked new the occupancy has control from banking bank its year Connie had environment. Recall campus. this to that As in more to transition the challenging has additional
costs, last a those on compared ratio has to basis, Excluding improved year-to-date year. efficiency
infrastructure on resilience and include transformer million CapEx, reliability ports upgrades $XXX on Recent utility and executing in our to pave and quarter, or renewables the for the increased electric system target grid – and way we airport last we electrification. to the focused a electrify provide additional Turning Honolulu, as charging the for resilience to in new examples last infrastructure. call we vehicle our grow our discussed are our above our at amount as maintaining of ensuring
investment type this see driving We of fairly forward. moving CapEx core stable
expect to and XXXX. more XXXX of roughly continue or We in $XXX million CapEx
our the now $X.XX for As the the guidance Connie $X.XX per has utility, earnings mentioned, is EPS expect we to we XXXX remain are within $X.XX reaffirming despite share. of to This consolidated X% XXXX. year. the coming over to to fact been X% be range $X.XX seen At we've dynamics year. We costs than key to due projected. expect utility O&M few to a that This in have higher is O&M this
discussed, overhaul renewable generation variable generation. incorporate more and to maintenance we realized ensure higher as reliability First, we expenses and
RFP, projects requirements emission and and expanded new for including future planning alternatives several expansions stakeholder seen increased input, in all in requirements of renewable in gas the PPAs, PBR greenhouse increased our scale workshops. we've Second, scope in for latest areas, the by pipeline lifecycle, driven key non-wires regulatory
strategic making and Hawaii we're transportation, transition framework. our and in of the improving XXXX reliability, preparing rate investments customer Electric and working customer resilience to electrification stakeholder to case also continuing PBR additional new Third, providing improve advancing on a to engagement, and while options
this, operating our within EPS as they Despite revenues. the range. expenses, The guidance higher well be believe through will some we come offsets non-O&M don't all as of include utility O&M lower all line,
is We continue steady and of implementation, XXXX. $X million customer to moving efficiency forward. cost this of we're through state in way savings plans in year management under million improvements and mentioned a $X savings savings will number of a our which driving ERP seek beginning Connie delivering
of to last discussed provision guidance the the margin the quarter, low net $X.XX the we earnings expect remaining be range. of at and expect at As the both bank but range continue interest $X.XX end range, at end low the as of to to high end we range, within the the
in guidance the share. gain $X.X the to properties, including October to $X.XX an recognized $X.XX from includes costs pre-tax per headquarters Our be is gain million sale net in of quarter, exited from carrying the ASB's former fourth about
Connie will now make her closing remarks.
