HEI Exhibit 99

May 9, 2011

HEI REPORTS FIRST QUARTER 2011 EARNINGS & DECLARES DIVIDEND

Diluted Earnings Per Share $0.30 in 1Q 2011 vs $0.29 in 1Q 2010

Sales Decoupling Implemented at Largest Utility

Bank Continues Strong Performance

Board of Directors Declares Dividend of $0.31 Per Share

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2011 was $28.5 million, or $0.30 diluted EPS, compared to $27.1 million, or $0.29 diluted EPS for the first quarter of 2010.

“This was a solid quarter for HEI.  We achieved another significant milestone in the implementation of our new regulatory model at our largest utility, advanced several clean energy projects, and delivered continued strong performance at the bank,” said Constance H. Lau, HEI president and chief executive officer.

“At the utility, although earnings and returns on equity remain depressed pending the outcome of the Oahu 2011 rate case and other regulatory proceedings, we are pleased that we were able to implement sales decoupling for HECO Oahu to further align our financial business model with our state’s public policy to promote energy efficiency and conservation.  At the bank, we are pleased to report another quarter of solid performance with a return on assets of 1.15%, net interest margin of 4.16%, lower credit costs, and loan growth for the second consecutive quarter,” added Lau.

UTILITY NET INCOME SLIGHTLY HIGHER ON WEATHER

Electric utility net income for the first quarter of 2011 was $19.2 million compared to $18.1 million in the first quarter of 2010.  The $1.1 million net income improvement resulted primarily from (on an after-tax basis):

·                  Approximately $4 million of higher kilowatthour sales, largely due to warmer and more humid weather; and

·                  $3 million of rate relief granted in our 2010 Hawaii Island and Maui County rate cases and the 2009 Oahu rate case.

These were partially offset by:

·                  $4 million higher operations and maintenance (O&M) expenses(1); and

·                  $1 million lower allowance for funds used during construction as a result of projects put into service in 2010.

Our Hawaii Island and Maui County utilities will continue to be impacted by changes in sales levels as they await decoupling implementation.  Kilowatthour sales were up 0.4% and 2.0% for our Hawaii Island and Maui County utilities, respectively, in the first quarter.

For our Oahu utility, kilowatthour sales for the first two months of 2011 were 3.2% higher than the same period last year.  Subsequently, sales decoupling became effective on March 1, 2011 and starting from that date, actual kilowatthour sales are no longer a net income driver.

O&M expenses(1) (pretax) were up 8% over the same quarter last year.  This increase resulted primarily from higher emission fees (fees were waived in 2010), and higher vegetation and substation maintenance expenses.  This level of increase is consistent with our guidance for a 7% annual increase in 2011.

BANK MAINTAINS PROFITABILITY AND LOWER COST STRUCTURE AND RESULTS REFLECT LOWER CREDIT COSTS

Bank net income for the first quarter of 2011 was $13.9 million compared to $13.7 million for the same quarter last year and $13.3 million in the fourth quarter of 2010.

(1)   Excludes demand-side management (DSM) program costs.  DSM program costs were $2 million in the first quarter of 2011 compared to $1 million in the first quarter of 2010.  DSM program costs are recovered through a surcharge.

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The bank was able to hold first quarter 2011 net income essentially flat with the same quarter last year as lower expenses offset lower revenues.  The major variances over the same quarter last year were (on an after-tax basis):

·                  $2 million reduction in noninterest expense derived from the completion of the performance improvement project; offset by

·                  $1 million reduction in noninterest income due to lower fees as a result of regulatory changes related to overdraft fees which became effective in the third quarter of 2010; and

·                  $1 million reduction in net interest income due to lower yields and lower earning asset balances largely in the residential loan portfolio.

The $0.6 million increase in first quarter 2011 net income compared to the fourth quarter of 2010 was primarily due to (on an after-tax basis):  $2 million lower provision for loan losses partially offset by $1 million lower noninterest income.

Net interest margin was 4.16% in the first quarter of 2011, down slightly from 4.18% in the first quarter of 2010 and 4.21% in the fourth quarter 2010.  The decline in net interest margin from the fourth quarter 2010 to the first quarter 2011 was predominantly attributable to lower deferred loan fees recognized in the first quarter 2011 because of declining mortgage prepayments.  However, earning assets increased by approximately $60 million in the quarter and reflected the second consecutive quarter of loan growth.

Provision for loan losses (pretax) improved to $4.6 million in the first quarter of 2011 compared to $5.4 million in the first quarter of 2010 and $8.6 million in the fourth quarter of 2010.  The decline in the provision from fourth quarter 2010 was primarily due to the fourth quarter’s provision including a $1.2 million charge-off of one commercial loan and a $1.4 million one-time adjustment to enhance our reserve methodology for the declining portfolio of residential lot loans.  The majority of the provision in the first quarter 2011 reflected net charge-offs in the following loan categories:  the neighbor island and mainland residential loans and vacant lot loans.  We continue to expect provision to be in the range of $15 to $20 million for the year.

The first quarter 2011 net charge-off ratio remains low and declined further to 0.49%, from the 0.62% in the first quarter last year and from 0.72% reported last quarter.

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Noninterest expense (pretax) for the first quarter 2011 of $35.1 million was down from the $38.0 million in the first quarter of 2010 and flat compared to the fourth quarter of 2010 as the bank continued to maintain the savings and efficiencies it achieved from the performance improvement project.

The bank remains strongly capitalized with a Tier 1 leverage ratio of 9.1% and total risk-based capital ratio of 13.5% as of the end of the first quarter of 2011.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $4.6 million in the first quarter of 2011, which was relatively flat compared to $4.7 million in the first quarter of 2010.

BOARD DECLARES QUARTERLY DIVIDEND

On May 9, 2011, the board of directors of HEI maintained the regular quarterly cash dividend of 31 cents per share, payable on June 14, 2011, to shareholders of record at the close of business on May 20, 2011 (ex-dividend date is May 18, 2011).  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 May 6, 2011 of $26.00, HEI’s yield is 4.8%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its first quarter 2011 earnings on Tuesday, May 10, 2011, at 7:00 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) 202-3048, passcode:  29544086 for the teleconference call.  HEI and Hawaiian Electric Company, Inc. (HECO) intend to continue to use HEI’s 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.

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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 May 24, 2011, by dialing (888) 286-8010, passcode: 72028574.

HEI supplies power to over 400,000 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 ASB, 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 (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 v and vi of HEI’s Annual Report on Form 10-K for the year ended December 31, 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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim

periods or the full year.

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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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(1)          Based on the decisions applicable to rates in effect on March 31, 2011 (interim decisions for HELCO and MECO; final decision for HECO, which reflects the approval of decoupling and other cost-recovery mechanisms). MECO’s interim rates became effective in August 2010. HELCO’s interim rates became effective in January 2011. HECO’s interim rates are expected to become effective in summer 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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HECO’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HECO’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HECO’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

**  Regulatory basis

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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

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

CONSOLIDATED BALANCE SHEETS DATA

(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 year ended December 31, 2010 and the consolidated financial statements and the notes thereto in HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2011 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim

periods or the full year.

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