HEI Exhibit 99

February 10, 2011

HEI REPORTS 2010 AND FOURTH QUARTER EARNINGS

Higher Bank Earnings Offset Lower Utility Earnings in 2010

Profitability and Earnings Improved and Risk Reduced

Key Strategic Milestones Achieved

·                  For the full year, consolidated net income of $113.5 million or $1.21 diluted earnings per share (EPS) vs. $83.0 million, or $0.91 diluted EPS in 2009.

·                  For the fourth quarter, consolidated net income of $24.7 million, or $0.26 diluted EPS vs. $13.7 million, or $0.15 diluted EPS for the fourth quarter in 2009.

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the full year of 2010 of $113.5 million, or $1.21 diluted EPS, compared to $83.0 million, or $0.91 diluted EPS for 2009.  Excluding the fourth quarter 2009 losses related to the liquidation of the bank’s private-issue mortgage-related securities (PMRS) portfolio, adjusted 2009 earnings were $102.3 million or $1.12 diluted EPS. The overall increase in year-over-year earnings was driven by the bank’s 2010 cost reduction achievements from the completion of its multi-year performance improvement project (PIP) and lower credit costs.

Consolidated net income for the fourth quarter of 2010 was $24.7 million, or $0.26 diluted EPS, compared to $13.7 million, or $0.15 diluted EPS for the fourth quarter of 2009.  Excluding the PMRS losses discussed above, adjusted 2009 fourth quarter earnings were $33.0 million or $0.36 diluted EPS.

“This was a solid year for HEI as we demonstrated improved profitability and earnings and reduced risk.  We achieved several key milestones in our strategic initiatives at both operating companies,” said Constance H. Lau, HEI president and chief executive officer.  “Our

Hawaiian Electric Industries, Inc. News Release

distinctive business combination continues to provide our company with a strong balance sheet, access to capital markets needed to invest in the strategies of our companies and the financial resources to continue providing an attractive dividend for our shareholders.”

“At the utility, we recently received approval to implement a new regulatory model that will provide for more timely cost recovery for our clean energy and reliability investments.  This new model will help us meet our state’s goals to transition to a clean energy economy and achieve one of the most aggressive renewable portfolio standards in the nation,” added Lau.

“At the bank, we successfully completed our multi-year performance improvement project in 2010.  As a result, we achieved significant improvements in profitability and cost structure while enhancing our product and service offerings for our customers. We are pleased to report a strong 1.20% return on assets and 56% efficiency ratio for the year,” Lau said.

“While we have more to accomplish, I am confident that we are on the right course to continue delivering value for our shareholders and to create long-term benefits for all of our stakeholders.”

STRONG BANK RESULTS BUILT ON SUCCESS OF PERFORMANCE IMPROVEMENT PROJECT AND LOWER CREDIT COSTS

Full-Year Results:

Bank net income for 2010 was $58.5 million compared to $41.1 million, excluding the PMRS charges in 2009.  The primary drivers for the $17.4 million increase in net income over adjusted net income for the prior year were (on an after-tax basis):

·                  $11 million decrease in noninterest expense primarily due to additional cost savings derived from the completion of the PIP in 2010;

·                  $7 million lower provision for loan losses;

·                  $6 million increase in noninterest income primarily due to the non-recurrence of 2009 impairment charges of $9 million on mortgage-related securities, which was offset by lower fee and other income in 2010 as a result of the Regulation E impact on overdraft fees and a 2009 gain on the sale of one commercial loan.

These factors were partially offset by $7 million lower net interest income primarily due to lower earning asset balances as the majority of new residential mortgage originations were sold.  Net

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interest margin improved to 4.23% in 2010, up from 4.19% in 2009, primarily due to lower funding costs.

Provision for loan losses (pretax) was $20.9 million in 2010 compared with $32.0 million in 2009.  The $11.1 million decline in the provision was primarily due to the provision made in 2009 relating to one large commercial loan that was subsequently sold during 2009.  The 2010 net charge-off ratio remained low at 0.61%, an improvement from 0.66% in 2009.

Noninterest expense (pretax) for 2010 was $148.9 million in 2010, $18.6 million lower than the $167.5 million in 2009 as a result of the successful execution of the PIP.

Fourth Quarter Results:

Bank net income for the fourth quarter of 2010 was $13.3 million compared to $14.9 million, excluding the PMRS charges, for the same quarter last year and $15.3 million in the third quarter of 2010.

The $1.6 million decrease in net income for the fourth quarter of 2010 compared to the fourth quarter of 2009 (excluding the 2009 PMRS charges) was primarily attributable to (on an after-tax basis):

·                  $2 million higher provision for loan losses;

·                  $2 million reduction in net interest income primarily due to lower yields and lower earning asset balances as a consequence of the sales of low yield, fixed-rate mortgage originations; and

·                  $2 million reduction in noninterest income due to lower fees as a result of regulatory changes related to overdraft fees.

These factors were partially offset by $4 million reduction in noninterest expense derived from the substantial completion of the PIP in the second quarter of 2010.

The $2.0 million decrease in fourth quarter 2010 net income compared to the third quarter of 2010 was primarily due to (on an after-tax basis):  $2 million higher provision for loan losses and $1 million lower net interest income, which was offset by $1 million lower noninterest expense.

Net interest margin was 4.21% in the fourth quarter of 2010, down from 4.27% in the fourth quarter of 2009, as the decline in mortgage asset balances was offset by higher balances of lower yielding short-term investment securities.  The decline in net interest margin in the fourth quarter

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2010 compared to the third quarter 2010 net interest margin of 4.31% was primarily attributable to higher third quarter recognition of deferred loan fees related to a significant increase in mortgage prepayments.

Provision for loan losses (pretax) was $8.6 million in the fourth quarter of 2010 compared with $5.0 million in the fourth quarter of 2009 and $6.0 million in the third quarter of 2010.  The increase in the provision in the fourth quarter was primarily due to:

·                  $1.2 million charge-off of one commercial loan; and

·                  Approximately $1.4 million for a one-time adjustment to enhance our reserve methodology for our declining portfolio of residential lot loans.

The fourth quarter 2010 net charge-off ratio was 0.72%, low compared to industry averages reported last quarter, but up from 0.53% in the third quarter 2010 due to the charge-off of the one commercial loan discussed above.

Noninterest expense (pretax) for the fourth quarter of 2010 was $35.0 million, the lowest level since the start of the PIP and down from $41.7 million in the fourth quarter of 2009 and $36.3 million in the third quarter of 2010.

The bank remains strongly capitalized with a Tier 1 leverage ratio of 9.2% and total risk-based capital ratio of 13.9% as of the end of the fourth quarter of 2010.

UTILITY WELL POSITIONED TO EXECUTE CLEAN ENERGY STRATEGY

Full Year Results:

Utility net income was $76.6 million in 2010 compared to $79.4 million in 2009.  The $2.8 million net income decline resulted primarily from (on an after-tax basis):

·                  Approximately $6 million lower kilowatthour sales;

·                  $23 million higher operations and maintenance (O&M) expenses(1); and

·                  $11 million higher financing costs primarily due to generating units put into service in the latter part of 2009.

(1)          Excludes demand-side management (DSM) program costs.  DSM program costs were $4 million for the full year in 2010 compared to $21 million in 2009 and $2 million in both fourth quarter 2009 and 2010.  DSM program costs are recovered through a surcharge.  The energy efficiency DSM programs were transferred to a third-party administrator at the end of the second quarter of 2009.

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These factors were somewhat offset by (on an after-tax basis):

·                  $26 million of rate relief granted in our 2009 Oahu and 2010 Maui rate cases;

·                  Tax settlement items, which net to $6 million; and

·                  $5 million lower fuel costs related to improved system-wide generating unit efficiencies.

Kilowatthour sales were down 1.1% year over year due largely to the effects of cooler and less humid weather.  This was in line with our guidance provided last quarter for a year-over-year decline of 1%.

O&M expenses(1) (pretax) increased by $40 million or 12% over the prior year, slightly under our expectation for an annual increase of 13%.  The increase resulted primarily from generating unit overhauls, a full year of cost for our new biofuels generating unit, CT-1, increased levels of work to address our aging infrastructure, and higher employee benefit costs.

Fourth Quarter Results:

Electric utility net income for the fourth quarter of 2010 was $18.9 million compared to $23.3 million in the fourth quarter of 2009.  The decline in net income was primarily attributable to (on an after-tax basis) approximately $3 million from lower kilowatthour sales and $10 million higher O&M expenses(1).  These were partially offset by $2 million of rate relief granted in our 2009 Oahu and 2010 Maui rate cases and tax settlement items which net to $6 million.

Kilowatthour sales were down 2.1% in the fourth quarter 2010 compared with the same quarter last year mostly due to cooler and less humid weather.

O&M expenses(1) (pretax) were up 23% over the same quarter last year as anticipated.  This increase resulted primarily from higher generation unit overhauls, higher transmission and distribution maintenance including vegetation management and substation maintenance, and management’s action to defer work planned for the fourth quarter of 2009 to 2010.

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HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $21.5 million in 2010 compared to $18.2 million in 2009 primarily due to the $2 million write-off of a deferred tax asset in the fourth quarter of 2010.  The holding and other companies’ net losses were $7.5 million in the fourth quarter of 2010 compared to $5.2 million in the fourth quarter of 2009 primarily reflecting the $2 million write-off mentioned above.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review 2010 earnings on Friday, February 11, 2011, at 8:00 a.m. Hawaii time (1:00 p.m. Eastern time).  The event can be accessed through HEI’s website at www.hei.com or by dialing (866) 713-8307, passcode: 10016892 for the teleconference call.  HEI intends to continue to use its website, www.hei.com, as a means of disclosing additional information.  Such disclosures will be included on HEI’s website in the Investor Relations section.  Accordingly, investors should routinely monitor such portions of HEI’s website, in addition to following HEI’s, HECO’s and ASB’s press releases, SEC filings and public conference calls and webcasts.  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.

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 February 25, 2011, by dialing (888) 286-8010, passcode: 28298877.

HEI supplies power to over 400,000 customers or 95% of Hawaii’s population through its electric utilities, Hawaiian Electric Company, Inc., 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 Savings Bank, F.S.B., one of Hawaii’s largest financial institutions.

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EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP FINANCIAL MEASURES

HEI and bank management use certain non-GAAP measures in their evaluation of the bank’s performance and believe the presentations of such financial measures on this basis provide useful supplemental information and a clearer picture of the bank’s operating performance, and are better indicators of the bank’s ongoing core operating activities.  Management also uses such measures to assist investors/analysts in better understanding the bank’s progress on the execution of its performance improvement project.  These measures are also useful in understanding performance trends and in facilitating comparisons with the performance of others in the financial services industry.

Management utilizes non-GAAP financial measures of noninterest income and expense in the calculation of certain of the bank’s metrics/ratios, such as (i) efficiency, (ii) pretax, preprovision income, and (iii) return on average assets, in order to analyze on a consistent basis and over a longer period of time the performance of the bank’s core operating activities and its progress on the execution of the performance improvement project.  Management also annualizes the non-GAAP measure of noninterest expense by multiplying such measure by 4 to develop an estimate of adjusted noninterest expense for a year-long period.  This annualized adjusted noninterest expense metric (non-GAAP measure) is a forward-looking statement based on only a quarter’s results and may not reflect actual results.  See schedule on page 17 of this release for a tabular reconciliation between the bank’s GAAP and non-GAAP measures.

Certain items shown in the reconciliation—real estate transactions, FISERV conversion costs, severance, technology write-offs and prepayment penalties on early extinguishment of debt—were incurred pursuant to the bank management’s performance improvement project which was announced in June 2008 and was substantially completed in the second quarter of 2010.  These costs were incurred with the objective of increasing the bank’s operating efficiency and profitability in the long term.  Accordingly, bank management believes that these costs were temporarily elevated while the performance improvement project was being executed.

Reported noninterest income is being adjusted by a gain on sale of other assets and other nonrecurring income items.  Bank management believes that it would not be appropriate to assume that the bank would realize material gains of this type on a quarterly basis.

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In addition, management adjusts noninterest income for net gains (losses) on sales of certain securities including the fourth quarter 2009 loss on the liquidation of the PMRS portfolio because management believes that such transactions are unlikely to recur on a regular basis and impacts the comparability of noninterest income between periods.

Limitations associated with utilizing non-GAAP measures are the risks of disagreement over the appropriateness of adjustments comprising these measures and the risk that other companies might calculate these measures differently.  Management addresses these limitations by providing detailed reconciliations between GAAP information and non-GAAP measures.  See reconciliation on page 17.

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 (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects or possible future actions, which may be provided by management, 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 assumptions about 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” discussion (which is incorporated by reference herein) set forth on pages iv and v of HEI’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, and in HEI’s future periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements.  Forward-looking statements speak only as of the date of this release.

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference and included in HEI’s Annual Report on SEC Form 10-K for the years ended December 31, 2009 and 2010 (when filed), respectively, and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010,  June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference and included in HEI’s Annual Report on SEC Form 10-K for the years ended December 31, 2009 and 2010 (when filed), respectively, and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference and included in HEI’s Annual Report on SEC Form 10-K for the years ended December 31, 2009 and 2010 (when filed), respectively, and the consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010,  June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(1) Based on the interim decisions applicable to rates in effect on December 31, 2010.   Allowed ROACEs for HECO, HELCO and MECO based on their last final rate case decisions were 10.00% (reflects the approval of decoupling and other cost-recovery mechanisms), 10.70% and 10.70%, respectively.  In late 2010, MECO and HELCO received interim orders which based rates on 10.5% ROACE.  MECO’s rates became effective in August 2010.  HELCO’s rates became effective in January 2011.  HECO received its final order based on 10% ROACE.  HECO’s final rates are expected to become effective in March 2011.

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 years ended December 31, 2009 and 2010  (when filed) and the consolidated financial statements and the notes thereto in HECO’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

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 years ended December 31, 2009 and 2010 (when filed) and the consolidated financial statements and the notes thereto in HECO’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

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 years ended December 31, 2009 and 2010 (when filed) and the consolidated financial statements and the notes thereto in HECO’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010, as updated by SEC Forms 8-K.

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American Savings Bank, F.S.B. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)