On Maui, the average price for a gallon of regular in Wailuku rose to a record $2.904. That statewide average was $2.648 a gallon, down slightly from the record $2.654 reached yesterday.

The highs come amid near-record prices for Vietnamese, Indonesian and Malaysian crude oil, which were the top three sources of locally refined oil last year.

HEI earnings up in second quarter, affected by year-ago charge

Hawaiian Electric Industries today reported earnings of $28.3 million for the second quarter, or 35 cents a share, compared with $11.2 million, or 14 cents a share in the same quarter a year earlier.

The results were affected by the company's recognition in June 2004 of a cumulative $24 million charge to net income, or 30 cents a share, for an unfavorable tax ruling involving a real estate investment trust run by HEI's banking subsidiary, American Savings Bank.

For the first six months of 2005, HEI's net income was $52.4 million, of 65 cents a share, compare with $42.2 million, or 54 cents a share a year earlier.

BOH earnings rise modestly in second quarter

Bank of Hawaii today reported earnings per share of 87 cents for the second quarter of 2005, an increase from 83 cents per share in the first quarter of 2005 and from 79 cents per share in the second quarter of 2004.

Net income for the second quarter of 2005 was $46.4 million, up from $45.5 million in the previous quarter and from $44.2 million reported in the same quarter last year.

Results for the second quarter of 2004 included a return to income of $3.5 million before tax ($2.2 million after tax), resulting from the release of a portion of the allowance for loan and lease losses. Excluding the release of reserves, results for the second quarter of 2005 increased $4.4 million from the same quarter last year.

Return on assets, a key measure of bank profitability, for the second quarter of 2005 was 1.87 percent, compared to 1.88 percent in the first quarter of 2005, and 1.80 percent in the second quarter of 2004.

L&L Drive in ranked 15th on list of "Top 50 Growth Chains"

L&L Drive Inn, which operates under the name L&L Hawaiian Barbeque on the Mainland, was ranked 15th on a list of the "Top 50 Growth Chains" released recently by U.S. Restaurant Business Magazine.

L&L Drive Inn opened its first Mainland outlet in Puente Hills, Calif, in 1999, and since then has expanded to nearly 100 restaurants in California, Washington, Nevada, Arizona, Colorado, Utah, New York and Michigan. Including its Hawaii locations, L&L has nearly 150 outlets nationwide.

Contractors trade show set for Aug. 12

Several local contractors groups have joined together to put on the first Joint Trade Show Aug. 12 at the Hawaii Prince Hotel.

The groups are: The Hawaii Flooring Association, the Roofing Contractors Association of Hawaii, the Wall & Ceiling Industry Association and the Painting & Decorating Contractors Association of Hawaii.

The day-long event will feature seminars on a range of subjects, including lead & asbestos paint, water intrusion, and mold remediation. There also will be live demonstrations on peel and stick roofing, ceiling grid systems, laminate flooring and lead paint and asbestos abatement. For more information, call 537-1224.

UH Federal Credit Union turns 50

The University of Hawai'i Federal Credit Union will celebrate its 50th anniversary Aug. 8 with a party for members at the credit union's McCully branch.

The credit union has grown dramatically since 1955 when it was launched by 12 people with a cash can in a room in Gilmore Hall on the University of Hawai'i at Manoa campus. It now has 85 employees and volunteers. As of December 2004, UHFCU reported $293.3 million in total assets, a 6 percent increase from the previous year.