Hawaiian Electric Industries Reports Second Quarter 2013 Earnings

      Hawaiian Electric Industries Reports Second Quarter 2013 Earnings

Earnings Per Share of $0.41

Hawaiian Electric Company Continues to Integrate More Renewable Energy Sources

American Savings Bank Delivers Solid Results

PR Newswire

HONOLULU, Aug. 8, 2013

HONOLULU, Aug. 8, 2013 /PRNewswire/ -- Hawaiian Electric Industries, Inc.
(NYSE - HE) (HEI) today reported consolidated net income for common stock for
the second quarter of 2013 of $40.6 million, or $0.41 diluted earnings per
share (EPS), compared to $38.8 million, or $0.40 diluted EPS for the second
quarter of 2012.

"HEI's stable financial results in the quarter were consistent with our
expectations. Higher bank earnings compared to the same quarter last year
helped offset slightly lower utility earnings which were primarily driven by a
customer refund recorded in the quarter. At American Savings Bank, higher
earnings were supported by good loan growth and declining credit costs in an
improving local economy. This helped offset the continued impact of low
interest rates. As a result, the bank continued to deliver strong
profitability metrics while maintaining solid capital levels," said Constance
H. Lau, HEI president and chief executive officer.

At Hawaiian Electric Company, year-to-daterenewable energy provided nearly
18% of customers' electricity usage, already greater than the 2015 renewable
portfolio standard of 15%, and even higher on Hawaii Island at 49% and Maui
County at 28%. "A key element of our utility strategy is to seek to lower our
customers' bills by aggressively acquiring and integrating local renewable
energy at lower and more stable prices than oil. As a result, and consistent
with our state's energy policies, our utilities have achieved unprecedented
levels of renewable energy, and we recognize the importance of further
accelerating our move to less costly renewables," said Lau. In order to add
even more lower-cost renewable energy as quickly as possible, Hawaiian
Electric Company is seeking accelerated approval for five purchase power
agreements totaling 64 MW that are priced lower than the existing cost of
oil-fired generation.

"In addition to moving to a renewable energy future, we are pursuing many
other strategies to better serve customers. To ensure safe and reliable
service, we made $140 million of infrastructure investments in the first half
of 2013. This includes the ongoing execution of our asset management program
which is designed to modernize our grid in a cost effective manner and improve
service levels. Our utilities have also been focused on achieving operational
and cost efficiencies and have been exploring the possibility of using lower
cost liquefied natural gas to help reduce customer bills. We have to keep
pushing the envelope to lower the cost for our customers. It's what our
companies are committed to and what our utility customers deserve," added Lau.

HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS TO INTEGRATE MORE RENEWABLE
ENERGY AND BETTER SERVE CUSTOMERS

Hawaiian Electric Company's^1 net income for the second quarter of 2013 was
$28.7million compared  to $29.4 million in the second quarter of 2012. The
following items were significant factors in the quarter (on an after-tax
basis):

  oNet revenues^^2 were flat compared to the second quarter of 2012 as $3
    million for additional recovery of costs at the Oahu utility was offset by
    a net $3 million decrease at the Maui County utility primarily due to the
    customer refund granted in its recent final rate case decision.
  oDepreciation expense was $2 million higher with increasing investments for
    improved customer reliability, greater system efficiency and integration
    of more renewable energy.
  oOperations and maintenance (O&M) expenses^^3 were $2 million lower in the
    second quarter of 2013 compared to the same quarter last year largely due
    to temporary delays in overhauls and reversals of previously expensed
    costs. These reductions in expenses were partially offset by higher
    customer service costs.

^1 Hawaiian Electric Company, 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 Net revenues represent the after-tax impact of "Operating revenues" less
the following operating expenses which are largely pass through items in
revenues: "fuel oil", "purchased power" and "taxes, other than income taxes"
as shown on the Hawaiian Electric Company Consolidated Statements of Income.

^3 Excludes expenses covered by surcharges or by third parties. In the second
quarter of 2013 and 2012, these expenses were $2 million and $1 million,
respectively.

AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE

American Savings Bank's (American) net income for the second quarter of 2013
was $15.9million compared to $14.2 million in both the first, or linked,
quarter of 2013 and in the second quarter of 2012. Second quarter 2013 net
income was $1.8 million higher than the linked quarter primarily driven by (on
an after-tax basis) a lower provision for loan losses of $2 million, $1
million of which related to the strategic third quarter sale of American's
credit card portfolio, and $1 million higher gains on sales of investment
securities. These increases were largely offset by lower mortgage banking
income and higher noninterest expense.

Compared to the second quarter of 2012, net income improved by$1.7million.
The increase was primarily driven by a lower provision for loan losses and
higher gains on sales of investment securities as discussed above. These
increases were partially offset by higher noninterest expense due to targeted
staffing and information technology expense increases.

Overall, American achieved solid profitability in the second quarter of 2013
with a return on average equity of 12.6% and a return on average assets of
1.25%.

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

HOLDING AND OTHER COMPANIES

The holding and other companies' net losses were $4.0million in the second
quarter of 2013 compared to $4.8 million in the second quarter of 2012. The
lower net loss was due to lower administrative and general expenses and
interest expense.

WEBCAST AND CONFERENCE CALL

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call
to review its second quarter 2013 earnings on Thursday, August 8,2013, at
11:00 a.m. Hawaii time (5:00p.m. Eastern time). The event can be accessed
through HEI's website at www.hei.comor by dialing (877)415-3186, passcode:
97287517 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 material information, as well as other important 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. Also, at the Investor
Relations section of HEI's website, investors may sign up to receive e-mail
alerts (based on each investor's selected preferences). 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 August
22, 2013, by dialing (888)286-8010, passcode: 60955453.

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 March31,2013 and HEI's subsequent 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            Six months
                            ended June 30           ended June 30
(in thousands, except per   2013        2012        2013          2012
share amounts)
Revenues
Electric utility            $ 730,688  $ 789,552  $1,449,961    $1,539,162
Bank                        66,027      64,721      130,783       129,973
Other                       15          (5)         50            (7)
 Total revenues          796,730     854,268     1,580,794     1,669,128
Expenses
Electric utility            669,550     728,056     1,335,870     1,420,412
Bank                        41,322      42,847      84,327        85,187
Other                       3,488       3,959       7,570         8,307
 Total expenses          714,360     774,862     1,427,767     1,513,906
Operating income (loss)
Electric utility            61,138      61,496      114,091       118,750
Bank                        24,705      21,874      46,456        44,786
Other                       (3,473)     (3,964)     (7,520)       (8,314)
 Total operating        82,370      79,406      153,027       155,222
income
Interest expense–other
than on deposit
liabilities
      and other bank        (19,613)    (20,199)    (39,401)      (38,738)
      borrowings
Allowance for borrowed
funds used during           398         893         1,128         1,763
construction
Allowance for equity funds  1,560       1,997       2,775         3,937
used during construction
Income before income taxes  64,715      62,097      117,529       122,184
Income taxes                23,654      22,824      42,316        44,122
Net income                 41,061      39,273      75,213        78,062
Preferred stock dividends   473         473         946           946
of subsidiaries
Net income for common       $          $          $   74,267  $   77,116
stock                       40,588     38,800
Basic earnings per common   $        $        $         $    
share                       0.41       0.40       0.75          0.80
Diluted earnings per        $        $        $         $    
common share                0.41       0.40       0.75          0.80
Dividends per common share  $        $        $         $    
                            0.31       0.31       0.62          0.62
Weighted-average number of  98,660      96,693      98,399        96,430
common shares outstanding
Adjusted weighted-average   99,249      96,979      98,961        96,819
shares
Net income (loss) for
common stock by segment
      Electric utility      $          $          $   53,122  $   56,676
                            28,693     29,376
      Bank                  15,919      14,189      30,074        30,066
      Other                 (4,024)     (4,765)     (8,929)       (9,626)
Net income for common       $          $          $   74,267  $   77,116
stock                       40,588     38,800
Comprehensive income        $          $ 
attributable to Hawaiian    32,283     40,350     $   65,901  $   78,977
Electric Industries, Inc.
Return on average common
equity (twelve months                               8.5%          10.4%
ended)^1

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 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2013 and June 30, 2013 (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.
    On a core basis, 2013 and 2012 return on average common equity (twelve
^1  months ended June 30) were 10.0% and 10.7%, respectively. See
    reconciliation of GAAP to non-GAAP measures.



Hawaiian Electric Industries, Inc. (HEI) and
Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                               June 30,        December 31,
(dollars in thousands)                         2013            2012
Assets
Cash and cash equivalents                      $    153,712 $    219,662
Accounts receivable and unbilled revenues, net 359,259         362,823
Available-for-sale investment and              560,172         671,358
mortgage-related securities
Investment in stock of Federal Home Loan Bank  94,281          96,022
of Seattle
Loans receivable held for investment, net      3,912,630       3,737,233
Loans held for sale, at lower of cost or fair  34,073          26,005
value
Property, plant and equipment, net of
accumulated depreciation of
 $2,161,681 in 2013 and $2,125,286 in     3,701,905       3,594,829
2012
Regulatory assets                              885,025         864,596
Other                                          454,898         494,414
Goodwill                                       82,190          82,190
 Total assets                              $ 10,238,145   $ 10,149,132
Liabilities and shareholders' equity
Liabilities
Accounts payable                               $    175,038 $    212,379
Interest and dividends payable                 25,503          26,258
Deposit liabilities                            4,276,243       4,229,916
Short-term borrowings—other than bank          125,786         83,693
Other bank borrowings                          187,884         195,926
Long-term debt, net—other than bank            1,422,877       1,422,872
Deferred income taxes                          474,197         439,329
Regulatory liabilities                         336,065         322,074
Contributions in aid of construction           419,337         405,520
Defined benefit pension and other              639,898         656,394
postretirement benefit plans liability
Other                                          496,375         526,613
 Total liabilities                         8,579,203       8,520,974
Preferred stock of subsidiaries - not subject  34,293          34,293
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: 99,044,053 shares in     1,429,371       1,403,484
2013 and 97,928,403 shares in 2012
Retained earnings                              230,067         216,804
Accumulated other comprehensive loss, net of   (34,789)        (26,423)
tax benefits
 Total shareholders' equity                1,624,649       1,593,865
 Total liabilities and shareholders'       $ 10,238,145   $ 10,149,132
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 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters endedMarch 31, 2013 and June 30, 2013 (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)
Six months ended June 30                   2013              2012
(in thousands)
Cash flows from operating activities
Net income                                $     75,213 $     78,062
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities
 Depreciation of property, plant and  79,843            75,517
equipment
 Other amortization                   2,868             2,999
 Provision for loan losses            899               5,924
 Loans receivable originated and      (128,276)         (161,344)
purchased, held for sale
 Proceeds from sale of loans          148,243           161,713
receivable, held for sale
 Change in deferred income taxes      40,403            41,541
 Change in excess tax benefits from   (445)             (40)
share-based payment arrangements
 Allowance for equity funds used      (2,775)           (3,937)
during construction
 Changes in assets and liabilities
 Decrease (increase) in accounts 3,564             (42,428)
receivable and unbilled revenues, net
 Decrease (increase) in fuel oil 43,974            (35,893)
stock
 Increase in regulatory assets   (37,586)          (35,476)
 Increase (decrease) in          (43,384)          3,578
accounts, interest and dividends payable
 Change in prepaid and accrued   (33,822)          (12,998)
income taxes and utility revenue taxes
 Contributions to defined
benefit pension and other postretirement   (41,521)          (53,356)
benefit plans
 Other increase in defined
benefit pension and other postretirement   41,191            31,204
benefit plans liability
 Change in other assets and      (17,597)          (58,638)
liabilities
Net cash provided by (used in) operating   130,792           (3,572)
activities
Cash flows from investing activities
Available-for-sale investment and          (39,721)          (93,808)
mortgage-related securities purchased
Principal repayments on available-for-sale 62,819            75,407
investment and mortgage-related securities
Proceeds from sale of available-for-sale
investment and mortgage-related            71,367            3,548
ssecurities
Net increase in loans held for investment  (201,184)         (61,214)
Proceeds from sale of real estate acquired 5,712             6,036
in settlement of loans
Capital expenditures                       (158,830)         (145,263)
Contributions in aid of construction       17,188            26,981
Other                                      2,364             -
Net cash used in investing activities      (240,285)         (188,313)
Cash flows from financing activities
Net increase in deposit liabilities        46,326            66,709
Net increase in short-term borrowings with
original maturities of three months or     42,093            27,419
less
Net decrease in retail repurchase          (8,054)           (14,556)
agreements
Proceeds from other bank borrowings        25,000            -
Repayments of other bank borrowings        (25,000)          -
Proceeds from issuance of long-term debt   50,000            417,000
Repayment of long-term debt                (50,000)          (328,500)
Change in excess tax benefits from         445               40
share-based payment arrangements
Net proceeds from issuance of common stock 11,994            11,909
Common stock dividends                     (48,921)          (47,851)
Preferred stock dividends of subsidiaries  (946)             (946)
Other                                      606               (2,055)
Net cash provided by financing activities  43,543            129,169
Net decrease in cash and cash equivalents (65,950)          (62,716)
Cash and cash equivalents, beginning of    219,662           270,265
period
Cash and cash equivalents, end of period   $    153,712  $    207,549

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 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as
updated by SEC Forms 8-K. Results of operations forinterim 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  Six months ended
                                    June 30             June 30
(dollars in thousands, except per   2013      2012      2013        2012
barrel amounts)
Operating revenues                  $       $       $          $  
                                    728,793  787,685  1,444,990  1,535,623
Operating expenses
Fuel oil                            289,278   331,064   594,378     658,903
Purchased power                     178,444   188,352   331,808     353,141
Other operation                    66,184    64,516    137,607     126,365
Maintenance                         27,340    31,235    57,042      61,273
Depreciation                        38,590    36,133    76,870      72,615
Taxes, other than income taxes      68,759    76,304    136,446     147,299
Income taxes                        18,333    18,574    32,428      35,939
 Total operating expenses       686,928   746,178   1,366,579   1,455,535
Operating income                    41,865    41,507    78,411      80,088
Other income
Allowance for equity funds used     1,560     1,997     2,775       3,937
during construction
Other, net                          940       1,414     3,252       2,723
Income tax benefit (expense)        8         (51)      (291)       (95)
 Total other income             2,508     3,360     5,736       6,565
Interest and other charges
Interest on long-term debt          14,614    15,323    29,228      29,706
Amortization of net bond premium    647       661       1,294       1,406
and expense
Other interest charges (credits)    318       (99)      633         (370)
Allowance for borrowed funds used   (398)     (893)     (1,128)     (1,763)
during construction
 Total interest and other       15,181    14,992    30,027      28,979
charges
Net income                         29,192    29,875    54,120      57,674
Preferred stock dividends of        229       229       458         458
subsidiaries
Net income attributable to HECO     28,963    29,646    53,662      57,216
Preferred stock dividends of HECO   270       270       540         540
Net income for common stock         $      $      $        $    
                                    28,693   29,376   53,122     56,676
Comprehensive income attributable   $      $      $        $    
to HECO                             28,710   29,451   53,157     56,828
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
 HECO                             1,702     1,713     3,293       3,409
 HELCO                            265       265       528         536
 MECO                             280       279       549         563
                                    2,247     2,257     4,370       4,508
Wet-bulb temperature (Oahu average; 69.3      68.0      67.6        67.6
degrees Fahrenheit)
Cooling degree days (Oahu)          1,114     1,150     1,903       2,011
Average fuel oil cost per barrel    $129.94   $145.27   $131.49     $139.63
                                                        Twelve months ended
                                                        June 30
Return on average common equity (%)                     2013        2012
(simple average)^1
 HECO                                                 6.80        9.44
 HELCO                                                5.18        8.77
 MECO                                                 7.39        6.11
 HECO Consolidated                                    6.58        8.73

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 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, 2013 and June 30,
2013 (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.
    On a core basis, the 2013 and 2012 return on average common equity (twelve
^1  months ended June 30) were 8.7% and 10.1%, respectively for HECO; 6.4%
    and 8.8%, respectively for HELCO; 8.8% and 6.1%, respectively for MECO and
    8.3% and 9.1% respectively, for HECO Consolidated. See reconciliation of
    GAAP to non-GAAP measures.



Hawaiian Electric Company, Inc.
(HECO) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                     June 30,             December 31,
(dollars in thousands, except par    2013                 2012
value)
Assets
Utility plant, at cost
Land                                 $       51,622 $       51,568
Plant and equipment                  5,492,118            5,364,400
Less accumulated depreciation        (2,082,532)          (2,040,789)
Construction in progress             166,902              151,378
 Net utility plant               3,628,110            3,526,557
Current assets
Cash and cash equivalents            8,617                17,159
Customer accounts receivable, net   196,643              210,779
Accrued unbilled revenues, net       139,187              134,298
Other accounts receivable, net       10,059               28,176
Fuel oil stock, at average cost      117,445              161,419
Materials and supplies, at average   58,224               51,085
cost
Prepayments and other                38,301               32,865
Regulatory assets                    63,672               51,267
 Total current assets           632,148              687,048
Other long-term assets
Regulatory assets                    821,353              813,329
Unamortized debt expense             9,948                10,554
Other                                70,260               71,305
 Total other long-term assets    901,561              895,188
 Total assets               $    5,161,819   $    5,108,793
Capitalization and liabilities
Capitalization
Common stock, $6 2/3 par value,
authorized 50,000,000 shares;
outstanding
 14,665,264 in 2013 and 2012      $       97,788 $       97,788
Premium on capital stock             468,045              468,045
Retained earnings                    919,606              907,273
Accumulated other comprehensive      (935)                (970)
loss, net of tax benefits
 Common stock equity             1,484,504            1,472,136
Cumulative preferred stock – not     34,293               34,293
subject to mandatory redemption
Long-term debt, net                  1,147,877            1,147,872
 Total capitalization            2,666,674            2,654,301
Current liabilities
Short-term borrowings from           53,992               -
nonaffiliates
Accounts payable                     150,877              186,824
Interest and preferred dividends     20,325               21,092
payable
Taxes accrued                        218,850              251,066
Other                                77,895               62,879
 Total current liabilities       521,939              521,861
Deferred credits and other
liabilities
Deferred income taxes                456,952              417,611
Regulatory liabilities               327,254              322,074
Unamortized tax credits              69,526               66,584
Defined benefit pension and other
postretirement benefit plans         605,026              620,205
liability
Other                                95,111               100,637
 Total deferred credits and      1,553,869            1,527,111
other liabilities
Contributions in aid of construction 419,337              405,520
 Total capitalization and   $    5,161,819   $    5,108,793
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 and the
consolidated financial statements and the notes thereto in HECO's Quarterly
Reports on SEC Form 10-Q for the quarter ended March 31, 2013 and June 30,
2013 (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)
Six months ended June 30                             2013         2012
(in thousands)
Cash flows from operating activities
Net income                                           $  54,120  $  57,674
Adjustments to reconcile net income to net cash
provided by (used in)
 operating activities
 Depreciation of property, plant and equipment  76,870       72,615
 Other amortization                             2,884        2,770
 Change in deferred income taxes                38,780       42,524
 Change in tax credits, net                     2,997        2,880
 Allowance for equity funds used during         (2,775)      (3,937)
construction
 Changes in assets and liabilities
 Decrease (increase) in accounts           32,253       (10,958)
receivable
 Increase in accrued unbilled revenues     (4,889)      (32,053)
 Decrease (increase) in fuel oil stock     43,974       (35,893)
 Increase in materials and supplies        (7,139)      (7,599)
 Increase in regulatory assets             (37,586)     (35,476)
 Increase (decrease) in accounts payable   (41,234)     5,931
 Change in prepaid and accrued income      (38,123)     (21,141)
taxes and utility revenue taxes
 Contributions to defined benefit pension  (40,586)     (52,086)
and other postretirement benefit plans
 Other increase in defined benefit pension 41,575       31,166
and other postretirement benefit plans liability
 Change in other assets and liabilities    (9,419)      (37,942)
Net cash provided by (used in) operating activities  111,702      (21,525)
Cash flows from investing activities
Capital expenditures                                 (150,251)    (141,618)
Contributions in aid of construction                 17,188       26,981
Other                                                623          -
Net cash used in investing activities                (132,440)    (114,637)
Cash flows from financing activities
Common stock dividends                               (40,789)     (36,522)
Preferred stock dividends of HECO and subsidiaries   (998)        (998)
Proceeds from issuance of long-term debt             -            417,000
Repayment of long-term debt                          -            (328,500)
Net increase in short-term borrowings from
nonaffiliates and
 affiliate with original maturities of three       53,992       44,242
months or less
Other                                                (9)          (1,929)
Net cash provided by financing activities            12,196       93,293
Net decrease in cash and cash equivalents            (8,542)      (42,869)
Cash and cash equivalents, beginning of the period   17,159       48,806
Cash and cash equivalents, end of period             $   8,617 $   5,937

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 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, 2013 and June 30,
2013 (when filed), as updated by SECForms 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            Six months ended
                              June 30,  March   June 30,  June 30
                                         31,
(in thousands)                2013       2013    2012       2013      2012
Interest income
Interest and fees on loans    $         $      $         $ 86,227  $ 89,361
                              43,624     42,603  44,473
Interest on investment and    3,234      3,464   3,297      6,698     7,102
mortgage-related securities
 Total interest income    46,858     46,067  47,770     92,925    96,463
Interest expense
Interest on deposit           1,296      1,312   1,696      2,608     3,475
liabilities
Interest on other             1,178      1,164   1,214      2,342     2,475
borrowings
 Total interest expense   2,474      2,476   2,910      4,950     5,950
Net interest income           44,384     43,591  44,860     87,975    90,513
Provision (credit) for loan   (959)      1,858   2,378      899       5,924
losses
Net interest income after
provision (credit) for loan   45,343     41,733  42,482     87,076    84,589
losses
Noninterest income
Fees from other financial     7,996      7,643   7,463      15,639    14,800
services
Fee income on deposit         4,433      4,314   4,322      8,747     8,600
liabilities
Fee income on other           1,780      1,794   1,532      3,574     3,081
financial products
Mortgage banking income       2,003      3,346   2,185      5,349     4,220
Gain on sale of securities    1,226      -       134        1,226     134
Other income                  1,731      1,592   1,315      3,323     2,675
 Total noninterest        19,169     18,689  16,951     37,858    33,510
income
Noninterest expense
Compensation and employee     20,063     20,088  18,696     40,151    37,342
benefits
Occupancy                     4,219      4,123   4,241      8,342     8,466
Data processing               2,827      2,987   2,489      5,814     4,600
Services                      2,328      2,103   2,221      4,431     4,004
Equipment                     1,870      1,774   1,807      3,644     3,537
Other expense                 8,500      7,595   8,106      16,095    14,813
 Total noninterest        39,807     38,670  37,560     78,477    72,762
expense
Income before income taxes    24,705     21,752  21,873     46,457    45,337
Income taxes                 8,786      7,597   7,684      16,383    15,271
Net income                    $         $      $         $ 30,074  $ 30,066
                              15,919     14,155  14,189
Comprehensive income          $        $      $         $ 22,824  $ 31,355
                              7,340      15,484  15,456
OTHER BANK INFORMATION (annualized %,
except as of period end)
Return on average assets     1.25       1.12    1.15       1.19      1.22
Return on average equity    12.56      11.28   11.35      11.93     12.11
Return on average tangible    15.00      13.49   13.58      14.25     14.50
common equity
Net interest margin           3.79       3.78    3.97       3.79      4.01
Net charge-offs to average    0.08       0.12    0.19       0.10      0.24
loans outstanding
Efficiency ratio              62         61      60         62        58
As of period end
Nonperforming assets to loans
outstanding and real estate   1.56       1.89    1.84
owned *
Allowance for loan losses     1.04       1.11    1.06
to loans outstanding
Tier-1 leverage ratio *       9.3        9.1     9.2
Total risk-based capital      12.5       12.8    12.8
ratio *
Tangible common equity to     8.42       8.38    8.58
total assets
Dividend paid to HEI (via     10         10      10         20        20
ASHI) ($ in millions)
* 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, 2012 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2013 and June 30, 2013 (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)
                                                 June 30,       December 31,
(in thousands)                                   2013           2012
Assets
Cash and cash equivalents                        $   143,912 $   184,430
Available-for-sale investment and                560,172        671,358
mortgage-related securities
Investment in stock of Federal Home Loan Bank of 94,281         96,022
Seattle
Loans receivable held for investment             3,953,634      3,779,218
 Allowance for loan losses                     (41,004)       (41,985)
 Loans receivable held for investment, net  3,912,630      3,737,233
Loans held for sale, at lower of cost or fair    34,073         26,005
value
Other                                            241,513        244,435
Goodwill                                         82,190         82,190
 Total assets                                $  5,068,771 $  5,041,673
Liabilities and shareholder's equity
Deposit liabilities–noninterest-bearing          $  1,168,937 $  1,164,308
Deposit liabilities–interest-bearing             3,107,306      3,065,608
Other borrowings                                 187,884        195,926
Other                                            102,516        117,752
 Total liabilities                           4,566,643      4,543,594
Common stock                                     334,937        333,712
Retained earnings                                189,837        179,763
Accumulated other comprehensive loss, net of tax (22,646)       (15,396)
benefits
 Total shareholder's equity                  502,128        498,079
 Total liabilities and shareholder's equity  $  5,068,771 $  5,041,673

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 and HEI's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2013 and June 30, 2013 (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.

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

HEI and HECO management use certain non-GAAP measures 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 accompanying tables
provide a reconciliation of reported GAAP^1 earnings to non-GAAP core earnings
for both the utility and HEI consolidated and the corresponding adjusted
return on average common equity (ROACE).

The reconciling adjustments from GAAP earnings to core earnings are limited to
the settlement charges for the partial write-off of utility assets in 2012 and
2011. For more information on the settlement charge recorded in 2012, see the
Form 8-K filed on March 20, 2013.Management does not consider these items to
be representative of the company's fundamental core earnings.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
RECONCILIATION OF GAAPTO NON-GAAP MEASURES
(Unaudited)
                                                Net Income
                                                Twelve months ended
                                                June 30,
(in millions)                                   2013               2012
GAAP (as reported)                              $      135.8 $     
                                                                   159.7
Excluding special items (after-tax):
Settlement agreement for the partial writedown  24.4               -
of certain utility assets
Settlement agreement for the partial writedown
of the East Oahu Transmission Project (EOTP)    -                  5.7
Phase I costs
Non-GAAP (core)                                 $      160.2 $     
                                                                   165.5
Note: Columns may not foot due to rounding
                                                Twelve months ended
                                                June 30,
Other measures:                                 2013               2012
Return on average common equity (ROACE) (simple average):
Based on GAAP                                  8.5%               10.4%
Based on non-GAAP (core)^2                      10.0%              10.7%

^1 U.S. Generally Accepted Accounting Principles.
^2 Calculated as core net income divided by average GAAP common equity.



Hawaiian Electric Company, Inc. (HECO) and Subsidiaries
RECONCILIATION OF GAAP^1TO NON-GAAP MEASURES
(Unaudited)
                         Net Income
                         Twelve months ended
                         June 30,
(in millions)            2013     2012
GAAP (as reported)       $      $  120.4
                         95.7
Excluding special items
(after-tax):
Settlement agreement
for the partial          24.4     -
writedown of certain
utility assets
Settlement agreement
for the partial          -        5.7
writedown of the EOTP
Phase I costs
Non-GAAP (core)          $      $  126.2
                         120.2
Note: Columns may not
foot due to rounding
                         Twelve months ended
                         June 30,
Other measures:          2013     2012
Return on average common equity (ROACE)
(simple average):
Based on GAAP           6.6%     8.7%
Based on non-GAAP        8.3%     9.1%
(core)^2
                         Hawaiian Electric     Hawaii Electric  Maui Electric
                         Company, Inc. (HECO,  Light Company,   Company,
                         Oahu)                 Inc. (HELCO)     Limited (MECO)
                         Net Income            Net Income       Net Income
                         Twelve months ended   Twelve months    Twelve months
                                               ended            ended
                         June 30,             June 30,        June 30,
(in millions)            2013     2012         2013   2012      2013  2012
GAAP (as reported)       $      $   81.5   $    $      $    $   
                         64.0                 14.4   24.6      17.3   14.3
Excluding special items
(after-tax):
Settlement agreement
for the partial          17.7     -            3.4    -         3.4   -
writedown of certain
utility assets
Settlement agreement
for the partial          -        5.7          -      -         -     -
writedown of the EOTP
Phase I costs
Non-GAAP (core)          $      $   87.3   $    $      $    $   
                         81.7                 17.8   24.6      20.7   14.3
Note: Columns may not
foot due to rounding
                         Twelve months ended   Twelve months    Twelve months
                                               ended            ended
                         June 30,             June 30,        June 30,
Other measures:          2013     2012         2013   2012      2013  2012
Return on average common equity (ROACE)
(simple average):
Based on GAAP           6.8%     9.4%         5.2%   8.8%      7.4%  6.1%
Based on non-GAAP        8.7%     10.1%        6.4%   8.8%      8.8%  6.1%
(core)^2

^1 U.S. Generally Accepted Accounting Principles.
^2 Calculated as core net income divided by average GAAP common equity.



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