Hawaiian Electric Industries Reports Third Quarter 2012 Earnings & Declares Dividend

 Hawaiian Electric Industries Reports Third Quarter 2012 Earnings & Declares
                                   Dividend

Earnings Per Share of $0.49

Hawaiian Electric Company Continues to Invest in Local Infrastructure

American Savings Bank Continues to Deliver Solid Results

Board Declares Dividend of $0.31 Per Share

PR Newswire

HONOLULU, Nov. 7, 2012

HONOLULU, Nov. 7, 2012 /PRNewswire/ --Hawaiian Electric Industries, Inc.
(NYSE - HE) (HEI) today reported consolidated net income for common stock for
the third quarter of 2012 of $47.7 million, or $0.49 diluted earnings per
share (EPS), compared to $48.4 million, or $0.50 diluted EPS for the third
quarter of 2011. 

"HEI had another solid quarter as we continued to invest in our Hawaii-based
businesses. Through the first nine months of this year, Hawaiian Electric
Company^1 invested $188 million, close to twice its earnings, in local
infrastructure projects to modernize the electric grid and reliably integrate
increasing amounts of renewable energy. At American Savings Bank (American),
loans to customers, excluding residential lending, increased over $100 million
in the first nine months of the year, with a $15 million increase in clean
energy loans. Over $600 million of new residential mortgages were originated
by American during this period, more than double the amount for the same
period last year," said Constance H. Lau, HEI president and chief executive
officer.

"Reducing Hawaii's dependence on oil is critical to an economically and
environmentally vibrant future for our state and our utility's customers.
Since the end of 2010, a typical monthly Oahu residential electric bill
increased by about $52, of which $42 is due to higher fuel oil costs. This is
why we are committed to continuing to seek ways to help stabilize customer
bills and accelerate Hawaii's move to clean energy," said Lau. 

HAWAIIAN ELECTRIC COMPANY CONTINUES TO INVEST IN CLEAN ENERGY AND RELIABILITY

Hawaiian Electric Company's net income for the third quarter of 2012 was $38.4
million, nearly flat with $38.0 million in the third quarter of 2011 as
recovery of costs for reliability and clean energy investments were largely
offset by higher expenses.

  The primary variances impacting net income for the quarter were (on an
  after-tax basis):

  o$4 million recovery of costs, net of lower heat rate earnings;
  oA favorable tax settlement of $1 million recorded in the third quarter
    2012 related to prior years;
  o$4 million higher operations and maintenance (O&M) expenses^2; and
  o$1 million higher depreciation expense.

O&M expenses^2 were approximately 7% higher in the third quarter of 2012
compared to the third quarter of 2011 largely due to higher customer service
expenses, offset by lower plant overhaul expenses due to timing of work within
the year. While year-to-date O&M expenses are essentially flat with the same
period last year, management expects an increase in the fourth quarter of 2012
due to the timing of projects and expects full year O&M expense to be 4%
higher than 2011. This is down from the previously expected 6% increase
largely due to the revised timing of various studies.

^1 "Hawaiian Electric Company" or "utility", unless otherwise defined, refers
to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric
Company, Limited, and Hawaii Electric Light Company, Inc.

^2 Excludes demand side management (DSM) program costs. DSM program costs were
$2 million in third quarter of 2012 compared to $1 million in third quarter of
2011. DSM program costs are recovered through a surcharge.

AMERICAN SAVINGS BANK'S STABLE RESULTS REFLECT DISCIPLINED APPROACH

American's net income for the third quarter of 2012 was $14.2million compared
with $14.2 million in the second, or linked, quarter of 2012 and $15.5 million
in the third quarter of 2011. Third quarter 2012 net income was consistent
with the linked quarter as higher revenue, primarily driven by gains on sales
of loans, were offset by slightly higher provision for loan losses and
noninterest expense.

Compared to the same quarter of 2011, net income declined by $1.2 million.
Higher noninterest expense, primarily driven by spending for new products and
projects aimed at longer-term growth, and lower net interest income from
declining yields on assets, were partially offset by higher gains on sale of
new residential mortgages. Residential mortgage production totaled
$272million in the quarter compared to $123 million in the same quarter last
year, outperforming the overall Hawaii market growth.

Overall, American continued to deliver solid results in third quarter 2012
with a return on average equity of 11.2% and a return on average assets of
1.15%.

Also refer to the American news release issued on October 30, 2012.

HOLDING AND OTHER COMPANIES

The holding and other companies' net losses were $4.9 million in the third
quarter of 2012 compared to $5.0million in the third quarter of 2011.

BOARD DECLARES QUARTERLY DIVIDEND

On November 7, 2012, the board of directors maintained HEI's quarterly cash
dividend of 31cents per share, payable on December 12, 2012, to shareholders
of record at the close of business on November 19, 2012 (ex-dividend date is
November 15, 2012). The dividend is equivalent to an annual rate of $1.24 per
share.

Dividends have been paid continuously since 1901. At the indicated annual
dividend rate and the closing share price on November 6, 2012 of $25.68, HEI's
yield is 4.8%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference
call to review its third quarter 2012 earnings on Thursday, November 8,2012,
at 8:00 a.m. Hawaii time (1:00 p.m. Eastern time). The event can be accessed
through HEI's website at www.hei.com or by dialing (866)383-8008, passcode:
56693947 for the teleconference call. The presentation for the webcast will
be on HEI's website under the headings "Investor Relations," "News & Events"
and "Presentations & Webcasts." HEI and Hawaiian Electric Company, Inc.
(HECO) intend to continue to use HEI's website, www.hei.com, as a means of
disclosing additional information. Such disclosures will be included on HEI's
website in the Investor Relations section. Accordingly, investors should
routinely monitor such portions of HEI's website, in addition to following
HEI's, HECO's and American's press releases, HEI's and HECO's Securities and
Exchange Commission (SEC) filings and HEI's public conference calls and
webcasts. The information on HEI's website is not incorporated by reference
in this document or in HEI's and HECO's SEC filings unless, and except to the
extent, specifically incorporated by reference. Investors may also wish to
refer to the Public Utilities Commission of the State of Hawaii (PUC) website
at dms.puc.hawaii.gov/dms in order to review documents filed with and issued
by the PUC. No information on the PUC website is incorporated by reference in
this document or in HEI's and HECO's SEC filings.

An online replay of the webcast will be available at the same website
beginning about two hours after the event. Replays of the teleconference call
will also be available approximately two hours after the event through
November 22, 2012, by dialing (888)286-8010, passcode: 43247040.

HEI supplies power to approximately 450,000 customers or 95% of Hawaii's
population through its electric utilities, HECO, Hawaii Electric Light
Company, Inc. and Maui Electric Company, Limited and provides a wide array of
banking and other financial services to consumers and businesses through
American, one of Hawaii's largest financial institutions.

FORWARD-LOOKING STATEMENTS

This release may contain "forward-looking statements," which include
statements that are predictive in nature, depend upon or refer to future
events or conditions, and usually include words such as "expects,"
"anticipates," "intends," "plans," "believes," "predicts," "estimates" or
similar expressions. In addition, any statements concerning future financial
performance, ongoing business strategies or prospects or possible future
actions are also forward-looking statements. Forward-looking statements are
based on current expectations and projections about future events and are
subject to risks, uncertainties and the accuracy of assumptions concerning HEI
and its subsidiaries, the performance of the industries in which they do
business and economic and market factors, among other things. These
forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with
the "Forward-Looking Statements" and "Risk Factors" discussions (which are
incorporated by reference herein) set forth in HEI's Quarterly Report on Form
10-Q for the quarter ended June30, 2012 and HEI's future periodic reports
that discuss important factors that could cause HEI's results to differ
materially from those anticipated in such statements. These forward-looking
statements speak only as of the date of the report, presentation or filing in
which they are made. Except to the extent required by the federal securities
laws, HEI, HECO, American and their subsidiaries undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

Hawaiian Electric Industries, Inc. (HEI) and
Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)               Three months               Nine months
                          ended September 30,       ended September 30,
(in thousands, except per 2012          2011         2012         2011
share amounts)
Revenues
Electric utility          $801,095      $820,254     $2,340,257   $2,194,327
Bank                      66,596        66,100       196,569      197,731
Other                     29            1            22           (751)
 Total revenues        867,720       886,355      2,536,848    2,391,307
Expenses
Electric utility          726,276       745,298      2,146,688    2,031,645
Bank                      44,974        42,931       130,161      128,988
Other                     4,768         3,636        13,075       9,148
 Total expenses        776,018       791,865      2,289,924    2,169,781
Operating income (loss)
Electric utility          74,819        74,956       193,569      162,682
Bank                      21,622        23,169       66,408       68,743
Other                     (4,739)       (3,635)      (13,053)     (9,899)
 Total operating      91,702        94,490       246,924      221,526
income
Interest expense–other
than on deposit
liabilities
and other bank borrowings (20,020)      (19,949)     (58,758)     (64,266)
Allowance for borrowed
funds used during         688           658          2,451        1,731
construction
Allowance for equity
funds used during         1,611         1,570        5,548        4,131
construction
Income before income      73,981        76,769       196,165      163,122
taxes
Income taxes              25,804        27,894       69,926       57,700
Net income               48,177        48,875       126,239      105,422
Preferred stock dividends 471           471          1,417        1,417
of subsidiaries
Net income for common     $ 47,706      $ 48,404     $ 124,822   $ 104,005
stock
Basic earnings per common $   0.49    $   0.50   $         $   
share                                                1.29        1.09
Diluted earnings per      $   0.49    $   0.50   $         $   
common share                                         1.29        1.09
Dividends per common      $   0.31    $   0.31   $         $   
share                                                0.93        0.93
Weighted-average number
of common shares          97,157        95,873       96,674       95,365
outstanding
Adjusted weighted-average 97,518        96,100       97,097       95,671
shares
Net income (loss) for
common stock by segment
         Electric utility $ 38,375     $ 37,959    $          $  
                                                     95,051       74,172
         Bank             14,208        15,457       44,274       44,503
         Other            (4,877)       (5,012)      (14,503)     (14,670)
Net income for common     $ 47,706     $ 48,404    $  124,822  $  104,005
stock
Comprehensive income
attributable to common    $ 49,292     $ 51,585    $  128,269  $  109,815
shareholders
                                                     Twelve months ended
                                                     September 30,
                                                     2012         2011
Return on average common equity                      10.1%        8.5%
This information should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for
the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012
(when filed), as updated by SEC Forms 8-K. Results of operations for interim
periods are not necessarily indicative of results to be expected for future
interim periods or the full year.



Hawaiian Electric Industries, Inc.
(HEI) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                       September 30,        December 31,
(dollars in thousands)                 2012                 2011
Assets
Cash and cash equivalents              $    168,512      $   270,265
Accounts receivable and unbilled       374,932              344,322
revenues, net
Available-for-sale investment and      664,051              624,331
mortgage-related securities
Investment in stock of Federal Home    96,893               97,764
Loan Bank of Seattle
Loans receivable held for investment,  3,705,748            3,642,818
net
Loans held for sale, at lower of cost  16,495               9,601
or fair value
Property, plant and equipment, net of
accumulated depreciation of
 $2,109,478 in 2012 and $2,049,821  3,506,489            3,334,501
in 2011
Regulatory assets                      715,994              669,389
Other                                  573,523              519,296
Goodwill                               82,190               82,190
 Total assets                      $   9,904,827      $  9,594,477
Liabilities and shareholders' equity
Liabilities
Accounts payable                       $    234,304     $    216,176
Interest and dividends payable         27,907               25,041
Deposit liabilities                    4,126,788            4,070,032
Short-term borrowings—other than bank  82,219               68,821
Other bank borrowings                  211,219              233,229
Long-term debt, net—other than bank    1,429,869            1,340,070
Deferred income taxes                  438,886              354,051
Regulatory liabilities                 319,330              315,466
Contributions in aid of construction   387,863              356,203
Retirement benefits liability          497,388              530,410
Other                                  507,626              521,979
 Total liabilities                 8,263,399            8,031,478
Preferred stock of subsidiaries - not  34,293               34,293
subject to mandatory redemption
Shareholders' equity
Preferred stock, no par value,
authorized 10,000,000 shares; issued: -                    -
none
Common stock, no par value, authorized
200,000,000 shares; issued
 and outstanding: 97,425,467
shares in 2012 and 96,038,328 shares   1,389,607            1,349,446
in 2011
Retained earnings                      233,218              198,397
Accumulated other comprehensive loss,  (15,690)             (19,137)
net of tax benefits
 Total shareholders' equity        1,607,135            1,528,706
 Total liabilities and             $   9,904,827      $  9,594,477
shareholders' equity
This information should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for
the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012
(when filed), as updated by SEC Forms 8-K. Results of operations for interim
periods are not necessarily indicative of results to be expected for future
interim periods or the full year.



Hawaiian Electric Industries, Inc. (HEI)
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30              2012              2011
(in thousands)
Cash flows from operating activities
Net income                                 $ 126,239         $ 105,422
Adjustments to reconcile net income to net
cash provided by operating activities
 Depreciation of property, plant and   112,946           111,516
equipment
 Other amortization                    4,811             14,552
 Provision for loan losses             9,504             10,927
 Loans receivable originated and       (304,289)         (137,507)
purchased, held for sale
 Proceeds from sale of loans           302,844           127,163
receivable, held for sale
 Change in deferred income taxes       82,582            60,957
 Change in excess tax benefits from    (65)              (39)
share-based payment arrangements
 Allowance for equity funds used       (5,548)           (4,131)
during construction
 Change in cash overdraft              -                 (2,688)
 Changes in assets and liabilities
 Increase in accounts receivable  (30,610)          (75,905)
and unbilled revenues, net
 Increase in fuel oil stock       (31,372)          (4,592)
 Decrease in accounts, interest   (5,905)           (57,746)
and dividends payable
 Change in prepaid and accrued    (5,121)           40,418
income taxes and utility revenue taxes
 Contributions to defined benefit
pension and other postretirement benefit    (64,006)          (56,395)
plans
 Change in other assets and       (70,406)          (30,863)
liabilities
Net cash provided by operating activities   121,604           101,089
Cash flows from investing activities
Available-for-sale investment and           (146,794)         (202,061)
mortgage-related securities purchased
Principal repayments on available-for-sale  104,310           283,931
investment and mortgage-related securities
Proceeds from sale of available-for-sale    3,548             32,799
investment and mortgage-related securities
Net increase in loans held for investment   (75,982)          (153,745)
Proceeds from sale of real estate acquired  9,659             5,298
in settlement of loans
Capital expenditures                        (225,961)         (148,107)
Contributions in aid of construction        33,106            15,106
Other                                       865               (2,923)
Net cash used in investing activities       (297,249)         (169,702)
Cash flows from financing activities
Net increase in deposit liabilities         56,756            87,429
Net increase in short-term borrowings with  13,398            26,272
original maturities of three months or less
Net increase (decrease) in retail           (22,011)          614
repurchase agreements
Proceeds from issuance of long-term debt    457,000           125,000
Repayment of long-term debt                 (368,500)         (150,000)
Change in excess tax benefits from          65                39
share-based payment arrangements
Net proceeds from issuance of common stock  16,881            14,861
Common stock dividends                      (71,966)          (77,070)
Preferred stock dividends of subsidiaries   (1,417)           (1,417)
Other                                       (6,314)           (4,283)
Net cash provided by financing activities   73,892            21,445
Net decrease in cash and cash equivalents  (101,753)         (47,168)
Cash and cash equivalents, beginning of     270,265           330,651
period
Cash and cash equivalents, end of period    $ 168,512         $ 283,483
This information should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for
the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012
(when filed), as updated by SEC Forms 8-K. Results of operations for interim
periods are not necessarily indicative of results to be expected for future
interim periods or the full year.



Hawaiian Electric Company, Inc. (HECO) and
Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)                Three months ended      Nine months ended
                           Sepember 30,            Sepember 30,
(dollars in thousands,
except per barrel          2012         2011       2012           2011
amounts)
Operating revenues         $           $         $ 2,334,826    $2,190,860
                           799,203      818,907
Operating expenses
Fuel oil                   327,173      352,475    986,076        925,476
Purchased power            186,699      188,484    539,840        508,179
Other operation           70,441       61,415     196,806        194,334
Maintenance                30,368       32,336     91,641         92,808
Depreciation               35,941       34,983     108,556        107,673
Taxes, other than income   74,850       75,355     222,149        202,502
taxes
Income taxes               22,352       23,860     58,291         46,630
 Total operating       747,824      768,908    2,203,359      2,077,602
expenses
Operating income           51,379       49,999     131,467        113,258
Other income
Allowance for equity
funds used during          1,611        1,570      5,548          4,131
construction
Other, net                 1,045        1,170      3,673          2,978
 Total other income    2,656        2,740      9,221          7,109
Interest and other
charges
Interest on long-term      14,694       14,383     44,400         43,149
debt
Amortization of net bond   870          767        2,276          2,316
premium and expense
Other interest charges     286          (210)      (84)           965
(credits)
Allowance for borrowed
funds used during          (688)        (658)      (2,451)        (1,731)
construction
 Total interest and    15,162       14,282     44,141         44,699
other charges
Net income                38,873       38,457     96,547         75,668
Preferred stock
dividends of               228          228        686            686
subsidiaries
Net income attributable    38,645       38,229     95,861         74,982
to HECO
Preferred stock            270          270        810            810
dividends of HECO
Net income for common      $           $         $   95,051   $  74,172
stock                      38,375      37,959
Comprehensive income       $           $ 
attributable to common     38,452      38,081    $   95,280   $  74,368
shareholder
OTHER ELECTRIC UTILITY
INFORMATION
Kilowatthour sales
(millions)
 HECO                    1,796        1,866      5,205          5,444
 HELCO                   274          282        810            827
 MECO                    292          300        855            888
                           2,362        2,448      6,870          7,159
Wet-bulb temperature
(Oahu average; degrees     70.8         71.5       68.7           70.0
Fahrenheit)
Cooling degree days        1,419        1,504      3,430          3,681
(Oahu)
Average fuel oil cost      $           $         $   139.65   $  120.13
per barrel                 139.68       135.66
                                                   Twelve months ended
                                                   September 30
Return on average common
equity (%) (simple                                 2012           2011
average)
 HECO                                            9.40           6.04
 HELCO                                           7.53           9.93
 MECO                                            7.14           6.92
 HECO Consolidated                               8.64           6.95
This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in HECO's Annual
Report on SEC Form 10-K for the year ended December 31, 2011 and the
consolidated financial statements and the notes thereto in HECO's Quarterly
Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012
and September 30, 2012 (when filed), as updated by SEC Forms 8-K. Results of
operations for interim periods are not necessarily indicative of results to be
expected for future interim periods or the full year



Hawaiian Electric Company, Inc.
(HECO) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                    September 30,         December 31,
(dollars in thousands, except par   2012                  2011
value)
Assets
Utility plant, at cost
Land                                $     51,544      $     51,514
Plant and equipment                 5,245,769             5,052,027
Less accumulated depreciation       (2,026,450)           (1,966,894)
Construction in progress            176,216               138,838
 Net utility plant              3,447,079             3,275,485
Current assets
Cash and cash equivalents           15,722                48,806
Customer accounts receivable, net  226,933               183,328
Accrued unbilled revenues, net      132,090               137,826
Other accounts receivable, net      1,925                 8,623
Fuel oil stock, at average cost     202,920               171,548
Materials and supplies, at average  50,493                43,188
cost
Prepayments and other               64,006                36,667
Regulatory assets                   25,103                20,283
 Total current assets          719,192               650,269
Other long-term assets
Regulatory assets                   690,891               649,106
Unamortized debt expense            10,786                12,786
Other                               93,767                86,361
 Total other long-term assets   795,444               748,253
 Total assets              $  4,961,715        $  4,674,007
Capitalization and liabilities
Capitalization
Common stock, $6 2/3 par value,
authorized 50,000,000 shares;
outstanding
 14,233,723 shares in 2012 and   $     94,911      $     94,911
2011
Premium on capital stock            426,921               426,921
Retained earnings                   921,309               881,041
Accumulated other comprehensive     197                   (32)
income (loss), net of income taxes
 Common stock equity            1,443,338             1,402,841
Cumulative preferred stock – not    34,293                34,293
subject to mandatory redemption
Long-term debt, net                 1,147,869             1,000,570
 Total capitalization           2,625,500             2,437,704
Current liabilities
Short-term borrowings –             44,719                -
nonaffiliates
Current portion of long-term debt   -                     57,500
Accounts payable                    211,999               188,580
Interest and preferred dividends    22,458                19,483
payable
Taxes accrued                       235,302               230,076
Other                               62,584                69,353
 Total current liabilities      577,062               564,992
Deferred credits and other
liabilities
Deferred income taxes               420,724               337,863
Regulatory liabilities              319,330               315,466
Unamortized tax credits             64,178                60,614
Retirement benefits liability       463,599               495,121
Other                               103,459               106,044
 Total deferred credits and     1,371,290             1,315,108
other liabilities
Contributions in aid of             387,863               356,203
construction
 Total capitalization and  $  4,961,715        $  4,674,007
liabilities
This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in HECO's Annual
Report on SEC Form 10-K for the year ended December 31, 2011 and the
consolidated financial statements and the notes thereto in HECO's Quarterly
Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012
and September 30, 2012 (when filed), as updated by SEC Forms 8-K. Results of
operations for interim periods are not necessarily indicative of results to be
expected for future interim periods or the full year.



Hawaiian Electric Company, Inc. (HECO)
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30           2012               2011
(in thousands)
Cash flows from operating activities
Net income                               $  96,547        $  75,668
Adjustments to reconcile net income to
net cash provided by operating
activities
 Depreciation of property, plant    108,556            107,673
and equipment
 Other amortization                 4,074              12,694
 Change in deferred income taxes    82,717             51,120
 Change in tax credits, net         3,642              1,416
 Allowance for equity funds used    (5,548)            (4,131)
during construction
 Change in cash overdraft           -                  (2,688)
 Changes in assets and liabilities
 Increase in accounts          (36,907)           (42,966)
receivable
 Decrease (increase) in        5,736              (33,503)
accrued unbilled revenues
 Increase in fuel oil stock    (31,372)           (4,592)
 Increase in materials and     (7,305)            (5,280)
supplies
 Increase in regulatory assets (57,793)           (34,231)
 Decrease in accounts payable  (3,481)            (59,526)
 Change in prepaid and accrued (20,665)           44,498
income taxes and utility revenue taxes
 Contributions to defined
benefit pension and other postretirement (62,417)           (55,235)
benefit plans
 Change in other assets and    4,228              9,551
liabilities
Net cash provided by operating           80,012             60,468
activities
Cash flows from investing activities
Capital expenditures                     (220,970)          (142,734)
Contributions in aid of construction     33,106             15,106
Other                                    -                  77
Net cash used in investing activities    (187,864)          (127,551)
Cash flows from financing activities
Common stock dividends                   (54,783)           (52,919)
Preferred stock dividends of HECO and    (1,496)            (1,496)
subsidiaries
Proceeds from issuance of long-term debt 457,000            -
Repayment of long-term debt              (368,500)          -
Net increase in short-term borrowings
from nonaffiliates and
affiliate with original maturities of    44,719             12,498
three months or less
Other                                    (2,172)            (67)
Net cash provided by (used in) financing 74,768             (41,984)
activities
Net decrease in cash and cash            (33,084)           (109,067)
equivalents
Cash and cash equivalents, beginning of  48,806             122,936
the period
Cash and cash equivalents, end of period $  15,722        $  13,869
This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in HECO's Annual
Report on SEC Form 10-K for the year ended December 31, 2011 and the
consolidated financial statements and the notes thereto in HECO's Quarterly
Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012
and September 30, 2012 (when filed), as updated by SEC Forms 8-K. Results of
operations for interim periods are not necessarily indicative of results to be
expected for future interim periods or the full year.



American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)         Three months ended                    Nine months ended
                    September      June      September    September 30,
                    30,           30,      30,
(in thousands)      2012           2012      2011         2012        2011
Interest income
Interest and fees   $  43,880    $        $           $133,241    $  
on loans                           44,473    46,240                  137,985
Interest on
investment and      3,432          3,297     3,654        10,534      11,216
mortgage-related
securities
 Total interest 47,312         47,770    49,894       143,775     149,201
income
Interest expense
Interest on deposit 1,540          1,696     2,166        5,015       7,146
liabilities
Interest on other   1,201          1,214     1,375        3,676       4,124
borrowings
 Total interest 2,741          2,910     3,541        8,691       11,270
expense
Net interest income 44,571         44,860    46,353       135,084     137,931
Provision for loan  3,580          2,378     3,822        9,504       10,927
losses
Net interest income
after provision for 40,991         42,482    42,531       125,580     127,004
loan losses
Noninterest income
Fees from other     7,674          7,463     7,219        22,474      21,405
financial services
Fee income on       4,527          4,322     4,492        13,127      13,540
deposit liabilities
Fee income on other 1,660          1,532     1,806        4,741       5,340
financial products
Gain on sale of     4,077          2,185     1,092        8,297       2,268
loans
Other income        1,346          1,449     1,597        4,155       5,977
 Total          19,284         16,951    16,206       52,794      48,530
noninterest income
Noninterest expense
Compensation and    18,684         18,696    17,646       56,026      53,317
employee benefits
Occupancy           4,400          4,241     4,313        12,866      12,841
Data processing     2,644          2,489     2,451        7,244       6,479
Services            3,062          2,221     1,686        7,066       5,406
Equipment           1,762          1,807     1,712        5,299       5,141
Other expense       8,096          8,106     7,763        22,909      23,651
 Total          38,648         37,560    35,571       111,410     106,835
noninterest expense
Income before       21,627         21,873    23,166       66,964      68,699
income taxes
Income taxes       7,419          7,684     7,709        22,690      24,196
Net income          $  14,208    $        $           $ 44,274   $  
                                   14,189    15,457                  44,503
Comprehensive       $  15,517    $        $           $ 46,872   $  
income                             15,456    18,335                  49,360
OTHER BANK INFORMATION
(annualized %, except as of
period end)
Return on average   1.15           1.15      1.26         1.19        1.22
assets
Return on average   11.24          11.35     12.32        11.81       11.91
equity
Return on average
tangible common     13.41          13.58     14.73        14.14       14.26
equity
Net interest margin 3.92           3.97      4.11         3.98        4.11
Net charge-offs to
average loans       0.35           0.19      0.54         0.27        0.50
outstanding
Efficiency ratio    60             60        56           59          57
As of period end
Nonperforming
assets to loans
outstanding and     1.73           1.84      1.94
real estate owned
**
Allowance for loan
losses to loans     1.06           1.06      1.04
outstanding
Leverage ratio **   9.3            9.2       9.1
Total risk-based    12.9           12.8      13.0
capital ratio **
Tangible common
equity to total     8.72           8.58      8.69
assets
** Regulatory
basis
This information should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for
the year ended December 31, 2011 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012
(when filed), as updated by SEC Forms 8-K. Results of operations for interim
periods are not necessarily indicative of results to be expected for future
interim periods or the full year.



American Savings Bank, F.S.B.
BALANCE SHEETS DATA
(Unaudited)
                                            September 30,    December 31,
(in thousands)                              2012             2011
Assets
Cash and cash equivalents                   $   152,474   $   219,678
Available-for-sale investment and           664,051          624,331
mortgage-related securities
Investment in stock of Federal Home Loan    96,893           97,764
Bank of Seattle
Loans receivable held for investment        3,745,558        3,680,724
 Allowance for loan losses                (39,810)         (37,906)
 Loans receivable held for investment, 3,705,748        3,642,818
net
Loans held for sale, at lower of cost or    16,495           9,601
fair value
Other                                       234,999          233,592
Goodwill                                    82,190           82,190
 Total assets                           $  4,952,850   $  4,909,974
Liabilities and shareholder's equity
Deposit liabilities–noninterest-bearing     $  1,097,809   $   993,828
Deposit liabilities–interest-bearing        3,028,979        3,076,204
Other borrowings                            211,219          233,229
Other                                       107,960          118,078
 Total liabilities                      4,445,967        4,421,339
Common stock                                333,256          331,880
Retained earnings                           180,400          166,126
Accumulated other comprehensive loss, net   (6,773)          (9,371)
of tax benefits
 Total shareholder's equity             506,883          488,635
 Total liabilities and shareholder's    $  4,952,850   $  4,909,974
equity
This information should be read in conjunction with the consolidated
financial statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2011 and HEI's Quarterly Reports on SEC
Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September
30, 2012 (when filed), as updated by SEC Forms 8-K. Results of operations for
interim periods are not necessarily indicative of results to be expected for
future interim periods or the full year.



Contact: Shelee M.T. Kimura
         Manager, Investor Relations & Telephone: (808) 543-7384
         Strategic Planning            E-mail: skimura@hei.com

(Logo: http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)

SOURCE Hawaiian Electric Industries, Inc.

Website: http://www.hei.com
 
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