HEI Exhibit 99

August 3, 2011

HEI REPORTS SECOND QUARTER 2011 EARNINGS & DECLARES DIVIDEND

Diluted Earnings Per Share $0.28 in 2Q 2011 vs $0.31 in 2Q 2010

Interim Rate Increase Granted to Oahu Utility in July

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 second quarter of 2011 was $27.1 million, or $0.28 diluted EPS, compared to $29.3 million, or $0.31 diluted EPS for the second quarter of 2010.

“Earnings were lower in the second quarter as our utilities invested in their clean energy and reliability strategies which required additional capital investments and higher operating expenses.  Now that rate relief has recently been approved for our largest utility, earnings should improve in the second half of the year,” said Constance H. Lau, HEI president and chief executive officer.

“At our bank, we had another solid quarter with continued improvement in credit quality and loan growth for the third consecutive quarter.  Performance continued to exceed peer banks with a return on assets of 1.24%, net interest margin of 4.07% and efficiency ratio of 57%,” added Lau.

UTILITY CONTINUES TO INVEST IN CLEAN ENERGY STRATEGIES

Electric utility net income for the second quarter of 2011 was $17.0 million compared to $17.6 million in the second quarter of 2010.  The $0.6 million net income decline resulted primarily from (on an after-tax basis):

·                  $3 million higher planned operations and maintenance (O&M) expenses(1);

·                  $2 million of unusual items that are unlikely to recur including a 2011 billing adjustment and 2010 fuel cost recovery of previously recognized biofuels costs;

·                  $1 million lower fuel efficiency savings attributable to the implementation of the heat rate deadband which became effective with decoupling; and

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

The quarter benefitted from several key developments, including:

·                  $2 million of rate relief granted in late 2010 and early 2011 for our Maui County and Hawaii Island utilities, respectively;

·                  $2 million lower depreciation expense from the change in depreciation rates and methods for our Hawaii Island and Maui County utilities; and

·                  $1 million write-down of our investment in the combined heat and power system in 2010.

Our Oahu utility implemented sales decoupling earlier this year, and its second quarter decoupling revenues were essentially flat with sales revenues in the second quarter of 2010.  For our Hawaii Island and Maui County utilities which are awaiting decoupling implementation, their combined kilowatthour sales were flat compared with the same quarter last year.

As planned, O&M expenses(1) increased 6% over the same quarter last year to safely and responsibly operate our systems, invest in our clean energy strategies and serve our customers.  This is in line with our previous guidance of a full year increase of 7% over the prior year.  The second quarter increase was primarily due to higher transmission and distribution operations, vegetation, substation maintenance and administrative and general expenses.  We are now targeting O&M to be

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

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flat with 2010.  Oahu expenses in 2011 are expected to be higher than in 2010, but consistent with the levels included in our recent rate decision.  Hawaii Island and Maui County expenses in 2011 are expected to be slightly lower than in 2010.

Effective July 26, 2011, the Public Utilities Commission granted HECO a net interim increase of $38.2 million in annual revenues, or 2.2% increase, net of revenues previously being recovered through the decoupling Revenue Adjustment Mechanism.

SOLID BANK PERFORMANCE:  CONTINUED IMPROVEMENT IN CREDIT QUALITY AND MODERATE LOAN GROWTH

Bank net income for the second quarter of 2011 was $15.2 million, compared to $13.9 million in the first, or linked, quarter of 2011.  Loans and total assets increased $31 million and $32 million, respectively, over the same period, representing the third consecutive quarter of loan growth and second consecutive quarter of asset growth.

The $1.3 million increase in second quarter 2011 net income compared to the linked quarter was primarily due to (on an after-tax basis):

·                  $1 million lower provision for loan losses from continued improvement in credit quality and portfolio mix; and

·                  $1 million higher noninterest income from a non-recurring insurance gain and higher fee income.

These were partially offset by $1 million higher noninterest expense.

Compared to the same quarter of 2010, net income decreased by $0.9 million as a $2 million after-tax reduction in noninterest expense was more than offset by (on an after-tax basis):

·                  $1 million reduction in noninterest income due to lower overdraft fees of $2 million as a result of regulatory changes which became effective in the third quarter of 2010, partially offset by the non-recurring insurance gain and higher fees for other products and services;

·                  $1 million reduction in net interest income principally due to the year-over-year runoff in the residential loan portfolio; and

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·                  $1 million higher provision for loan losses (as the current quarter had no comparable significant reserve reversal as was realized in the second quarter of 2010).

Net interest margin was 4.07% in the second quarter of 2011, down from 4.16% in the linked quarter and 4.22% in the second quarter of 2010.  The decline in net interest margin from the linked quarter was attributable primarily to lower deferred loan fees associated with lower loan prepayments, as well as lower yields on newly originated assets.

Provision for loan losses (pretax) was $2.6 million in the second quarter of 2011 compared to $1.0 million in the second quarter of 2010 and $4.6 million in the linked quarter.  The provision in the second quarter 2010 was lower due to $2.4 million of loan loss reserves that were released attributable to two specific loans.  The company continues to expect loan loss provision expense to be in the range of $15 to $20 million for the full year of 2011.

The second quarter 2011 net charge-off ratio remains low and declined further to 0.45%, from 0.49% reported in the linked quarter and from the 0.57% in the second quarter last year.

Noninterest expense (pretax) for the second quarter 2011 of $36.2 million was down from $39.6 million in the second quarter of 2010 and up $1.1 million compared to the linked quarter.  This is in line with our annual noninterest expense target of $145 million for 2011.

The bank remains well-capitalized with a Tier 1 leverage ratio of 9.1% and total risk-based capital ratio of 13.3% as of the end of the second quarter of 2011.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $5.1 million in the second quarter of 2011 compared to $4.5 million in the second quarter of 2010.

BOARD DECLARES QUARTERLY DIVIDEND

On August 2, 2011, the board of directors of HEI maintained the regular quarterly cash dividend of 31 cents per share, payable on September 13, 2011, to shareholders of record at the close of business on August 15, 2011 (ex-dividend date is August 11, 2011).  The dividend is equivalent to an annual rate of $1.24 per share.

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Dividends have been paid continuously since 1901.  At the indicated annual dividend rate and the closing share price on August 2, 2011 of $23.11, HEI’s yield is 5.4%.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its second quarter 2011 earnings on Thursday, August 4, 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) 901-5241, passcode:  40101562 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 American Savings Bank, F.S.B.’s (ASB) press releases, SEC filings and public conference calls and webcasts.  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.  The HEI and PUC websites, and the information included on those websites, are not incorporated into HEI and HECO filings with the SEC.

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 August 18, 2011, by dialing (888) 286-8010, passcode: 78587296.

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,

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

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

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

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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 June 30, 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. On July 22, 2011, HECO received an interim decision and order in its 2011 test year rate case which granted HECO an allowed return of 10.00%.

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 and June 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.

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

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

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)