HEI Exhibit 99.1

February 8, 2012

HEI REPORTS 2011 & FOURTH QUARTER EARNINGS

& DECLARES DIVIDEND

Diluted Earnings Per Share of $1.44 for 2011

Utility Reinvests to Help Hawaii’s Move to Clean Energy

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 full year of 2011 was $138.2 million, or $1.44 diluted earnings per share (EPS), compared to $113.5 million, or $1.21 diluted EPS for 2010.

Consolidated net income for the fourth quarter of 2011 was $34.2 million, or $0.36 diluted EPS, compared to $24.7 million, or $0.26 diluted EPS for the fourth quarter of 2010.

“Our improved earnings help us fund the upfront investments necessary to support Hawaii’s move to clean energy.  We are continuing to reinvest earnings in an aggressive infrastructure program to modernize the electric grid for reliability and to prepare it for significant amounts of renewable energy.  In 2011 alone, we invested over $200 million in utility infrastructure which is twice the utilities’ 2011 earnings,” said Constance H. Lau, HEI president and chief executive officer.

“With the majority of customer bill increases driven by fuel prices, it is crucial that we reduce our dependence on imported oil and continue to add as much cost effective renewable energy as possible as fast as we can.  This is critical to help moderate and stabilize the cost of energy for customers,” added Lau.  A typical Oahu electric bill of $158 at the beginning of 2011 increased about $57 due to higher fuel costs and only $4 from rate increases and other adjustments by the end of the year.  The utilities do not earn a profit on fuel purchases.  To help offset future impacts of higher fossil fuel costs, the Hawaiian Electric utilities added 146 megawatts of renewable energy in 2011 for a total of approximately 550 megawatts.  In 2011, renewable energy

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 2

supplied more than 10% of our customers’ energy use and as high as 40% for our Hawaii Island customers.

“At American Savings Bank, performance remained strong throughout 2011 and earnings increased despite the significant challenges posed by the interest rate environment and federal regulation of bank fees.  While maintaining healthy capital levels, the bank paid cash dividends of $58 million and remains a beneficial source of capital.  Our unique combination of businesses continues to provide the financial resources and ready access to capital needed to invest in our utility and bank,” said Lau.

UTILITY EARNINGS REFLECT CLEAN ENERGY AND RELIABILITY INVESTMENTS

Full Year Results:

Electric utility net income was $100.0 million in 2011 compared to $76.6 million in 2010.  The specific variances contributing to the net income increase from the prior year were (on an after-tax basis):

·                $27 million of additional revenues allowed for reliability and clean energy investments by all three utilities;

·                $6 million higher savings from running our Hawaii Island and Maui County generation plants more efficiently; and

·                $4 million lower depreciation expense primarily resulting from the change in depreciation rates and methods.

These increases were partially offset by the following (after-tax):

·                $6 million partial write-down of a transmission project, consistent with a settlement with the Consumer Advocate (CA) and Department of Defense (DOD), subject to PUC approval;

·                $6 million of non-recurring tax settlement items in 2010;

·                $4 million implementation of heat rate deadband and lower fuel efficiency savings on Oahu; and

·                $1 million lower kilowatthour sales for Hawaii Island and Maui County, down 0.6% and 0.9%, respectively, primarily due to high oil prices impacting customer bills and

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 3

conservation.  We expect 2012 kilowatthour sales to be approximately 1% higher than 2011 for both HELCO and MECO.

Operations and maintenance (O&M) expenses1 (pretax) were essentially flat compared to the prior year.  $6 million of higher transmission and distribution expenses including Asia-Pacific Economic Cooperation (APEC) forum related costs and $6 million of higher bad debt expense were offset by $7 million of lower overhaul costs due to timing and $5 million of lower administrative and general expense from a regulatory change in the capitalization of costs.  In 2012, we expect O&M expenses to be approximately 6% higher than in 2011.

Fourth Quarter Results:

Electric utility net income for the fourth quarter 2011 was $25.8 million compared to $18.9 million in the fourth quarter 2010.  The significant factors contributing to the net income increase from the fourth quarter of 2010 were (on an after-tax basis):

·                $7 million of additional revenues allowed for reliability and clean energy investments for our Oahu and Hawaii Island utilities; and

·                $9 million lower O&M expenses.

These increases were partially offset by the write-down of a transmission project, non-recurring tax settlement items in 2010 and lower kilowatthour sales discussed above.  For the quarter, kilowatthour sales were down 1.7% and 2.8% for Hawaii Island and Maui County, respectively.

O&M expenses1 (pretax) were down $14 million or 14% from the fourth quarter 2010 primarily due to major overhauls that occurred in the fourth quarter of 2010, regulatory changes associated with the capitalization of costs, lower retirement benefit expense and a non-recurring insurance claim settlement in 2011.

1  Excludes demand side management (DSM) program costs.  DSM program costs were $4 million for the full year in both 2011 and 2010 and $1 million in the fourth quarter of 2011 compared to $2 million in the fourth quarter of 2010.  DSM program costs are recovered through a surcharge.

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 4

BANK:   SOLID PERFORMANCE AND MODERATE LOAN GROWTH

Full Year Results:

Bank net income for 2011 was $59.8 compared to $58.5 million in 2010.  Return on assets was 1.23% for 2011 compared to 1.20% in 2010.

The primary drivers for the net income improvement were improved credit quality and lower operating expenses, despite lower revenues from a prolonged low interest rate environment and the impact of regulation on fees.

The significant items contributing to the net income increase from the prior year were (on an after-tax basis):

·                $4 million lower provision for loan losses;

·                $3 million decrease in noninterest expense; and

·                $1 million lower income taxes primarily due to investments in projects that generated low-income housing tax credits in 2011.

These were offset by:

·                $3 million reduction in net interest income predominantly due to lower yields on earning assets; and

·                $4 million lower noninterest income due to lower overdraft fees due to the full year impact of Regulation E and other subsequent regulatory guidance.

Net interest margin declined to 4.12% in 2011, down from 4.23% in 2010, largely the result of lower interest rates on new loan production, run-off and refinancing of higher yielding residential loans and lower deferred loan fees recognized in 2011 as loan prepayments moderated compared to 2010.  This was partially offset by declines in higher costing term certificates and greater low cost core deposit funding.

Provision for loan losses (pretax) was $15.0 million in 2011 compared to $20.9 million in 2010.  The $5.9 million decline in the provision was primarily due to the improvement in the mix of our assets, specifically the decrease in the higher risk land loan portfolio, and improved credit quality associated with the modest year-over-year recovery in Hawaii’s economy.  Similarly, the 2011 net charge-off ratio improved to 0.49%, from 0.61% in 2010.

Noninterest expense (pretax) for 2011 was $143.4 million, $5.5 million lower than the $148.9 million in 2010 which included costs for the FISERV conversion completed in 2010.

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 5

Loan growth continued throughout 2011 with five consecutive quarters of loan growth.  For the year, total loans increased by $148 million or 4.2%, in-line with our target for mid-single digit loan growth.  Loan growth was driven primarily by commercial and home equity loans which more than offset the planned decline in long-term fixed rate residential mortgages as we control interest rate risk in this low rate environment.

Fourth Quarter Results:

Bank net income for the fourth quarter 2011 was $15.3 million, essentially flat compared to $15.5 million in the third, or linked, quarter 2011 and 15% higher than $13.3 million in the fourth quarter 2010.  The $2.0 million increase in net income for the fourth quarter of 2011 compared to the fourth quarter of 2010 was largely attributable to (on an after-tax basis): $3 million lower provision for loan losses partially offset by $1 million higher noninterest expense.

Net interest margin was 4.16% in the fourth quarter 2011, up from 4.11% in the linked quarter but down from 4.21% in the fourth quarter 2010.  The improvement in net interest margin from the linked quarter was largely due to lower cost of funds and the recognition of deferred loan fees from higher loan prepayments from residential mortgage refinancings.

Provision for loan losses (pretax) was $4.1 million in the fourth quarter 2011 compared to $8.6 million in the fourth quarter 2010 and $3.8 million in the linked quarter.  The $4.5 million decline compared to fourth quarter 2010 was primarily due to the lower level of commercial loan defaults in 2011 and a one-time adjustment for land loans that occurred in the fourth quarter 2010.  The fourth quarter 2011 net charge-off ratio was 0.48%, improved from 0.54% reported in the linked quarter and from 0.72% in the fourth quarter last year.

Noninterest expense (pretax) for the fourth quarter 2011 was $36.6 million, up from $35.6 million in the linked quarter and $35.0 million in the fourth quarter 2010.

The bank remains well-capitalized with a Tier 1 leverage ratio of 9.0% and total risk-based capital ratio of 12.9% as of the end of the fourth quarter 2011.

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 6

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $21.6 million in 2011 compared to $21.5 million in 2010, and $6.9 million in the fourth quarter 2011 compared to $7.5 million in the fourth quarter 2010.  In the fourth quarter of 2011, HEI funded $3 million to the HEI Charitable Foundation in support of our ongoing commitment to the local communities in which we live, work and serve.

BOARD DECLARES QUARTERLY DIVIDEND; SETS ANNUAL MEETING

On February 7, 2012, the board of directors of HEI maintained the regular quarterly cash dividend of 31 cents per share, payable on March 13, 2012, to shareholders of record at the close of business on February 21, 2012 (ex-dividend date is February 16, 2012).  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 February 7, 2012 of $26.32, HEI’s yield is 4.7%.

In addition, HEI’s 29th annual meeting of shareholders has been scheduled for Wednesday, May 9, 2012, at 9:30 a.m., in Room 805, American Savings Bank Tower 8th Floor, 1001 Bishop Street, Honolulu, Hawaii.  Shareholders of record at the close of business on March 1, 2012, will be entitled to vote.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review 2011 earnings on Thursday, February 9, 2012, 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 (800) 299-7089, passcode:  71303637 for the teleconference call.  The presentation for the webcast will be on HEI’s website under the headings “Investor Relations”, “News & Events” and “Presentations & 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

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 7

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 February 23, 2012, by dialing (888) 286-8010, passcode: 34794298.

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.

Hawaiian Electric Industries, Inc. News Release

February 8, 2012

Page 8

Forward-looking statements in this release should be read in conjunction with the “Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and 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.

###

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million.

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, 2010 and 2011 (when filed) 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, as updated by SEC Forms 8-K.

9

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, 2010 and 2011 (when filed) 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, as updated by SEC Forms 8-K.

10

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, 2010 and 2011 (when filed) 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, as updated by SEC Forms 8-K.

11

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million.

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, 2010 and 2011 (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, 2011, June 30, 2011 and September 30, 2011, as updated by SEC Forms 8-K.

12

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, 2010 and 2011 (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, 2011, June 30, 2011 and September 30, 2011, as updated by SEC Forms 8-K.

13

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, 2010 and 2011 (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, 2011, June 30, 2011 and September 30, 2011, as updated by SEC Forms 8-K.

14

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)