Hawaiian Electric Industries Reports 2012 Year-end & Fourth Quarter Earnings; Webcast to Include EPS Guidance

Hawaiian Electric Industries Reports 2012 Year-end & Fourth Quarter Earnings;
                       Webcast to Include EPS Guidance

2012 Net Income of $139 Million Flat Compared to 2011

Hawaiian Electric Company Invests Over $300 Million in Local Infrastructure

American Savings Bank Extends Over $1.7 Billion in Loans and Refinancings

PR Newswire

HONOLULU, Feb. 15, 2013

HONOLULU, Feb. 15, 2013 /PRNewswire/ --Hawaiian Electric Industries, Inc.
(NYSE: HE) (HEI) today reported year-end GAAP earnings of $138.7 million, flat
with $138.2 million in 2011. Diluted earnings per share (EPS) were $1.42 for
2012, slightly down compared to $1.44 for 2011. For the fourth quarter of
2012, reported earnings were $13.8 million or $0.14 EPS, compared to $34.2
million or $0.36 EPS for the same quarter last year. 2012 and fourth quarter
earnings include a $24 million after-tax write-down related to the settlement
agreement between Hawaiian Electric Company^1 and the Hawaii Consumer
Advocate, which is subject to approval by the Hawaii Public Utilities
Commission.

"HEI's 2012 earnings reflect Hawaiian Electric Company's agreement with the
Consumer Advocate which included a significant write-off of invested capital.
If approved, the agreement will resolve many pending issues, allowing our
utilities to continue their focus on reducing Hawaii's dependence on expensive
oil," said Constance H. Lau, HEI president and chief executive officer.

"American Savings Bank (American) continued to deliver stable and predictable
results, contributing roughly 40% to consolidated HEI earnings in 2012.
Steady loan growth was supported by more than $1.7 billion in new credit and
refinancings provided to customers. Strong capital ratios enabled American to
pay 2012 dividends to HEI totaling $45 million, an important source of funding
as HEI continues to invest in its Hawaii based businesses," added Lau.

"In 2012, Hawaiian Electric Company invested in local infrastructure totaling
over $300 million, more than three times its earnings. These investments are
critical to modernize the electric grid to operate more reliably while
integrating more clean energy for our customers and our state. In 2012, we
achieved 13% of sales from renewable energy and are on track to exceed the 15%
renewable portfolio standard by 2015," said Lau.

Excluding the write-down of regulatory assets, core earnings^2 for 2012 were
$163.1 million or $1.68 EPS, compared to $143.9 million or $1.50 EPS in 2011.
For the fourth quarter, core earnings were $38.3million or $0.39 EPS compared
to $39.9 million or $0.42 EPS for the same quarter last year.

^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.

^2Non-GAAP measure which excludes the fourth quarter after-tax partial
write-off of certain utility regulatory assets of $24.4 million in 2012 and
$5.7 million in 2011. See "Explanation of HEI's Use of Certain Unaudited
Non-GAAP Measures" and attached tables for GAAP to Non-GAAP reconciliations.

UTILITY EARNINGS REFLECT CLEAN ENERGY AND RELIABILITY INVESTMENTS

Full Year Results:

Reported earnings from the utility of $99.3 million in 2012 were essentially
flat with $100.0 million in 2011. Core earnings were $123.7million in 2012
compared to $105.7 million in 2011. The main driver of the $18 million core
earnings improvement from the prior year was a full year recovery of costs in
2012 for reliability and clean energy investments on Oahu compared to a
partial year recovery of costs in 2011.

Operations and maintenance (O&M) expenses^3 (pretax) were $15 million or
approximately 4% higher compared to the prior year. The increases were
primarily due to higher customer service expenses, reserves for environmental
costs and higher power plant overhaul costs.

Fourth Quarter Results:

Reported earnings from the utility for the fourth quarter of 2012 were $4.2
million compared to $25.8 million in 2011. Core earnings were $28.7million
in the fourth quarter of 2012 compared to $31.5 million in the fourth quarter
of 2011. The $3 million core earnings decline from the prior year quarter was
primarily due to higher O&M expenses, largely offset by the recovery of costs
for clean energy and reliability investments, primarily related to our Oahu
and Maui utilities.

O&M expenses^3 (pretax) were $14 million or 15% higher as expected in the
fourth quarter of 2012 compared to the fourth quarter of 2011 largely due to
higher customer service expenses and the timing of 2011 expenses weighted more
to the first three quarters of the year.

^3 Excludes demand side management (DSM) program costs. DSM program costs were
$6 million and $4 million for the full year in 2012 and 2011, respectively,
and $2 million and $1 million in the fourth quarter of 2012 and 2011,
respectively. DSM program costs are recovered through a surcharge.

AMERICAN SAVINGS BANK: SOLID PERFORMANCE AND LOAN GROWTH

Full Year Results:

American's net income for 2012 was $58.6 million compared to $59.8 million in
2011 reflecting the challenging low interest rate environment. The primary
drivers impacting net income for the year were (on an after-tax basis): $4
million lower net interest income and $5 million higher noninterest expense
largely offset by $6 million higher gains on sales of new residential
mortgages and $1 million lower provision for loan losses.

Overall, American's return on average equity for the full year remained solid
at 11.7% in 2012 compared to 12.0% in 2011 and the return on average assets
was 1.18% in 2012 compared to 1.23% in 2011.

Fourth Quarter Results:

Fourth quarter 2012 net income of $14.4 million was essentially flat with the
linked quarter of $14.2 million as higher noninterest income, driven mainly by
higher gains on sales of newly originated residential mortgages, was offset by
higher noninterest expense and lower net interest income.

Compared to the same quarter of 2011, net income declined by $1.0 million
primarily driven by (on an after-tax basis): $2 million lower net interest
income and $3 million higher noninterest expense which were largely offset by
$4 million higher noninterest income primarily due to higher gains on sale of
new residential mortgages and higher fee income.

American's fourth quarter 2012 return on average equity was 11.3%, up slightly
from 11.2% in the linked quarter but down from 12.2% in the same quarter last
year. Return on average assets was 1.15% for the fourth quarter of 2012,
unchanged from the linked quarter and down from 1.26% in the same quarter last
year.

Also refer to the American news release issued on January 30, 2013.

HOLDING AND OTHER COMPANIES

The holding and other companies' net losses were $19.3million in 2012
compared to $21.6million in 2011. The lower net loss in 2012 was primarily
driven by lower interest expense. Fourth quarter net losses were $4.8 million
in 2012 compared to $6.9million in the fourth quarter 2011 primarily due to
HEI funding the HEI Charitable Foundation in the fourth quarter of 2011.

WEBCAST AND CONFERENCE CALL

HEI TO ANNOUNCE 2013 EPS GUIDANCE IN EARNINGS CONFERENCE CALL

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call
to review its 2012 earnings on Friday, February 15,2013, at 12:00 noon Hawaii
time (5:00 p.m. Eastern time). HEI will announce 2013 EPS guidance during the
scheduled webcast and conference call.

The event can be accessed through HEI's website at www.hei.com or by dialing
(866) 202-3048 and entering passcode: 97355196 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 and will remain on HEI's website for
12 months. Replays of the conference call will also be available
approximately two hours after the event through March 1, 2013, by dialing
(888)286-8010, passcode: 47992097.

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.

EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and HECO management use certain non-GAAP measures such as core earnings
and adjusted return on average common equity (ROE) to evaluate the performance
of the utility. Management believes these non-GAAP measures provide useful
information and are a better indicator of the utility's core operating
activities. Core earnings as presented here may not be comparable to
similarly titled measures used by other companies. The tables at the end of
this news release provide a reconciliation of reported GAAP earnings to
non-GAAP core earnings for both the utility and HEI consolidated and the
corresponding adjustments to common equity for purposes of calculating
adjusted ROE.

The reconciling adjustments from GAAP earnings to core earnings are the
recorded after-tax charges of $24.4 million and $5.7 million in the fourth
quarter of 2012 and 2011, respectively, related to settlement charges for the
partial write-off of utility regulatory assets in 2012 and 2011. The 2012
charges are not yet approved by the PUC. For more information on the
settlement charge recorded in 2012, see the Form 8-K filed on January 29,
2013. Management does not consider these items to be representative of the
company's fundamental core earnings.

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 Annual Report on Form
10-K for the year ended December 31, 2011, Quarterly Report on Form 10-Q for
the quarter ended September 30, 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 ended     Years ended
                               December 31,           December 31,
(in thousands, except per      2012         2011      2012         2011
share amounts)
Revenues
Electric utility               $ 769,182   $         $3,109,439   $2,978,690
                                            784,363
Bank                           68,970       66,676    265,539      264,407
Other                          (5)          (11)      17           (762)
 Total revenues             838,147      851,028   3,374,995    3,242,335
Expenses
Electric utility               749,739      731,911   2,896,427    2,763,556
Bank                           46,945       43,818    177,106      172,806
Other                          4,191        7,129     17,266       16,277
 Total expenses             800,875      782,858   3,090,799    2,952,639
Operating income (loss)
Electric utility               19,443       52,452    213,012      215,134
Bank                           22,025       22,858    88,433       91,601
Other                          (4,196)      (7,140)   (17,249)     (17,039)
 Total operating income   37,272       68,170    284,196      289,696
Interest expense–other than
on deposit liabilities and     (19,393)     (17,840)  (78,151)     (82,106)
other bank borrowings
Allowance for borrowed funds   1,904        767       4,355        2,498
used during construction
Allowance for equity funds     1,459        1,833     7,007        5,964
used during construction
Income before income taxes     21,242       52,930    217,407      216,052
Income taxes                   6,933        18,232    76,859       75,932
Net income                    14,309       34,698    140,548      140,120
Preferred stock dividends of   473          473       1,890        1,890
subsidiaries
Net income for common stock    $  13,836  $        $  138,658  $  138,230
                                            34,225
Basic earnings per common      $         $      $         $   
share                          0.14         0.36      1.43        1.45
Diluted earnings per common    $         $      $         $   
share                          0.14         0.36      1.42        1.44
Dividends per common share     $         $      $         $   
                               0.31         0.31      1.24        1.24
Weighted-average number of     97,602       95,939    96,908       95,510
common shares outstanding
Adjusted weighted-average      97,970       96,199    97,338       95,820
shares
Net income (loss) for common
stock by segment
                Electric       $          $        $          $  
                utility        4,225       25,814   99,276       99,986
                Bank           14,363       15,340    58,637       59,843
                Other          (4,752)      (6,929)   (19,255)     (21,599)
Net income for common stock    $  13,836  $        $  138,658  $  138,230
                                            34,225
Comprehensive income           $          $ 
attributable to common         3,103       21,750   $  131,372  $  131,565
shareholders
Return on average common                              8.9%         9.2%
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, 2012 (when filed) and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and

September 30, 2012, as updated by SEC Forms 8-K.



Hawaiian Electric Industries, Inc. (HEI)
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31                               2012                2011
(dollars in thousands)
Assets
Cash and cash equivalents                 $   219,662       $  270,265
Accounts receivable and unbilled          362,823             344,322
revenues, net
Available-for-sale investment and         671,358             624,331
mortgage-related securities
Investment in stock of Federal Home Loan  96,022              97,764
Bank of Seattle
Loans receivable held for investment, net 3,737,233           3,642,818
Loans held for sale, at lower of cost or  26,005              9,601
fair value
Property, plant and equipment, net of
accumulated depreciation of $2,125,286 in 3,594,829           3,334,501
2012 and $2,049,821 in 2011
Regulatory assets                         864,596             669,389
Other                                     494,414             519,296
Goodwill                                  82,190              82,190
 Total assets                         $10,149,132         $9,594,477
Liabilities and shareholders' equity
Liabilities
Accounts payable                          $   212,379       $  216,176
Interest and dividends payable            26,258              25,041
Deposit liabilities                       4,229,916           4,070,032
Short-term borrowings—other than bank     83,693              68,821
Other bank borrowings                     195,926             233,229
Long-term debt, net—other than bank       1,422,872           1,340,070
Deferred income taxes                     439,329             354,051
Regulatory liabilities                    322,074             315,466
Contributions in aid of construction      405,520             356,203
Retirement benefits liability             656,394             530,407
Other                                     526,613             521,982
 Total liabilities                    8,520,974           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
                                          1,403,484           1,349,446
and outstanding: 97,928,403 shares in
2012 and 96,038,328 shares in 2011
Retained earnings                         216,804             198,397
Accumulated other comprehensive loss, net (26,423)            (19,137)
of tax benefits
 Total shareholders' equity           1,593,865           1,528,706
 Total liabilities and shareholders'  $10,149,132         $9,594,477
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, 2012 (when filed) and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and
September 30, 2012, as updated by SEC Forms 8-K.



Hawaiian Electric Industries, Inc. (HEI)
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Years ended December 31                  2012               2011
(in thousands)
Cash flows from operating activities
Net income                              $   140,548     $   140,120
Adjustments to reconcile net income to
net cash provided by operating
activities
 Depreciation of property, plant    150,389            148,152
and equipment
 Other amortization                 7,958              19,318
 Provision for loan losses          12,883             15,009
 Impairment of utility assets       40,000             9,215
 Loans receivable originated and    (519,622)          (267,656)
purchased, held for sale
 Proceeds from sale of loans        513,000            273,932
receivable, held for sale
 Change in deferred income taxes    90,848             79,444
 Change in excess tax benefits from (61)               35
share-based payment arrangements
 Allowance for equity funds used    (7,007)            (5,964)
during construction
 Change in cash overdraft           -                  (2,688)
 Changes in assets and liabilities
 Increase in accounts          (18,501)           (77,326)
receivable and unbilled revenues, net
 Decrease (increase) in fuel   10,129             (18,843)
oil stock
 Increase in regulatory assets (72,401)           (40,132)
 Decrease in accounts,         (39,738)           (34,480)
interest and dividends payable
 Change in prepaid and accrued 21,079             73,153
income taxes and utility revenue taxes
 Contributions to defined
benefit pension and other postretirement (77,703)           (74,961)
benefit plans
 Change in other assets and    (17,259)           14,038
liabilities
Net cash provided by operating           234,542            250,366
activities
Cash flows from investing activities
Available-for-sale investment and        (243,633)          (361,876)
mortgage-related securities purchased
Principal repayments on
available-for-sale investment and        191,253            389,906
mortgage-related securities
Proceeds from sale of available-for-sale
investment and mortgage-related          3,548              32,799
securities
Net increase in loans held for           (112,730)          (181,080)
investment
Proceeds from sale of real estate        11,336             8,020
acquired in settlement of loans
Capital expenditures                     (325,480)          (235,116)
Contributions in aid of construction     45,982             23,534
Other                                    2,677              (2,974)
Net cash used in investing activities    (427,047)          (326,787)
Cash flows from financing activities
Net increase in deposit liabilities      159,884            94,660
Net increase in short-term borrowings
with original maturities of three months 14,872             43,898
or less
Net increase (decrease) in retail        (37,291)           10,910
repurchase agreements
Proceeds from other bank borrowings      5,000              -
Repayments of other bank borrowings      (5,000)            (15,000)
Proceeds from issuance of long-term debt 457,000            125,000
Repayment of long-term debt              (375,500)          (150,000)
Change in excess tax benefits from       61                 (35)
share-based payment arrangements
Net proceeds from issuance of common     23,613             15,979
stock
Common stock dividends                   (96,202)           (106,812)
Preferred stock dividends of             (1,890)            (1,890)
subsidiaries
Other                                    (2,645)            (675)
Net cash provided by financing           141,902            16,035
activities
Net decrease in cash and cash            (50,603)           (60,386)
equivalents
Cash and cash equivalents, January 1     270,265            330,651
Cash and cash equivalents, December 31   $   219,662     $   270,265
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, 2012 (when filed) and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and
September 30, 2012, as updated by SEC Forms 8-K.

Hawaiian Electric
Company, Inc. (HECO)
and Subsidiaries
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)             Three months ended        Years ended
                        December 31,             December 31,
(dollars in
thousands, except per   2012           2011       2012           2011
barrel amounts)
Operating revenues      $  767,172    $         $ 3,101,998    $2,973,764
                                       782,904
Operating expenses
Fuel oil                311,343        339,650    1,297,419      1,265,126
Purchased power         184,400        181,473    724,240        689,652
Other operation        75,311         62,731     272,117        257,065
Maintenance             30,671         28,411     122,312        121,219
Depreciation            35,942         35,302     144,498        142,975
Taxes, other than       70,692         74,002     292,841        276,504
income taxes
Income taxes            18,303         19,358     76,594         65,988
 Total operating    726,662        740,927    2,930,021      2,818,529
expenses
Operating income        40,510         41,977     171,977        155,235
Other income
(deductions)
Allowance for equity
funds used during       1,459          1,833      7,007          5,964
construction
Impairment of assets    (40,000)       (9,215)    (40,000)       (9,215)
Other, net              630            332        4,441          3,126
Income tax benefits     15,684         4,220      15,546         4,404
 Total other        (22,227)       (2,830)    (13,006)       4,279
income (deductions)
Interest and other
charges
Interest on long-term   14,614         14,383     59,014         57,532
debt
Amortization of net
bond premium and        629            765        2,905          3,081
expense
Other interest          220            (1,547)    136            (582)
charges (credits)
Allowance for
borrowed funds used     (1,904)        (767)      (4,355)        (2,498)
during construction
 Total interest     13,559         12,834     57,700         57,533
and other charges
Net income             4,724          26,313     101,271        101,981
Preferred stock
dividends of            229            229        915            915
subsidiaries
Net income              4,495          26,084     100,356        101,066
attributable to HECO
Preferred stock         270            270        1,080          1,080
dividends of HECO
Net income for common   $           $        $   99,276   $   99,986
stock                   4,225          25,814
Comprehensive income    $           $  
attributable to         3,058          24,877     $   98,338   $   99,245
common shareholder
OTHER ELECTRIC
UTILITY INFORMATION
Kilowatthour sales
(millions)
 HECO                 1,771          1,799      6,976          7,242
 HELCO                275            276        1,085          1,104
 MECO                 290            293        1,145          1,181
                        2,336          2,368      9,206          9,527
Wet-bulb temperature
(Oahu average;          69.4           70.0       68.9           70.0
degrees Fahrenheit)
Cooling degree days     1,102          1,273      4,532          4,954
(Oahu)
Average fuel oil cost   $133.37        $134.28    $138.09        $123.63
per barrel
Return on average
common equity (%)
(simple average)
 HECO                                           7.57           6.43
 HELCO                                          5.90           9.68
 MECO                                           5.44           7.73
 HECO Consolidated                              6.91           7.31
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, 2012 (when filed) 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, as updated by SEC Forms 8-K.



Hawaiian Electric Company, Inc.
(HECO) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31                          2012                 2011
(dollars in thousands, except par
value)
Assets
Utility plant, at cost
Land                                 $    51,568      $    51,514
Plant and equipment                  5,364,400            5,052,027
Less accumulated depreciation        (2,040,789)          (1,966,894)
Construction in progress             151,378              138,838
 Net utility plant               3,526,557            3,275,485
Current assets
Cash and cash equivalents            17,159               48,806
Customer accounts receivable, net   210,779              183,328
Accrued unbilled revenues, net       134,298              137,826
Other accounts receivable, net       28,176               8,623
Fuel oil stock, at average cost      161,419              171,548
Materials and supplies, at average   51,085               43,188
cost
Prepayments and other                32,865               36,667
Regulatory assets                    51,267               20,283
 Total current assets           687,048              650,269
Other long-term assets
Regulatory assets                    813,329              649,106
Unamortized debt expense             10,554               12,786
Other                                71,305               86,361
 Total other long-term assets    895,188              748,253
 Total assets               $  5,108,793       $  4,674,007
Capitalization and liabilities
Capitalization
Common stock, $6 2/3 par value,
authorized 50,000,000 shares;
outstanding
 14,665,264 in 2012 and           $    97,788      $    94,911
14,233,723 shares in 2011
Premium on capital stock             468,045              426,921
Retained earnings                    907,273              881,041
Accumulated other comprehensive      (970)                (32)
loss, net of tax benefits
 Common stock equity             1,472,136            1,402,841
Cumulative preferred stock – not     34,293               34,293
subject to mandatory redemption
Long-term debt, net                  1,147,872            1,000,570
 Total capitalization            2,654,301            2,437,704
Current liabilities
Current portion of long-term debt    -                    57,500
Accounts payable                     186,824              188,580
Interest and preferred dividends     21,092               19,483
payable
Taxes accrued                        251,066              230,076
Other                                62,879               69,353
 Total current liabilities       521,861              564,992
Deferred credits and other
liabilities
Deferred income taxes                417,611              337,863
Regulatory liabilities               322,074              315,466
Unamortized tax credits              66,584               60,614
Retirement benefits liability        620,205              494,753
Other                                100,637              106,412
 Total deferred credits and      1,527,111            1,315,108
other liabilities
Contributions in aid of construction 405,520              356,203
 Total capitalization and   $  5,108,793       $  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, 2012 (when filed) 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, as updated by SEC Forms 8-K.



Hawaiian Electric Company, Inc. (HECO)
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Years ended December 31                  2012               2011
(in thousands)
Cash flows from operating activities
Net income                               $  101,271        $  101,981
Adjustments to reconcile net income to
net cash provided by operating
activities
 Depreciation of property, plant    144,498            142,975
and equipment
 Other amortization                 6,998              17,378
 Impairment of assets               40,000             9,215
 Change in deferred income taxes    86,878             69,091
 Change in tax credits, net         6,075              2,087
 Allowance for equity funds used    (7,007)            (5,964)
during construction
 Change in cash overdraft           -                  (2,688)
 Changes in assets and liabilities
 Increase in accounts          (47,004)           (44,404)
receivable
 Decrease (increase) in        3,528              (33,442)
accrued unbilled revenues
 Decrease (increase) in fuel   10,129             (18,843)
oil stock
 Increase in materials and     (7,897)            (6,471)
supplies
 Increase in regulatory assets (72,401)           (40,132)
 Decrease in accounts payable  (38,913)           (35,815)
 Change in prepaid and accrued 25,239             69,736
income taxes and utility revenue taxes
 Contributions to defined
benefit pension and other postretirement (63,075)           (73,176)
benefit plans
 Change in other assets and    (11,088)           9,866
liabilities
Net cash provided by operating           177,231            161,394
activities
Cash flows from investing activities
Capital expenditures                     (310,091)          (226,022)
Contributions in aid of construction     45,982             23,534
Other                                    -                  77
Net cash used in investing activities    (264,109)          (202,411)
Cash flows from financing activities
Common stock dividends                   (73,044)           (70,558)
Preferred stock dividends of HECO and    (1,995)            (1,995)
subsidiaries
Proceeds from issuance of common stock   44,000             40,000
Proceeds from issuance of long-term debt 457,000            -
Repayment of long-term debt              (368,500)          -
Other                                    (2,230)            (560)
Net cash provided by (used in) financing 55,231             (33,113)
activities
Net decrease in cash and cash            (31,647)           (74,130)
equivalents
Cash and cash equivalents, January 1     48,806             122,936
Cash and cash equivalents, December 31   $  17,159        $  48,806
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, 2012 (when filed) 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, as updated by SEC Forms 8-K.



American Savings
Bank, F.S.B.
STATEMENTS OF
INCOME DATA
(Unaudited)           Three months ended                   Years ended
                      December    September    December    December 31,
                      31,        30,          31,
(in thousands)        2012        2012         2011        2012        2011
Interest income
Interest and fees     $         $          $         $176,057    $  
on loans              42,816     43,880       46,500                 184,485
Interest on
investment and        3,288       3,432        3,352       13,822      14,568
mortgage-related
securities
 Total interest   46,104      47,312       49,852      189,879     199,053
income
Interest expense
Interest on deposit   1,408       1,540        1,837       6,423       8,983
liabilities
Interest on other     1,193       1,201        1,362       4,869       5,486
borrowings
 Total interest   2,601       2,741        3,199       11,292      14,469
expense
Net interest income   43,503      44,571       46,653      178,587     184,584
Provision for loan    3,379       3,580        4,082       12,883      15,009
losses
Net interest income
after provision for   40,124      40,991       42,571      165,704     169,575
loan losses
Noninterest income
Fees from other       8,887       7,674        7,476       31,361      28,881
financial services
Fee income on         4,648       4,527        4,486       17,775      18,026
deposit liabilities
Fee income on other   1,836       1,660        1,364       6,577       6,704
financial products
Gain on sale of       6,331       4,077        2,760       14,628      5,028
loans
Other income          1,164       1,346        738         5,319       6,715
 Total            22,866      19,284       16,824      75,660      65,354
noninterest income
Noninterest expense
Compensation and      19,953      18,684       17,820      75,979      71,137
employee benefits
Occupancy             4,313       4,400        4,313       17,179      17,154
Data processing       2,854       2,644        1,676       10,098      8,155
Services              2,800       3,062        1,990       9,866       7,396
Equipment             1,806       1,762        1,762       7,105       6,903
Other expense         9,207       8,096        8,997       32,116      32,648
 Total            40,933      38,648       36,558      152,343     143,393
noninterest expense
Income before         22,057      21,627       22,837      89,021      91,536
income taxes
Income taxes         7,694       7,419        7,497       30,384      31,693
Net income            $         $          $         $ 58,637   $  
                      14,363     14,208       15,340                 59,843
Comprehensive         $        $          $        $ 52,612   $  
income                5,740      15,517       7,400                  56,760
OTHER BANK INFORMATION (annualized %, except
as of period end)
Return on average     1.15        1.15         1.26        1.18        1.23
assets
Return on average     11.29       11.24        12.24       11.68       11.99
equity
Return on average
tangible common       13.47       13.41        14.65       13.97       14.35
equity
Net interest margin   3.81        3.92         4.16        3.93        4.12
Net charge-offs to
average loans         0.13        0.35         0.48        0.24        0.49
outstanding
Efficiency ratio      61          60           57          59          57
As of period end
Nonperforming
assets to loans
outstanding
 and real estate    1.87        1.73         2.01
owned **
Allowance for loan
losses to loans       1.11        1.06         1.03
outstanding
Leverage ratio *      9.1         9.3          9.0
Total risk-based      12.8        12.9         12.9
capital ratio *
Tangible common
equity to total       8.39        8.72         8.42
assets
Dividend paid to
HEI (via ASHI) ($     15          10           20          45          63
in millions) **
* Regulatory basis
** Fourth quarter
2011 includes
noncash dividends
of $5 million.
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, 2012 (when filed) and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and
September 30, 2012, as updated by SEC Forms 8-K.



American Savings Bank, F.S.B.
BALANCE SHEETS DATA
(Unaudited)
December 31                                  2012             2011
(in thousands)
Assets
Cash and cash equivalents                    $   184,430   $   219,678
Available-for-sale investment and            671,358          624,331
mortgage-related securities
Investment in stock of Federal Home Loan     96,022           97,764
Bank of Seattle
Loans receivable held for investment         3,779,218        3,680,724
 Allowance for loan losses                 (41,985)         (37,906)
 Loans receivable held for investment,  3,737,233        3,642,818
net
Loans held for sale, at lower of cost or     26,005           9,601
fair value
Other                                        244,435          233,592
Goodwill                                     82,190           82,190
 Total assets                            $  5,041,673   $  4,909,974
Liabilities and shareholder's equity
Deposit liabilities–noninterest-bearing      $  1,164,308   $   993,828
Deposit liabilities–interest-bearing         3,065,608        3,076,204
Other borrowings                             195,926          233,229
Other                                        117,752          118,078
 Total liabilities                       4,543,594        4,421,339
Common stock                                 333,712          331,880
Retained earnings                            179,763          166,126
Accumulated other comprehensive loss, net of (15,396)         (9,371)
tax benefits
 Total shareholder's equity              498,079          488,635
 Total liabilities and shareholder's     $  5,041,673   $  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, 2012 (when filed) and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and
September 30, 2012, as updated by SEC Forms 8-K.



Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
RECONCILIATION OF GAAP^(1) TO NON-GAAP MEASURES
(Unaudited)
                                          
              Net Income                                            Shareholders'
                                          Diluted Earnings Per      Equity
                                          Share (EPS)
              Three                       Three
              months       Years ended    months       Years ended  Years ended
              ended                       ended
              December     December 31,  December     December     December 31,
              31,                        31,         31,
(in millions,
except EPS    2012  2011   2012   2011    2012  2011   2012  2011   2012     2011
amounts)
GAAP (As      $     $      $      $       $     $      $     $      $        $
Reported)     13.8 34.2  138.7 138.2  0.14 0.36  1.42 1.44  1,593.9 1,528.7
Excluding
Special
Items:
Settlement
agreement,
subject to
PUC approval,
for the
partial       24.4  -      24.4   -       0.25  -      0.25  -      24.4     -
writedown of
certain
utility
regulated
assets
Settlement
agreement for
the partial
writedown of
the East Oahu -     5.7    -      5.7     -     0.06   -     0.06   -        5.7
Transmission
Project
(EOTP) Phase
I costs
Non-GAAP      $     $      $      $       $     $      $     $      $        $
(Core)        38.3 39.9  163.1 143.9  0.39 0.42  1.68 1.50  1,618.3 1,534.4
Note: Columns may not foot due to rounding
                                                                    Years ended
                                                                    December 31,
                                                                    2012     2011
Other
Measures:
Average
Shareholders'
Equity
(Simple
Average):
Based on                                                            $        $
GAAP                                                               1,561.3 1,504.6
Non-GAAP                                                            $        $
(Core)                                                              1,576.4 1,507.4
Return on
Average
Common Equity
(ROE) (Simple
Average):
Based on                                                            8.9%     9.2%
GAAP
Non-GAAP                                                            10.3%    9.5%
(Core)
^(1) Generally Accepted Accounting Principles





Hawaiian Electric Company, Inc. (HECO) and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(Unaudited)
            Net Income                  Common Stock
                                        Equity
            Three
            months       Years ended    Years ended
            ended
            December     December 31,  December 31,
            31,
(in         2012  2011   2012   2011    2012     2011
millions)
GAAP (As    $    $      $     $       $        $
Reported)   4.2   25.8  99.3   100.0  1,472.1 1,402.8
Excluding
Special
Items:
Settlement
agreement,
subject to
PUC
approval,
for the     24.4  -      24.4   -       24.4     -
partial
writedown
of certain
utility
regulated
assets
Settlement
agreement
for the
partial     -     5.7    -      5.7     -        5.7
writedown
of the
EOTP Phase
I costs
Non-GAAP    $     $      $      $       $        $
(Core)      28.7 31.5  123.7 105.7  1,496.6 1,408.5
Note: Columns may not foot due to rounding
                                        Years ended
                                        December 31,
                                        2012     2011
Other Measures:
Average
Common
Equity
(Simple
Average)
Based on                                $        $
GAAP                                   1,437.5 1,368.5
Non-GAAP (Core)                         $        $
                                        1,452.6 1,371.4
Return on
Average
Common
Equity
(ROE)
(Simple
Average):
Based on                                6.9%     7.3%
GAAP
Non-GAAP (Core)                         8.5%     7.7%
            Hawaiian Electric Company,  Hawaii Electric Light Company,    Maui Electric Company,
            Inc. (HECO, Oahu)           Inc. (HELCO)                      Limited (MECO)
            Net Income   Common Stock   Net Income         Common Stock   Net Income   Common Stock
                         Equity                            Equity                      Equity
            Years ended  Years ended    Years ended        Years ended    Years ended  Years ended
            December     December 31,  December 31,      December 31,  December     December 31,
            31,                                                          31,
(in         2012  2011   2012   2011    2012     2011      2012   2011    2012  2011   2012   2011
millions)
GAAP (As    $     $      $      $       $      $       $      $       $     $      $      $
Reported)   70.4 55.4  974.2 886.7  16.2    26.7     268.9 280.5  12.6 18.0  228.9 235.6
Excluding
Special
Items:
Settlement
agreement,
subject to
PUC
approval,
for the     17.7  -      17.7   -       3.4      -         3.4    -       3.4   -      3.4    -
partial
writedown
of certain
utility
regulated
assets
Settlement
agreement
for the
partial     -     5.7    -      5.7     -        -         -      -       -     -      -      -
writedown
of the
EOTP Phase
I costs
Non-GAAP    $     $      $      $       $      $       $      $       $     $      $      $
(Core)      88.2 61.1  991.9 892.4  19.6    26.7     272.3 280.5  16.0 18.0  232.3 235.6
Note: Columns may not foot due to rounding
                         Years ended                       Years ended                 Years ended
                         December 31,                     December 31,               December 31,
                         2012   2011                       2012   2011                 2012   2011
Other Measures:
Average
Common
Equity
(Simple
Average)
Based on GAAP           $      $                          $      $                    $      $
                         930.4 860.6                     274.7 275.2               232.2 232.6
Non-GAAP (Core)          $      $                          $      $                    $      $
                         942.2 863.4                     276.4 275.2               233.9 232.6
Return on
Average
Common
Equity
(ROE)
(Simple
Average):
Based on GAAP           7.6%   6.4%                       5.9%   9.7%                 5.4%   7.7%
Non-GAAP (Core)          9.4%   7.1%                       7.1%   9.7%                 6.8%   7.7%



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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