Hawaiian Electric Industries Reports Third Quarter 2013 Earnings

       Hawaiian Electric Industries Reports Third Quarter 2013 Earnings

Diluted Earnings Per Share of $0.48

Hawaiian Electric Company Continues to Integrate Clean Energy Resources

American Savings Bank Delivers Solid Results

Board Declares Dividend of $0.31 Per Share

PR Newswire

HONOLULU, Nov. 7, 2013

HONOLULU, Nov. 7, 2013 /PRNewswire/ --Hawaiian Electric Industries, Inc.
(NYSE - HE) (HEI) today reported consolidated net income for common stock for
the third quarter of 2013 of $48.2 million, or $0.48 diluted earnings per
share (EPS), compared to $47.7 million, or $0.49 diluted EPS for the third
quarter of 2012. 

"HEI continued to deliver solid results in the third quarter of 2013. Higher
consolidated net income was driven by higher bank earnings which helped offset
lower utility earnings. EPS declined by one cent due to an increased number
of shares which were issued through our dividend reinvestment program to
support the capital needs of Hawaiian Electric, Hawaii Electric Light and Maui
Electric Company. In the first nine months of 2013, HEI's three utilities
have made local infrastructure investments totaling more than $235million to
ensure safe and reliable service as they integrate more clean energy," said
Constance H. Lau, HEI president and chief executive officer.

Through the first nine months of the year, more than 18% of the electricity
used by the utilities' customers came from renewable resources, ahead of the
state's 2015 goal of 15%. "Our goal is to ensure reliable electric service
while pursuing more low-cost clean energy and decreasing the use of imported
fossil fuel as quickly as possible. At the same time, we are committed to
increasing efficiencies and are working hard to lower our customers' electric
bills," said Lau.

"At American Savings Bank, year-over-year results were solid as we increased
loans to customers at an annualized rate of 9.3% and improved credit quality
resulted in a lower provision expense for loan losses helping to offset a
challenging bank regulatory and interest rate environment," said Lau.

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

Hawaiian Electric Company's^^1 net income for the third quarter of 2013 was
$37.8million compared  to $38.4 million in the third quarter of 2012. The
$0.6 million decline from the prior year was driven by the following items (on
an after-tax basis):

  o$2 million higher depreciation expense resulting from additional
    infrastructure investments for improved reliability and the integration of
    more clean energy; and
  o$2 million higher operations and maintenance (O&M) expenses^^2 compared to
    the same quarter last year largely due to the timing of overhauls and
    higher customer service expenses, partially offset by lower expenses for
    substation and generating station maintenance.

These were largely offset by (after-tax):

  o$2 million higher net revenues^^3 compared to the third quarter of 2012
    primarily due to additional recovery of costs, net of lower revenues
    related to the Maui Electric final rate case decision and lower fuel
    efficiency performance; and
  oA favorable deferred income tax adjustment of $3 million recorded in the
    third quarter of 2013 compared to a favorable tax settlement of $1 million
    recorded in the third quarter of 2012, both related to prior years.

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

^3 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.

Note: Amounts indicated as "after-tax" in this earnings release are based upon
adjusting items for the composite statutory tax rates of 39% for the utilities
and 40% for the bank.

AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE

American Savings Bank's (American) net income for the third quarter of 2013
was $15.3million compared to $15.9 million in the second, or linked, quarter
of 2013 and $14.2million in the third quarter of 2012.

Third quarter 2013 net income was $0.6 million lower than the linked quarter
primarily driven by $1 million (after-tax) lower fees from other financial
services as expected under the Durbin Amendment of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010, which placed a cap on interchange
fees that became effective for American on July 1, 2013. In the quarter,
American completed the strategic sale of its credit card portfolio and
launched a new, more competitive offering for its customers. Compared to the
linked quarter (on an after-tax basis), the aggregate impact of the
transaction was nominal as the net gain of less than $1 million in the third
quarter of 2013 was roughly equivalent to the lower provision expense in the
second quarter of 2013 related to the release of credit card reserves. For
the full year, the net gain is expected to be largely offset by lower credit
card-related income for the remainder of the year.

Compared to the third quarter of 2012, net income improved by$1.1million.
The increase was primarily driven by a lower provision for loan losses, a net
gain on the sale of the credit card portfolio mentioned above and higher fee
income on other financial products. These were largely offset by lower
mortgage banking income and lower fees from other financial services due to
the lower interchange fees mentioned above.

Overall, American achieved solid profitability in the third quarter of 2013
with a return on average equity of 12.1% and a return on average assets of
1.20%. American's solid results enabled it to pay dividends of $10million to
HEI in the quarter while maintaining healthy capital levels.

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

HOLDING AND OTHER COMPANIES

The holding and other companies' net losses were $4.9million in both the
third quarter of 2013 and 2012.

BOARD DECLARES QUARTERLY DIVIDEND

On November 6, 2013, the board of directors maintained HEI's quarterly cash
dividend of 31cents per share, payable on December 11, 2013, to shareholders
of record at the close of business on November 20, 2013 (ex-dividend date is
November 18, 2013). The dividend is equivalent to an annual rate of $1.24 per
share.

Dividends have been paid continuously since 1901. At the indicated annual
dividend rate and the closing share price on November 6, 2013 of $26.90, HEI's
yield is 4.6%.

HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND EPS GUIDANCE

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call
to review its third quarter 2013 earnings and 2013 EPS guidance on Thursday,
November 7,2013, at 12:00 p.m. Hawaii time (5:00p.m. Eastern time). The
event can be accessed through HEI's website at www.hei.com or by dialing
(877)280-4960, passcode: 82443306 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. (Hawaiian Electric) 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, Hawaiian Electric's and American's press releases, HEI's and
Hawaiian Electric'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 into this document or into HEI's and Hawaiian
Electric'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/dmsin order to review documents filed with and issued by
the PUC. No information on the PUC website is incorporated by reference into
this document or into HEI's and Hawaiian Electric's SEC filings.

An online replay of the webcast will be available at the same website
beginning about two hours after the event. Replays of the teleconference call
will also be available approximately two hours after the event through
November 21, 2013, by dialing (888)286-8010, passcode: 68694218.

HEI supplies power to approximately 450,000 customers or 95% of Hawaii's
population through its electric utilities, Hawaiian Electric, 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 quarters ended June30,2013 and March 31, 2013, respectively,
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, Hawaiian Electric, American and
their subsidiaries undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)




                                         Three months          Nine months
                                         ended September 30   ended September 30
(inthousands,exceptpershareamounts) 2013       2012       2013         2012
Revenues
Electric utility                         $ 766,115  $ 801,095  $ 2,216,076  $ 2,340,257
Bank                                     65,058     66,596     195,841      196,569
Other                                    56         29         106          22
Total revenues                           831,229    867,720    2,412,023    2,536,848
Expenses
Electric utility                         694,201    726,276    2,030,071    2,146,688
Bank                                     42,223     44,974     126,550      130,161
Other                                    4,706      4,768      12,276       13,075
Total expenses                           741,130    776,018    2,168,897    2,289,924
Operating income (loss)
Electric utility                         71,914     74,819     186,005      193,569
Bank                                     22,835     21,622     69,291       66,408
Other                                    (4,650)    (4,739)    (12,170)     (13,053)
Total operating income                   90,099     91,702     243,126      246,924
Interest expense—other than on deposit   (20,304)   (20,020)   (59,705)     (58,758)
liabilities and other bank borrowings
Allowance for borrowed funds used during 498        688        1,626        2,451
construction
Allowance for equity funds used during   1,255      1,611      4,030        5,548
construction
Income before income taxes               71,548     73,981     189,077      196,165
Income taxes                             22,841     25,804     65,157       69,926
Net income                               48,707     48,177     123,920      126,239
Preferred stock dividends of             471        471        1,417        1,417
subsidiaries
Net income for common stock              $ 48,236   $ 47,706   $ 122,503    $ 124,822
Basic earnings per common share          $ 0.49     $ 0.49     $ 1.24       $ 1.29
Diluted earnings per common share        $ 0.48     $ 0.49     $ 1.23       $ 1.29
Dividends per common share               $ 0.31     $ 0.31     $ 0.93       $ 0.93
Weighted-average number of common shares 99,204     97,157     98,670       96,674
outstanding
Adjusted weighted-average shares         99,818     97,518     99,290       97,097
Net income (loss) for common stock by
segment
Electric utility                         $ 37,817   $ 38,375   $ 90,939     $ 95,051
Bank                                     15,276     14,208     45,350       44,274
Other                                    (4,857)    (4,877)    (13,786)     (14,503)
Net income for common stock              $ 48,236   $ 47,706   $ 122,503    $ 124,822
Comprehensive income attributable to     $ 47,339   $ 49,292   $ 113,240    $ 128,269
Hawaiian Electric Industries, Inc.
Return on average common equity (twelve                        8.4%         10.1%
months 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, June 30, 2013 and September 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.
^1 On a core basis, 2013 and 2012 return on average common equity (twelve
months ended September 30) were 9.9% and 10.5%, respectively. See
reconciliation of GAAP to non-GAAP measures.



Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)
                                                September30,  December31,
(dollarsinthousands)
                                                2013          2012
Assets
Cash and cash equivalents                       $  215,042     $ 219,662
Accounts receivable and unbilled revenues, net  350,083        362,823
Available-for-sale investment and               535,264        671,358
mortgage-related securities
Investment in stock of Federal Home Loan Bank   93,413         96,022
of Seattle
Loans receivable held for investment, net       4,005,132      3,737,233
Loans held for sale, at lower of cost or fair   5,829          26,005
value
Property, plant and equipment, net of
accumulated depreciation of $2,173,583 in 2013  3,776,305      3,594,829
and $2,125,286 in 2012
Regulatory assets                               890,419        864,596
Other                                           475,335        494,414
Goodwill                                        82,190         82,190
Total assets                                    $  10,429,012  $ 10,149,132
Liabilities and shareholders' equity
Liabilities
Accounts payable                                $  206,803     $ 212,379
Interest and dividends payable                  27,232         26,258
Deposit liabilities                             4,310,842      4,229,916
Short-term borrowings—other than bank           131,341        83,693
Other bank borrowings                           239,612        195,926
Long-term debt, net—other than bank             1,422,880      1,422,872
Deferred income taxes                           493,662        439,329
Regulatory liabilities                          337,720        322,074
Contributions in aid of construction            425,916        405,520
Defined benefit pension and other               630,904        656,394
postretirement benefit plans liability
Other                                           512,342        526,613
Total liabilities                               8,739,254      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:     1,443,583      1,403,484
99,541,518 shares in 2013 and 97,928,403 shares
in 2012
Retained earnings                               247,568        216,804
Accumulated other comprehensive income (loss),  (35,686)       (26,423)
net of taxes
Total shareholders' equity                      1,655,465      1,593,865
Total liabilities and shareholders' equity      $  10,429,012  $ 10,149,132

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, June 30, 2013 and September 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)


Nine monthsended September 30                         2013       2012
(inthousands)
Cash flows from operating activities
Net income                                             $ 123,920  $ 126,239
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation of property, plant and equipment          120,355    112,946
Other amortization                                     2,352      4,811
Provision for loan losses                              953        9,504
Loans receivable originated and purchased, held for    (199,772)  (304,289)
sale
Proceeds from sale of loans receivable, held for sale  223,221    302,844
Gain on sale of credit card portfolio                  (2,251)    —
Change in deferred income taxes                        60,580     82,582
Excess tax benefits from share-based payment           (469)      (65)
arrangements
Allowance for equity funds used during construction    (4,030)    (5,548)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and         12,740     (30,610)
unbilled revenues, net
Decrease (increase) in fuel oil stock                  24,332     (31,372)
Increase in regulatory assets                          (53,314)   (57,793)
Decrease in accounts, interest and dividends payable   (21,708)   (5,905)
Decrease in prepaid and accrued income taxes and       (19,212)   (5,121)
utility revenue taxes
Contributions to defined benefit pension and other     (62,279)   (64,006)
postretirement benefit plans
Other increase in defined benefit pension and other    61,770     49,950
postretirement benefit plans liability
Change in other assets and liabilities                 (20,462)   (62,563)
Net cash provided by operating activities              246,726    121,604
Cash flows from investing activities
Available-for-sale investment and mortgage-related     (39,721)   (146,794)
securities purchased
Principal repayments on available-for-sale investment  84,487     104,310
and mortgage-related securities
Proceeds from sale of available-for-sale investment    71,367     3,548
and mortgage-related securities
Net increase in loans held for investment              (293,996)  (75,982)
Proceeds from sale of real estate acquired in          8,777      9,659
settlement of loans
Capital expenditures                                   (247,392)  (225,961)
Contributions in aid of construction                   23,633     33,106
Proceeds from sale of credit card portfolio            26,386     —
Other                                                  3,035      865
Net cash used in investing activities                  (363,424)  (297,249)
Cash flows from financing activities
Net increase in deposit liabilities                    80,926     56,756
Net increase in short-term borrowings with original    47,648     13,398
maturities of three months or less
Net decrease in retail repurchase agreements           (6,314)    (22,011)
Proceeds from other bank borrowings                    120,000    —
Repayments of other bank borrowings                    (70,000)   —
Proceeds from issuance of long-term debt               50,000     457,000
Repayment of long-term debt                            (50,000)   (368,500)
Excess tax benefits from share-based payment           469        65
arrangements
Net proceeds from issuance of common stock             18,383     16,881
Common stock dividends                                 (73,584)   (71,966)
Preferred stock dividends of subsidiaries              (1,417)    (1,417)
Other                                                  (4,033)    (6,314)
Net cash provided by financing activities              112,078    73,892
Net decrease in cash and cash equivalents              (4,620)    (101,753)
Cash and cash equivalents, beginning of period         219,662    270,265
Cash and cash equivalents, end of period               $ 215,042  $ 168,512

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, June 30, 2013 and September 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. (Hawaiian Electric) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
                              Three months         Nine months
                              ended September 30  ended September 30
(inthousands)                2013       2012      2013       2012
Operating revenues            $ 763,933  799,203   2,208,923  $ 2,334,826
Operating expenses
Fuel oil                      283,360    327,173   877,738    986,076
Purchased power               194,861    186,699   526,669    539,840
Other operation               72,008     70,441    209,615    196,806
Maintenance                   31,513     30,368    88,555     91,641
Depreciation                  38,995     35,941    115,865    108,556
Taxes, other than income      72,382     74,850    208,828    222,149
taxes
Income taxes                  18,928     22,352    51,356     58,291
Total operating expenses      712,047    747,824   2,078,626  2,203,359
Operating income              51,886     51,379    130,297    131,467
Other income
Allowance for equity funds    1,255      1,611     4,030      5,548
used during construction
Other, net                    1,099      1,087     4,351      3,810
Income tax expense            (129)      (42)      (420)      (137)
Total other income            2,225      2,656     7,961      9,221
Interest and other charges
Interest on long-term debt    14,615     14,694    43,843     44,400
Amortization of net bond      646        870       1,940      2,276
premium and expense
Other interest charges        1,033      286       1,666      (84)
(credits)
Allowance for borrowed funds  (498)      (688)     (1,626)    (2,451)
used during construction
Total interest and other      15,796     15,162    45,823     44,141
charges
Net income                    38,315     38,873    92,435     96,547
Preferred stock dividends of  228        228       686        686
subsidiaries
Net income attributable to    38,087     38,645    91,749     95,861
Hawaiian Electric
Preferred stock dividends of  270        270       810        810
Hawaiian Electric
Net income for common stock   $ 37,817   $ 38,375  $  90,939  $ 95,051
Comprehensive income
attributable to Hawaiian      $ 37,834   $ 38,452  $  90,991  $ 95,280
Electric
OTHER ELECTRIC UTILITY
INFORMATION
Kilowatthour sales (millions)
 Hawaiian Electric          1,807      1,796     5,100      5,205
 Hawaii Electric Light      275        274       803        810
 Maui Electric              294        292       843        855
                              2,376      2,362     6,746      6,870
Wet-bulb temperature (Oahu    70.6       70.8      68.6       68.7
average; degrees Fahrenheit)
Cooling degree days (Oahu)    1,468      1,419     3,371      3,430
Average fuel oil cost per     $ 127.42   $ 139.68  $  130.15  $ 139.65
barrel
                                                   Twelve months ended

                                                   September 30
Return on average common                           2013       2012
equity (%) (simple average)^1
 Hawaiian Electric                               6.69       9.40
 Hawaii Electric Light                           5.41       7.53
 Maui Electric                                   6.79       7.14
 Hawaiian Electric                               6.46       8.64
Consolidated

This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in Hawaiian
Electric'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 Hawaiian
Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31,
2013, June 30, 2013 and September 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 months ended September 30) were 8.5% and 10.0%,
                respectively forHawaiian Electric;6.6% and 7.5%,
^1            respectively for Hawaii Electric Light; 8.2% and 7.1%,
                respectively for Maui Electric and 8.1% and 9.0% respectively,
                forHawaiian Electric Consolidated. See reconciliation of
                GAAP to non-GAAP measures.



Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)






                                                September30,  December31,
(dollarsinthousands,exceptparvalue)
                                                2013          2012
Assets
Utility plant, at cost
Land                                            $  51,834      $  51,568
Plant and equipment                             5,593,801      5,364,400
Less accumulated depreciation                   (2,093,575)    (2,040,789)
Construction in progress                        151,077        151,378
Net utility plant                               3,703,137      3,526,557
Current assets
Cash and cash equivalents                       25,185         17,159
Customer accounts receivable, net               187,704        210,779
Accrued unbilled revenues, net                  139,901        134,298
Other accounts receivable, net                  9,174          28,176
Fuel oil stock, at average cost                 137,087        161,419
Materials and supplies, at average cost         59,434         51,085
Prepayments and other                           45,376         32,865
Regulatory assets                               45,723         51,267
Total current assets                            649,584        687,048
Other long-term assets
Regulatory assets                               844,696        813,329
Unamortized debt expense                        9,674          10,554
Other                                           62,667         71,305
Total other long-term assets                    917,037        895,188
Total assets                                    $  5,269,758   $  5,108,793
Capitalization and liabilities
Capitalization
Common stock ($6 2/3 par value, authorized
50,000,000 shares; outstanding 14,665,264       $  97,788      $  97,788
shares)
Premium on capital stock                        468,045        468,045
Retained earnings                               937,029        907,273
Accumulated other comprehensive loss, net of    (918)          (970)
income tax benefits-retirement benefit plans
Common stock equity                             1,501,944      1,472,136
Cumulative preferred stock — not subject to     34,293         34,293
mandatory redemption
Long-term debt, net                             1,147,880      1,147,872
Total capitalization                            2,684,117      2,654,301
Current liabilities
Short-term borrowings from non-affiliates       73,246         —
Accounts payable                                180,957        186,824
Interest and preferred dividends payable        22,397         21,092
Taxes accrued                                   233,453        251,066
Other                                           78,534         62,879
Total current liabilities                       588,587        521,861
Deferred credits and other liabilities
Deferred income taxes                           478,601        417,611
Regulatory liabilities                          329,131        322,074
Unamortized tax credits                         71,038         66,584
Defined benefit pension and other               596,240        620,205
postretirement benefit plans liability
Other                                           96,128         100,637
Total deferred credits and other liabilities    1,571,138      1,527,111
Contributions in aid of construction            425,916        405,520
Total capitalization and liabilities            $  5,269,758   $  5,108,793

This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in Hawaiian
Electric'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 Hawaiian
Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31,
2013, June 30, 2013 and September 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. (Hawaiian Electric) and
Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Nine months ended September 30,                          2013       2012
(inthousands)
Cash flows from operating activities
Net income                                               $  92,435  $  96,547
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation of property, plant and equipment            115,865    108,556
Other amortization                                       2,470      4,074
Change in deferred income taxes                          48,014     82,717
Change in tax credits, net                               4,510      3,642
Allowance for equity funds used during construction      (4,030)    (5,548)
Changes in assets and liabilities
 Decrease (increase) in accounts receivable            42,077     (36,907)
 Decrease (increase) in accrued unbilled revenues      (5,603)    5,736
 Decrease (increase) in fuel oil stock                 24,332     (31,372)
 Increase in materials and supplies                    (8,349)    (7,305)
 Increase in regulatory assets                         (53,314)   (57,793)
 Decrease in accounts payable                          (22,974)   (3,481)
 Decrease in prepaid and accrued income taxes and      (15,416)   (20,665)
utility revenue taxes
 Contributions to defined benefit pension and other    (60,876)   (62,417)
postretirement benefit plans
 Other increase in defined benefit pension and other   62,364     49,861
postretirement benefit plans liability
 Change in other assets and liabilities                (10,195)   (45,633)
Net cash provided by operating activities                211,310    80,012
Cash flows from investing activities
Capital expenditures                                     (237,869)  (220,970)
Contributions in aid of construction                     23,633     33,106
Other                                                    427        —
Net cash used in investing activities                    (213,809)  (187,864)
Cash flows from financing activities
Common stock dividends                                   (61,183)   (54,783)
Preferred stock dividends of Hawaiian Electric and       (1,496)    (1,496)
subsidiaries
Proceeds from issuance of long-term debt                 —          457,000
Repayment of long-term debt                              —          (368,500)
Net increase in short-term borrowings from
non-affiliates and affiliate with original maturities    73,246     44,719
of three months or less
Other                                                    (42)       (2,172)
Net cash provided by financing activities                10,525     74,768
Net increase (decrease) in cash and cash equivalents     8,026      (33,084)
Cash and cash equivalents, beginning of period           17,159     48,806
Cash and cash equivalents, end of period                 $  25,185  $  15,722

This information should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in Hawaiian
Electric'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 Hawaiian
Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31,
2013, June 30, 2013 and September 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.

STATEMENTS OF INCOME DATA

(Unaudited)




                  Three months ended                      Nine months ended
                                                          September 30
                  September30,  June30,  September30,
(inthousands)                   2013                     2013       2012
                  2013                    2012
Interest and
dividend income
Interest and      $    43,337    $ 43,624  $    43,880    $ 129,564  $ 133,241
fees on loans
Interest and
dividend on
investment and    3,025          3,234     3,432          9,723      10,534
mortgage-related
securities
Total interest
and dividend      46,362         46,858    47,312         139,287    143,775
income
Interest expense
Interest on
deposit           1,262          1,296     1,540          3,870      5,015
liabilities
Interest on       1,206          1,178     1,201          3,548      3,676
other borrowings
Total interest    2,468          2,474     2,741          7,418      8,691
expense
Net interest      43,894         44,384    44,571         131,869    135,084
income
Provision for     54             (959)     3,580          953        9,504
loan losses
Net interest
income after      43,840         45,343    40,991         130,916    125,580
provision for
loan losses
Noninterest
income
Fees from other
financial         5,728          7,996     7,674          21,367     22,474
services
Fee income on
deposit           4,819          4,433     4,527          13,566     13,127
liabilities
Fee income on
other financial   2,714          1,780     1,660          6,288      4,741
products
Mortgage banking  1,547          2,003     4,077          6,896      8,297
income
Gain on sale of   —              1,226     —              1,226      134
securities
Other income      3,888          1,731     1,346          7,211      4,021
Total
noninterest       18,696         19,169    19,284         56,554     52,794
income
Noninterest
expense
Compensation and
employee          20,564         20,063    18,684         60,715     56,026
benefits
Occupancy         4,208          4,219     4,400          12,550     12,866
Data processing   2,168          2,827     2,644          7,982      7,244
Services          2,424          2,328     3,062          6,855      7,066
Equipment         1,825          1,870     1,762          5,469      5,299
Other expense     8,539          8,500     8,096          24,634     22,909
Total
noninterest       39,728         39,807    38,648         118,205    111,410
expense
Income before     22,808         24,705    21,627         69,265     66,964
income taxes
Income taxes      7,532          8,786     7,419          23,915     22,690
Net income        $    15,276    $ 15,919  $    14,208    $ 45,350   $ 44,274
Comprehensive     $    14,107    $ 7,340   $    15,517    $ 36,931   $ 46,872
income
OTHER BANK INFORMATION
(annualized %, except as of
period end)
Return on         1.20           1.25      1.15           1.19       1.19
average assets
Return on         12.13          12.56     11.24          11.99      11.81
average equity
Return on
average tangible  14.50          15.00     13.41          14.33      14.14
common equity
Net interest      3.73           3.79      3.92           3.77       3.98
margin
Net charge-offs
to average loans  —              0.08      0.35           0.06       0.27
outstanding
Efficiency ratio  63             62        60             62         59
As of period end
Nonperforming
assets to loans
outstanding and   1.33           1.56      1.73
real estate
owned *
Allowance for
loan losses to    1.01           1.04      1.06
loans
outstanding
Tier-1 leverage   9.3            9.3       9.3
ratio *
Total risk-based  12.5           12.5      12.9
capital ratio *
Tangible common
equity to total   8.36           8.42      8.72
assets
Dividend paid to
HEI (via ASHI)    10             10        10
($ 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, June 30, 2013 and September 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)






(inthousands)                                  September 30,  December 31,
                                                2013           2012
Assets
Cash and cash equivalents                       $  189,524     $  184,430
Available-for-sale investment and               535,264        671,358
mortgage-related securities
Investment in stock of Federal Home Loan Bank   93,413         96,022
of Seattle
Loans receivable held for investment            4,046,184      3,779,218
Allowance for loan losses                       (41,052)       (41,985)
 Loans receivable held for investment, net    4,005,132      3,737,233
Loans held for sale, at lower of cost or fair   5,829          26,005
value
Other                                           248,020        244,435
Goodwill                                        82,190         82,190
 Total assets                                 $  5,159,372   $  5,041,673
Liabilities and shareholder's equity
Deposit liabilities—noninterest-bearing         $  1,205,526   $  1,164,308
Deposit liabilities—interest-bearing            3,105,316      3,065,608
Other borrowings                                239,612        195,926
Other                                           102,172        117,752
 Total liabilities                            4,652,626      4,543,594
Common stock                                    335,448        333,712
Retained earnings                               195,113        179,763
Accumulated other comprehensive income (loss),  (23,815)       (15,396)
net of taxes
 Total shareholder's equity                   506,746        498,079
 Total liabilities and shareholder's equity   $  5,159,372   $  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, June 30, 2013 and September 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 Hawaiian Electric management use certain non-GAAP measures to evaluate
the performance of the utility and HEI. Management believes these non-GAAP
measures provide useful information and are a better indicator of
thecompanies' 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 GAAP TO NON-GAAP MEASURES
(Unaudited)
                                                           Net Income
                                                           Twelve months ended
                                                           September 30,
(in millions)                                              2013       2012
GAAP (as reported)                                         $  136.3   $ 159.0
Excluding special items (after-tax):
Settlement agreement for the partial writedown of certain  24.4       —
utility assets
Settlement agreement for the partial writedown of the East —          5.7
Oahu Transmission Project (EOTP) Phase I costs
Non-GAAP (core)                                            $  160.8   $ 164.8
Note: Columns may not foot due to rounding
                                                           Twelve months ended
                                                           September 30,
Other measures:                                            2013       2012
Return on average common equity (ROACE) (simple average):
Based on GAAP                                              8.4%       10.1%
Based on non-GAAP (core)^2                                 9.9%       10.5%
^1 U.S. Generally Accepted Accounting Principles.
^2 Calculated as core net income divided by average GAAP common equity.



Hawaiian Electric Company, Inc. and Subsidiaries
RECONCILIATION OF GAAP^1 TO NON-GAAP MEASURES
(Unaudited)
                                                           Net Income
                                                           Twelve months ended
                                                           September 30,
(in millions)                                              2013       2012
GAAP (as reported)                                         $  95.2    $ 120.9
Excluding special items (after-tax):
Settlement agreement for the partial writedown of certain  24.4       —
utility assets
Settlement agreement for the partial writedown of the      —          5.7
EOTP Phase I costs
Non-GAAP (core)                                            $  119.6   $ 126.6
Note: Columns may not foot due to rounding
                                                           Twelve months ended
                                                           September 30,
Other measures:                                            2013       2012
Return on average common equity (ROACE) (simple average):
Based on GAAP                                              6.5%       8.6%
Based on non-GAAP (core)^2                                 8.1%       9.0%



                 Hawaiian Electric  Hawaii Electric Light  Maui Electric
                 Net Income         Net Income             Net Income
                 Twelve months      Twelve months ended    Twelve months ended
                 ended
                 September 30,      September 30,          September 30,
(in millions)    2013      2012     2013       2012        2013       2012
GAAP (as         $  63.9   $ 82.6   $  15.1    $  21.3     $  16.1    $  17.0
reported)
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)  $  81.6   $ 88.3   $  18.5    $  21.3     $  19.5    $  17.0
Note: Columns may not
foot due to rounding
                 Twelve months      Twelve months ended    Twelve months ended
                 ended
                 September 30,      September 30,          September 30,
Other measures:  2013      2012     2013       2012        2013       2012
Return on average common
equity (ROACE)

(simple average):
Based on GAAP    6.7%      9.4%     5.4%       7.5%        6.8%       7.1%
Based on
non-GAAP         8.5%      10.0%    6.6%       7.5%        8.2%       7.1%
(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 & Strategic Planning
Telephone: (808) 543-7384
Email: 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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