Exhibit 99

November 3, 2011

HEI REPORTS THIRD QUARTER 2011 EARNINGS & DECLARES DIVIDEND

Diluted Earnings Per Share $0.50 in 3Q 2011 vs $0.35 in 3Q 2010

Interim Rate Relief Helps Financial Repair

Bank Continues Solid 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 third quarter 2011 of $48.4 million, or $0.50 diluted earnings per share (EPS), compared to $32.4 million, or $0.35 diluted EPS for the third quarter 2010.

“While utility earnings are recovering from the depressed levels of 2010, returns will continue to fall short of those allowed by the Hawaii Public Utilities Commission.  Continued regulatory support to recover our investments in a timely manner is essential to our success in attracting the significant capital needed to fund our utilities’ reliability and clean energy plans.  Our bank continues to be a consistent source of capital for HEI and maintained its strong performance. This marks the fourth consecutive quarter of loan growth and we continue to maintain strong profitability metrics and healthy capital levels,” said Constance H. Lau, HEI president and chief executive officer.

UTILITY EARNINGS IMPROVE AND EXPENSE MANAGEMENT REMAINS A PRIORITY FOCUS

Electric utility net income for the third quarter 2011 was $38.0 million compared to $22.0 million in the third quarter 2010.  The $16.0 million net income improvement resulted primarily from regulatory action and continued cost management.  The significant increases over the prior year were (on an after-tax basis):

·                  $6 million of rate relief granted to all three utilities;

·                  $5 million net decoupling revenue adjustments recorded for our Oahu utility;

·                  $2 million higher fuel efficiency savings at our Hawaii Island and Maui County utilities; and

·                  $1 million lower depreciation expense primarily from the change in depreciation rates and methods.

These increases were partially offset by $1 million lower kilowatthour sales at the Hawaii Island and Maui County utilities. Kilowatthour sales were down 0.5% and 3.0% for Hawaii Island and Maui County, respectively, primarily due to increased customer conservation.

O&M expenses(1) were flat compared to the same quarter last year. Higher bad debt expense of $4 million, primarily due to two large commercial accounts, and $2 million higher maintenance expense to safely and responsibly operate our systems were largely offset by $3 million lower administrative and general expense from a regulatory change in the capitalization of costs and by $2 million lower claims reserves. We expect total 2011 O&M, which would have been flat compared to 2010, to be 3% higher due to externalities such as bad debt.

CONTINUED SOLID BANK PERFORMANCE AND MODERATE LOAN GROWTH

Bank net income for the third quarter 2011 was $15.5 million, essentially even with $15.2 million in the second, or linked, quarter 2011 and $15.3 million in the third quarter 2010.

(1)  Excludes demand side management (DSM) program costs.  DSM program costs were $1 million in the third quarter of 2010 and 2011.  DSM program costs are recovered through a surcharge.

2

Loan growth continued for the fourth consecutive quarter with an increase in loans of $40 million in the third quarter 2011.  Loan growth was driven primarily by home equity and commercial loans which more than offset the decline in residential mortgages resulting from the low interest rate environment.  Year-to-date, total loans increased by $129 million or 3.6%, meeting our target for mid-single digit loan growth.

Net interest margin was 4.11% in the third quarter 2011, up from 4.07% in the linked quarter but down from 4.31% in the third quarter 2010.  The improvement in net interest margin from the linked quarter was primarily attributable to the recognition of deferred loan fees due to higher loan prepayments from residential mortgage refinancings and slightly lower cost of funds.  The third quarter 2010 was higher primarily due to higher yields on earning assets in 2010 and the recognition of deferred loan fees from the refinancing wave in the second half of 2010.

Provision for loan losses (pretax) was $3.8 million in the third quarter 2011 compared to $6.0 million in the third quarter 2010 and $2.6 million in the linked quarter.  With year-to-date provision expense of $10.9 million, the company expects full-year provision expense to be in the lower end of the guidance range of $15 to $20 million.

The third quarter 2011 net charge-off ratio was 0.54%.  This is up slightly from 0.45% reported in the linked quarter and from 0.53% in the third quarter last year, but remains low compared to our peers.  The increase from the linked quarter is primarily due to the partial charge-offs of two commercial credits.

Noninterest expense (pretax) for the third quarter 2011 of $35.6 million improved from $36.2 million in the linked quarter and $36.3 million in the third quarter 2010.  2011 annual noninterest expense is on track to meet our target of $145 million.

The bank remains well-capitalized with a Tier 1 leverage ratio of 9.1% and total risk-based capital ratio of 13.0% as of the end of the third quarter 2011.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $5.0 million in the third quarter 2011 compared to $4.8 million in the third quarter 2010.

3

BOARD DECLARES QUARTERLY DIVIDEND

On November 2, 2011, the board of directors of HEI maintained the regular quarterly cash dividend of 31 cents per share, payable on December 13, 2011, to shareholders of record at the close of business on November 21, 2011 (ex-dividend date is November 17, 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 November 2, 2011 of $25.36, HEI’s yield is 4.9%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter 2011 earnings on Thursday, November 3, 2011, at 8:00 a.m. Hawaii time (2:00 p.m. Eastern time).  The event can be accessed through HEI’s website at www.hei.com or by dialing (800) 299-7635, passcode:  75157227 for the teleconference call.  The presentation for the webcast will be on HEI’s website under the headings “Investor Relations”, “News & Events” and “Presentation & Webcasts”.  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 American Savings Bank, F.S.B.’s (ASB) press releases, SEC filings and public conference calls and webcasts.  The information on HEI’s website is not incorporated by reference in this document or in the Company’s SEC filings unless, and except to the extent, specifically incorporated by reference.  Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC.  No information on the PUC website is incorporated by reference in this document or in the Company’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 17, 2011, by dialing (888) 286-8010, passcode: 80767105.

4

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, 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” discussions (which are incorporated by reference herein) set forth on pages iv and v of HEI’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2011 and September 30, 2011 (when filed), 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 the report, presentation or filing in which they are made.  Except to the extent required by the federal securities laws, HEI, HECO, ASB 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.

###

5

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

6

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

7

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

8

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(1) Based on the decisions applicable to rates in effect on September 30, 2011 (interim decisions for HELCO and MECO; interim decision for HECO, which reflects the approval of decoupling and other cost-recovery mechanisms). Interim rates of HECO, HELCO and MECO became effective in July 2011, January 2011 and August 2010, respectively.

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

9

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

10

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 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.

11

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)