American Savings Bank CEO Rich Wacker harbors some regret that the company won’t move forward as an independent operation.

But on a day when the bank reported a 3.4 percent increase in second-quarter earnings, Wacker said the bank’s mission won’t be affected by the state Public Utilities Commission’s July 15 decision to reject NextEra Energy’s $4.3 billion acquisition of Hawaiian Electric Industries Inc., the parent of the bank. American Savings would have been spun off as part of the deal.

“I just finished crying,” Wacker said, tongue in cheek, Friday. “We’re obviously disappointed. We think there were a lot of good benefits associated with the spinoff as planned, but it didn’t work out. So we press on doing everything we’re doing. It really doesn’t affect all the work we’re doing for our customers and our people. Everybody’s just focused on doing a better job and continuing to execute our vision as a great bank and making people’s dreams possible, like we do every day.”

Wacker said he’s not optimistic that HEI would consider spinning off American Savings, which was acquired by the utility in 1988, in the future.

“Without the NextEra transaction the equation changes,” Wacker said. “The board is always looking at what’s best for customers, our stakeholders and shareholders, and (a spinoff) would be a natural part of the board’s discussions at different times as the board does its job. That’s a different equation and a different analysis, and I don’t have any insight that I can share with you on whether it’s a viable approach. It’s about balancing all of the overall interests.”

Wacker also said the bank has no desire to find a different location for its planned new headquarters even though work on the site at 300 N. Beretania St. in Chinatown has been stalled since February when iwi, or human remains, were discovered. The Oahu Island Burial Council will decide on the final disposition through a burial treatment plan in consultation with cultural and lineal descendants.

“We will work with the process as long as it takes,” he said. “We have no plans to look elsewhere.”

American Savings said Friday after the market closed that its earnings rose during the quarter on the strength of its loan and deposit growth. The bank’s net income increased to $13.3 million from $12.9 million in the year-earlier quarter. Parent HEI will release its full earnings Thursday.

In keeping with its mid-single-digit target for loan growth, American Savings boosted its loans 6.7 percent to $4.8 billion from $4.5 billion in the year-earlier quarter.

“All the markets have experienced faster loan growth,” Wacker said. “A lot is driven by the mortgage environment, low interest rates and the commercial real estate project environment. Additionally, we’ve been able to grow in the consumer segment. That has been one of our goals.”

Deposits also were strong, increasing 8.9 percent to $5.2 billion from $4.8 billion.

American Savings, whose assets rose 7.1 percent to $6.2 billion, also has been rolling out its new eBanking platform, which provides improved account access and eServices for its consumer and business customers from their desktop, tablet or mobile devices. The upgraded technology also will lower ongoing costs for the bank, Wacker said.

“We have this Pay a Friend feature that allows you to send money to people immediately over your phone using their phone number or email, and it can be pulled down or deposited directly into their accounts,” Wacker said. “We have more functionality than we’ve ever had before, and it’s going to be less expensive for us to operate and maintain.”