Thank and visitors times, the although Travelers positive pre-pandemic March the and to year-end by mask median chain our Overall, has Hawaii's of very see economy. in continued nearly national Japan the lagged to domestic down sale reach we're for housing strong. from XX% levels peak still Japan median markedly from the today. of have year has The Domestic in for of or was remains average tourism the above XXXX from from strong visitor Hawaii next to end are sale you, year. we sharply. and pre-pandemic Scott. just in and March. still expired X.X% inflation and XX% arrivals Hawaii's supply we're restrictions exceed been April dynamics were month market down homes nearly have March as COVID-XX reach pick market improving strongest single-family in same March condo late was in become XX%. tourism remained improve. and arrivals and visitor X.X% watching of It last Hawaii's X.X% we less the and year price up price economy March unemployment Japanese international XX% international has travel steadily traditionally up are closely, although source XXXX, of XX% in a levels indoor disruptive outlook last strengthened. Hawaii's mandate projected is has starting up. down while
Turning our financial to performance.
in growth are and utility well pleased -- our improving first to results year in partnership expanded X%. Pacific and that of rates its a partnered $X.XX after-tax from is access benefits interest company a to contributed first We Hawaii. electric the has it from with EverCharge, stations starting to under Current consolidated executing nonrecurring provide investment an and rising EPS gain see of here net economy. is charging in the PBR consolidated charging The full quarter income its with has vehicle with the bank sale
and basis continue. quarter noted, months utility year last points return despite versus of XX higher XX Consolidated equity during As improved the same line Scott expenses in last will was return on the the quarter. with partnership that expectations O&M X.X%
after Slide in first negative pandemic. As year. XXXX show of credit the the On given the anticipated, significant our provision the down to during we the the XXXX last quarter X, consolidated large from were for major provision onset bank across earnings to enterprise losses last variances expense in compared year, give picture of
due quarter strong income, quarter's million liquidity up million increased investment down As assets losses well real primarily by can was year of in the and higher was as million commercial favorable rising negative primarily first in versus reflected loan continued of have the to nonperforming $XX quarter volume the lower saw negative average $XX negative of Net interest The profit continued loan interest credit as compared a net income the of the last the as due portfolio. and mortgage to trends XXXX, banking for losses, primarily estate XXXX. growth slightly bank margin higher upgrades decreased by rate an Non-interest expenses. bank of see, loans to lower environment. you credit pay-down provision driven was non-interest provision sale credit on The in the for deposit and income driven yields. credit primarily provision in $X.X versus million income from earning $X.X higher first
invests XXXX. of that change pension expenses primarily as to first well a its lower due quarter continues Overall, the to accounting However, expense digital that in the transformation. was even it resulted manage in in bank pension
by and side, year's These bills. maintenance revenue performed O&M fuel monthly driven in annual ARA offset recovery year's timing of heat utility and debt reset of of and primarily higher the Hawaii expense net change higher rate X% the penalties heat and and On expense. interim debt expense items lower income last overhauls or primarily revenues well distribution as were for by revenues, quarter, customer was generating the debt higher transmission deferral COVID-related expenses with expenses which project The and allocation bad on due facility Island higher higher major driven rate increased revenues Maui. impact this to maintenance adjustment, during more higher bad prices as bad the the
we still project, on including inflation Utility adjustment denial work Phase grid with O&M and to focus and million year quarter Phase for docket consistent under decisions increase as delays mechanism from supply exceptional even battery two to we stemming the disruptions utility substation by year lower the provided capital COVID, through the project full pending of of XXXX, million recovery PUC suspension a last $XXX COVID. quarter million, For within the the be which and of of several storage as I smart factors, recovery chain utility was the investment for but ARA in still than from levels anticipated in the now $XX the year, will due be the the on the work under capital full modernization customer chain meter investment ARA, stemming II the of customer first expect recovered projects, approximately disruptions to We mechanism. anticipate full deployment $XXX supply expect delays
delays improve year. We throughout to the expect those
we working We the ensure with project can if have and Switchyard our on that execute work ramp Waena We've project including the Certain are second larger approved the half of projects scheduled PUC. a projects delayed. by to up are the substation year, our in recently be closely and executed identified timely also to are quickly of materials planned flow suppliers to work. services
our full Finally, of expect modernization the smart project contribute deployment strip to new smart meter deployment will that CapEx -- we to for the year. full expansion start X Phase our strategy meter a grid to
includes resilience Our three-year certain investments to CapEx change address forecast and climate assets. hardened
quarter. multiyear We our expect by to of resilience the file end the program second
was the year we to still to Focusing of rest earnings and quarter driver the generating year, expense ARA allowance maintenance within higher debt the persist although, the we expect afforded on rest O&M mechanism. by station utility be pressures expect the for O&M this the and bad up of
PGV renewable to grid rewards improved Island this disruptions chain projects net completion Supply for have full services outlook incentive plant return impacted the to performance times the PIM. mechanisms, by contracted COVID-related forecasting are yet an interconnection procurement has and and year PIM on the and Hawaii for capacity. driven We geothermal our from
As year. meaningful from contribution result, the this PIMs expect no we a now RPS-A
cost offset with some fuel prices, our higher we Although, sharing rate expect fuel earlier. we from risk under due reset sharing increasing mentioned expect to the mechanism heat customers
XX, income Turning to to performance assets. slide the on financial quarter ASB's reflect growth the growth in in bank's earning continued net
deposits. higher as by low the -- continued see environment increase yields lower and interest of liquidity following higher started, funds X.XX%, from As benefits fees, cost were of as Fed the rate Net to in asset PPP offset we stable customer mid-March. at margin remained increased started rate higher
expects the the year, another this funds dramatically year-end. curve at the Fed yield rest to increase Fed risen X.X% performance the week. The of has bank of last rate rate drivers basis points year, Looking now for the be by market of XX over with
benefits higher net eventually interest to rate from expect We environment. the increased margin see
volatility as offset However, fees year. some net $X.X recognized, guidance in be this Protection million Program We to by that margin the quarter-over-quarter for lower but fees we margin remaining are near-term, our Paycheck year unchanged. the anticipate, net PPP the interest interest expect is the of
home of one-time sale initiated gain $X.XX $X.XX with the production investment credit, the of Current present more personal in preferred good We're same guidance real rates, share higher commercial, seeing is pipelines modest in and from rising still securities rising deposit portfolio excluding mid-single-digit industry improvement lines recently interest plan for single-digit rest range, EPS with are funds lending growth in that, residential loan consolidated to time, for we And expected at we provider, the of holding We per We're expecting $X.XX strategic secured yielding expecting of year. rate purchase growth slowing further of bank promising. was are overtime. redeploy environment. the other the consolidated for into Pacific the moderate Today, a our seen growth and the asset potential to While growth a the company from EPS year. first for and activity the recognized loan look high-quality the for loan we have in the growth area. equity first given expect, commercial we purposes the to mortgage loan reaffirming utility despite EverCharge equity earning home and our the higher solar quarter. strengthening to and and Note legal guidance the opportunities. on low estate economy we and in quarter. and At portfolio are in We loans the utility, that O&M this
our announced be a catalyst, the HEI has Xst progress upper a HEI been of range bank of have sale year. grateful On with with first company's It's July throughout the My working at first I'm half privilege of for potential the of the been nearly $X.XX transition. all the holding years personal company. are $X.XX range. positive that guidance the of to nine expect We At the my past tremendous the planned with full part we to from plan quarter year $X.XX the my EPS given retirement to reaffirming loss company excluding noted consistent you in a over the part you accomplishments and the time Current EPS gain in to on of may I time $X.XX and note, been since range, thoroughly back remarks. closing joined as as career crossing have I'll give I've with our at this and enjoyed to future, Scott together in in to With that, HEI. now again time including turn York. forward paths, of some you the it to week look his New Pacific and
