HEI Exhibit 99.1

August 6, 2009

Contact:	Suzy P. Hollinger	(808) 543-7385 Telephone
	Manager, Treasury and Investor Relations	(808) 203-1155 Facsimile
		E-mail: shollinger@hei.com

HEI’S SECOND QUARTER EARNINGS IMPACTED BY WEAK ECONOMIC CONDITIONS; CORE OPERATING IMPROVEMENTS EXPECTED TO HELP FUTURE EARNINGS

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE—HE) today reported consolidated net income for common stock for the second quarter of 2009 of $15.5 million, or $0.17 per share, compared to $5.1 million, or $0.06 per share for the second quarter of 2008 which included after-tax charges of $35.6 million ($0.42 share) related to the successful strategic restructuring of the bank’s balance sheet in June 2008. Excluding those charges, second quarter 2008 net income for common stock was $40.7 million, or $0.48 per share.

“The performance of our companies continues to be impacted by difficult economic conditions and delayed regulatory action. We continue to work hard to position our company to weather this economic storm and emerge with stronger, improved performance. Our utility is making investments in critical reliability projects and has sought timely cost recovery and return on those investments. As a result of these efforts, the utility received partial interim rate relief on August 3 from the Public Utilities Commission for our Oahu operations. Further rate relief, regulatory reforms and inclusion of major capital additions into rates are possible near year-end and are necessary for the utility to achieve industry-typical returns. At the bank, net interest margin expanded again in the second quarter to 4.16%. In addition, bank management continues to reduce the bank’s cost structure to help offset rising credit costs, with plans now to lower its current run rate for noninterest expense¹ by an additional $10-15 million annually by the end of 2010,” said Constance H.

¹ The current noninterest expense run rate is based upon annualized second quarter of 2009 adjusted noninterest expense. Refer to the accompanying schedules on page 17 of this release for reconciliation of noninterest expense based on U.S. generally accepted accounting principles to adjusted noninterest expense.

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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Lau, HEI president and chief executive officer. “Although we had previously expected higher earnings at the utility in the second half of this year, the delay in recovery of CT-1 and deferral of regulatory reforms have pushed out the timing of expected improvement in utility earnings. The partial interim rate relief combined with expense controls should keep utility earnings for the second half consistent with the first half of 2009. Strong bank revenue and further reductions in bank noninterest expenses are expected to continue to help offset elevated credit costs in the second half of the year,” added Lau.

UTILITY RESULTS

Electric utility net income for common stock for the second quarter of 2009 was $15.5 million compared with $27.4 million in the second quarter of 2008. Lower net income was primarily due to lower electric sales and higher operations and maintenance (O&M) expenses.

Kilowatthour sales were down 3.1% compared with the same quarter of 2008, impacting utility net income by an estimated $3.4 million. “As expected, the soft economy and continuing positive efforts by Hawaii residents and businesses to conserve energy lowered sales in the quarter compared with the second quarter of 2008,” said Lau.

O&M expenses were up $9.2 million or 11% quarter-over-quarter as a result of higher production overhaul costs, moderate increases in bad debt expense, planned higher transmission and distribution maintenance required to support aging facilities, and new renewable energy initiatives in support of the Hawaii Clean Energy Initiative. The O&M increases were partially offset by cost reduction measures implemented during the year, including a general freeze on executive salary levels and an ongoing program to achieve cost savings in contracted services. Delays in some renewable energy initiatives and other targeted reductions in O&M expenses are being implemented in response to delays in regulatory recovery. O&M expenses for the year are expected to be approximately 10% higher than 2008, somewhat lower than previously expected, but in line with the partial interim rate relief recently received.

On July 2, 2009, the Public Utilities Commission of the State of Hawaii (PUC) issued an interim decision and order in HECO’s 2009 test year rate case proceeding, and on August 3, 2009, the PUC allowed HECO to implement an interim increase in annual

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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revenues of $61.1 million, or a 4.7% increase. The PUC has scheduled an evidentiary hearing commencing October 26, 2009 to consider the remaining approximately $19 million of interim rate relief that HECO continues to seek in its 2009 test year rate case, as well as the items that were not settled as part of the stipulation agreement with the parties to the case. The additional interim rate relief includes recovery for a new generating unit which has completed all utility requirements for system operations.

BANK RESULTS

Bank net income for the second quarter of 2009 was $4.0 million, compared to a net loss of $18.1 million for the same quarter last year. Second quarter 2008 net losses included after-tax charges of $35.6 million related to the bank’s balance sheet restructuring, which returned $55 million of capital to HEI. Excluding last year’s restructuring charges, bank second quarter 2008 net income was $17.5 million. Provision for loan losses remained elevated, negatively impacting second quarter results, partially offset by continued strong profitability of the bank’s core business and its continued focus on performance improvement to lower noninterest expenses.

“We continue to be pleased with the bank’s performance during this economic downturn and tough part of the credit cycle. While the provision for loan losses has increased, the bank’s performance improvement initiative is progressing well, helping offset the increased provision in the near-term and improve the bank’s long-term fundamental earnings power once we are through this credit cycle. In addition, the bank continues to be well capitalized with a strong Tier-1 core leverage ratio of 8.7% at the end of the quarter,” said Lau.

Net interest income in the second quarter of 2009 was $50.4 million compared to $52.6 million in the second quarter of 2008, but on a much smaller average balance sheet than a year ago from the bank balance sheet restructuring. Lower average earning asset balances of $4.9 billion compared to $6.3 billion in the second quarter of 2008 and lower yields on loans and mortgage-related securities were offset in large part by lower funding costs. Net interest margin grew to 4.16% in the second quarter of 2009, compared with 4.11% in the first quarter of 2009 and 3.36% in the second quarter of 2008. The 80 basis point expansion from the second quarter of 2008 was primarily a result of the balance sheet restructuring.

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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The bank recorded a $13.5 million provision for loan losses for the second quarter of 2009 compared with $8.3 million in the first quarter of 2009 and $1.2 million in the second quarter of 2008. The provision in the second quarter of 2009 reflected additional provision for a single commercial credit the bank began providing for in the first quarter, an increase in nonperforming residential lot loans and higher residential mortgage and consumer loan delinquencies.

Noninterest income for the second quarter of 2009 was $13.0 million, which included $5.6 million for the other-than-temporary-impairment of certain private-issue mortgage-related securities, compared with $1.5 million for the second quarter of 2008, which included $19.3 million of losses on sales of securities related to the balance sheet restructuring. The quarter-over-quarter increase in noninterest income was 781% on the basis of U.S. generally-accepted accounting principles (GAAP). On an adjusted basis, noninterest income grew 20% quarter over quarter Refer to the accompanying schedules on page 17 of this release for a reconciliation of noninterest income and expense based on U.S. generally accepted accounting principles to adjusted noninterest income and expense².

Noninterest expense for the second quarter of 2009 was $44.4 million, compared with $83.9 million for the same period in 2008, which included $39.8 million of costs related to the early extinguishment of other borrowings to execute the balance sheet restructuring. The quarter-over-quarter decrease in noninterest expense was 47% on a GAAP basis. On an adjusted basis, noninterest expense was lower by 7% quarter over quarter².

HOLDING AND OTHER COMPANIES’ RESULTS

The holding and other companies’ net losses were $4.0 million in the second quarter of 2009 compared with $4.2 million in the second quarter of 2008, reflecting lower borrowing costs and general and administrative expenses.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its second quarter 2009 earnings on Friday, August 7, 2009, at 8:00 a.m. Hawaii time (2:00 p.m. Eastern time). The event can be accessed through HEI’s website at

² Refer to the accompanying schedules on page 17 of this release for a reconciliation of noninterest income and expense based on U.S. generally accepted accounting principles to adjusted noninterest income and expense.

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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http://www.hei.com or by dialing (800) 299-0148, passcode: 98667926 for the teleconference call.

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 21, 2009, by dialing (888) 286-8010, passcode: 77389401.

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.

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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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 a better indicator of the bank’s ongoing core operating activities. Management utilizes non-GAAP financial measures of noninterest income and expense in the calculation of certain of the bank’s ratios, such as (i) efficiency, (ii) pretax, preprovision income, and (iii) return on average assets to analyze on a consistent basis and over a longer period of time the performance of the bank’s core operating activities. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of others in the financial services industry.

Certain reconciling items—including balance sheet restructuring charges, professional services, real estate lease breakage, severance, FISERV conversion costs, technology write-offs, and prepayment penalties on early extinguishment of debt—are being incurred pursuant to the bank management’s performance improvement initiative which was announced in June 2008 and is expected to conclude by the end of 2010. These costs are being incurred with the objective of increasing the bank’s operating efficiency and profitability. Accordingly, bank management believes that these costs will remain temporarily elevated while the performance improvement project is being executed and will be reduced or eliminated once the project has ended. See schedule on page 17 of this release for a tabular reconciliation between the bank’s GAAP and non-GAAP measures.

Reported noninterest income is being adjusted by an insurance recovery and a gain on sale of securities. Bank management believes that it would not be appropriate to assume that the bank would realize material insurance recoveries and gains on a quarterly basis.

Likewise, bank management also adds back to noninterest income charges related to the other-than-temporary impairment (OTTI) of mortgage-related securities because of the material nature of the charge and the unpredictability of when those charges might occur in the future. The bank incurred material OTTI in the fourth quarter of 2008 and the second of 2009, impacting the comparability of noninterest income for those quarters with the linked quarters

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August 6, 2009

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and the same quarters of the previous year. Management believes that adjusting noninterest income to exclude the effects of OTTI helps the comparability of noninterest income quarter to quarter and quarter over quarter.

Lastly, management adjusts noninterest expense to exclude a special assessment levied by the Federal Deposit Insurance Corporation (FDIC) pursuant to the FDIC’s plan to recapitalize the deposit insurance fund. While the FDIC may make future special assessments pursuant to this plan, bank management believes that it would not be appropriate to assume that the bank would incur these special assessments on a quarterly basis. Further, excluding the FDIC charge is consistent with the financial measures used by other banks and enhances the comparison of operating performance.

Limitations associated with utilizing non-GAAP measures are the risks of disagreement over the appropriateness of adjustments comprising these measures and 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.

Hawaiian Electric Industries, Inc. News Release

August 6, 2009

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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 and 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 March 31, 2009, 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.

###

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,						Six months ended June 30,						Twelve months ended June 30,
(in thousands, except per share amounts)	2009			2008			2009			2008			2009			2008
Revenues
Electric utility	$	450,417		$	688,121		$	912,214		$	1,312,010		$	2,460,554		$	2,477,934
Bank		75,499			85,950			157,531			191,794			324,290			405,303
Other		(15	)		(16	)		(47	)		(132	)		102			2,067
		525,901			774,055			1,069,698			1,503,672			2,784,946			2,885,304
Expenses
Electric utility		418,254			632,725			848,982			1,205,631			2,312,342			2,282,751
Bank		69,993			116,942			134,904			199,423			267,082			367,044
Other		2,599			2,786			6,099			6,270			14,000			13,279
		490,846			752,453			989,985			1,411,324			2,593,424			2,663,074
Operating income (loss)
Electric utility		32,163			55,396			63,232			106,379			148,212			195,183
Bank		5,506			(30,992	)		22,627			(7,629	)		57,208			38,259
Other		(2,614	)		(2,802	)		(6,146	)		(6,402	)		(13,898	)		(11,212	)
		35,055			21,602			79,713			92,348			191,522			222,230
Interest expense–other than on deposit liabilities and other bank borrowings		(17,910	)		(18,186	)		(35,743	)		(37,435	)		(74,450	)		(76,198	)
Allowance for borrowed funds used during construction		1,727			835			3,349			1,597			5,493			2,965
Allowance for equity funds used during construction		4,120			2,105			7,725			4,006			13,109			6,791
Income before income taxes		22,992			6,356			55,044			60,516			135,674			155,788
Income taxes		7,040			747			18,224			20,467			46,735			54,329
Net income		15,952			5,609			36,820			40,049			88,939			101,459
Less net income attributable to noncontrolling interest-preferred stock of subsidiaries		473			473			946			946			1,890			1,890
Net income for common stock	$	15,479		$	5,136		$	35,874		$	39,103		$	87,049		$	99,569
Basic earnings per common share	$	0.17		$	0.06		$	0.39		$	0.47		$	0.99		$	1.20
Diluted earnings per common share	$	0.17		$	0.06		$	0.39		$	0.47		$	0.99		$	1.20
Dividends per common share	$	0.31		$	0.31		$	0.62		$	0.62		$	1.24		$	1.24
Weighted-average number of common shares outstanding		91,384			84,052			90,996			83,762			88,220			83,249
Adjusted weighted-average shares		91,494			84,155			91,088			83,822			88,330			83,283
Income (loss) by segment
Electric utility	$	15,495		$	27,432		$	29,627		$	52,017		$	69,585		$	93,070
Bank		4,021			(18,093	)		14,903			(3,517	)		36,247			25,412
Other		(4,037	)		(4,203	)		(8,656	)		(9,397	)		(18,783	)		(18,913	)
Net income for common	$	15,479		$	5,136		$	35,874		$	39,103		$	87,049		$	99,569

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HEI’s Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (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 Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(dollars in thousands)	June 30, 2009			December 31, 2008
Assets
Cash and equivalents	$	265,143		$	182,903
Federal funds sold		788			532
Accounts receivable and unbilled revenues, net		212,358			300,666
Available-for-sale investment and mortgage-related securities		621,740			657,717
Investment in stock of Federal Home Loan Bank of Seattle		97,764			97,764
Loans receivable, net		3,852,605			4,206,492
Property, plant and equipment, net of accumulated depreciation of $1,908,140 and $1,851,813		3,026,621			2,907,376
Regulatory assets		531,708			530,619
Other		317,747			328,823
Goodwill, net		82,190			82,190
	$	9,008,664		$	9,295,082
Liabilities and stockholders’ equity
Liabilities
Accounts payable	$	162,836		$	183,584
Deposit liabilities		4,168,708			4,180,175
Short-term borrowings—other than bank		55,000			—
Other bank borrowings		388,858			680,973
Long-term debt, net—other than bank		1,214,733			1,211,501
Deferred income taxes		159,069			143,308
Regulatory liabilities		300,450			288,602
Contributions in aid of construction		314,369			311,716
Other		808,602			871,476
		7,572,625			7,871,335
Stockholders’ equity
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 91,561,514 shares and 90,515,573 shares		1,246,828			1,231,629
Retained earnings		194,018			210,840
Accumulated other comprehensive loss, net of tax benefits		(39,100	)		(53,015	)
Common stock equity		1,401,746			1,389,454
Preferred stock, no par value, authorized 10,000,000 shares; issued: none		—			—
Noncontrolling interest: cumulative preferred stock of subsidiaries— not subject to mandatory redemption		34,293			34,293
		1,436,039			1,423,747
	$	9,008,664		$	9,295,082

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HEI’s Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (when filed).

10

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

Six months ended June 30	2009			2008
(in thousands)
Cash flows from operating activities
Net income	$	36,820		$	40,049
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment		76,999			75,733
Other amortization		2,484			4,203
Provision for loan losses		21,800			2,055
Loans receivable originated and purchased, held for sale		(291,500	)		(114,591	)
Proceeds from sale of loans receivable, held for sale		322,692			124,526
Net loss (gain) on sale of investment and mortgage-related securities		(44	)		17,388
Other-than-temporary impairment of available-for-sale mortgage-related securities		5,581			—
Changes in deferred income taxes		3,973			(585	)
Changes in excess tax benefits from share-based payment arrangements		318			(613	)
Allowance for equity funds used during construction		(7,725	)		(4,006	)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net		88,308			(28,564	)
Decrease (increase) in fuel oil stock		22,383			(69,254	)
Increase (decrease) in accounts payable		(20,748	)		45,874
Changes in prepaid and accrued income taxes and utility revenue taxes		(56,397	)		(68,490	)
Changes in other assets and liabilities		(24,633	)		(6,327	)
Net cash provided by operating activities		180,311			17,398
Cash flows from investing activities
Available-for-sale investment and mortgage-related securities purchased		(190,095	)		(376,809	)
Principal repayments on available-for-sale investment and mortgage-related securities		248,109			329,669
Proceeds from sale of available-for-sale investment and mortgage-related securities		44			1,291,609
Net decrease (increase) in loans held for investment		305,381			(29,359	)
Capital expenditures		(175,092	)		(101,976	)
Contributions in aid of construction		4,917			7,263
Other		86			750
Net cash provided by investing activities		193,350			1,121,147
Cash flows from financing activities
Net decrease in deposit liabilities		(11,467	)		(76,790	)
Net increase in short-term borrowings with original maturities of three months or less		55,000			130,172
Net decrease in retail repurchase agreements		(24,592	)		(20,380	)
Proceeds from other bank borrowings		310,000			508,584
Repayments of other bank borrowings		(577,517	)		(1,662,119	)
Proceeds from issuance of long-term debt		3,168			14,802
Repayment of long-term debt		—			(50,000	)
Changes in excess tax benefits from share-based payment arrangements		(318	)		613
Net proceeds from issuance of common stock		8,786			15,473
Common stock dividends		(51,127	)		(41,497	)
Preferred stock dividends of noncontrolling interest		(946	)		(946	)
Decrease in cash overdraft		(962	)		(8,582	)
Other		(1,190	)		477
Net cash used in financing activities		(291,165	)		(1,190,193	)
Net increase (decrease) in cash and equivalents and federal funds sold		82,496			(51,648	)
Cash and equivalents and federal funds sold, beginning of period		183,435			209,855
Cash and equivalents and federal funds sold, end of period	$	265,931		$	158,207

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HEI’s Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (when filed).

11

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
(dollars in thousands, except per barrel amounts)	2009			2008			2009			2008
Operating revenues	$	447,836		$	686,647		$	907,121		$	1,309,141
Operating expenses
Fuel oil		131,885			273,755			277,174			523,298
Purchased power		115,189			177,226			229,673			328,021
Other operation		63,181			59,422			125,578			115,001
Maintenance		29,431			23,990			55,594			47,603
Depreciation		36,425			35,401			72,849			70,835
Taxes, other than income taxes		41,975			62,371			87,710			119,857
Income taxes		8,727			17,094			17,271			32,472
		426,813			649,259			865,849			1,237,087
Operating income		21,023			37,388			41,272			72,054
Other income
Allowance for equity funds used during construction		4,120			2,105			7,725			4,006
Other, net		2,468			1,111			4,836			2,207
		6,588			3,216			12,561			6,213
Income before interest and other charges		27,611			40,604			53,833			78,267
Interest and other charges
Interest on long-term debt		11,945			11,810			23,857			23,534
Amortization of net bond premium and expense		682			639			1,357			1,270
Other interest charges		717			1,059			1,343			2,045
Allowance for borrowed funds used during construction		(1,727	)		(835	)		(3,349	)		(1,597	)
		11,617			12,673			23,208			25,252
Income before preferred stock dividends of HECO and subsidiaries		15,994			27,931			30,625			53,015
Less net income attributable to noncontrolling interest-preferred stock of subsidiaries		229			229			458			458
Income before preferred stock dividends of HECO		15,765			27,702			30,167			52,557
Preferred stock dividends of HECO		270			270			540			540
Net income for common stock	$	15,495		$	27,432		$	29,627		$	52,017
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)		2,400			2,476			4,631			4,885
Wet-bulb temperature (Oahu average; degrees Fahrenheit)		68.9			68.6			67.0			67.6
Cooling degree days (Oahu)		1,244			1,295			2,003			2,249
Average fuel oil cost per barrel	$	50.69		$	104.78		$	55.19		$	99.29

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HECO Exhibit 99.2 to HECO's Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (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.

12

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except par value)	June 30, 2009			December 31, 2008
Assets
Utility plant, at cost
Land	$	51,408		$	42,541
Plant and equipment		4,419,824			4,277,499
Less accumulated depreciation		(1,796,263	)		(1,741,453	)
Construction in progress		293,812			266,628
Net utility plant		2,968,781			2,845,215
Current assets
Cash and equivalents		3,676			6,901
Customer accounts receivable, net		108,242			166,422
Accrued unbilled revenues, net		78,505			106,544
Other accounts receivable, net		7,716			7,918
Fuel oil stock, at average cost		55,332			77,715
Materials and supplies, at average cost		35,072			34,532
Prepayments and other		14,657			12,626
Total current assets		303,200			412,658
Other long-term assets
Regulatory assets		531,708			530,619
Unamortized debt expense		13,880			14,503
Other		59,413			53,114
Total other long-term assets		605,001			598,236
	$	3,876,982		$	3,856,109
Capitalization and liabilities
Capitalization
Common stock, $6 2/3 par value, authorized 50,000 shares; outstanding 12,806 shares	$	85,387		$	85,387
Premium on capital stock		299,210			299,214
Retained earnings		811,082			802,590
Accumulated other comprehensive income, net of income taxes		1,768			1,651
Common stock equity		1,197,447			1,188,842
Cumulative preferred stock – not subject to mandatory redemption		22,293			22,293
Noncontrolling interest – cumulative preferred stock of subsidiaries – not subject to mandatory redemption		12,000			12,000
Stockholders’ equity		1,231,740			1,223,135
Long-term debt, net		907,733			904,501
Total capitalization		2,139,473			2,127,636
Current liabilities
Short-term borrowings–nonaffiliates		55,000			—
Short-term borrowings–affiliate		45,604			41,550
Accounts payable		110,113			122,994
Interest and preferred dividends payable		16,158			15,397
Taxes accrued		158,565			220,046
Other		56,050			55,268
Total current liabilities		441,490			455,255
Deferred credits and other liabilities
Deferred income taxes		173,251			166,310
Regulatory liabilities		300,450			288,602
Unamortized tax credits		56,973			58,796
Retirement benefits liability		395,204			392,845
Other		55,772			54,949
Total deferred credits and other liabilities		981,650			961,502
Contributions in aid of construction		314,369			311,716
	$	3,876,982		$	3,856,109

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HECO Exhibit 99.2 to HECO's Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (when filed).

13

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

Six months ended June 30	2009			2008
(in thousands)
Cash flows from operating activities
Income before preferred stock dividends of HECO and subsidiaries	$	30,625		$	53,015
Adjustments to reconcile income before preferred stock dividends of HECO and subsidiaries to net cash provided by operating activities
Depreciation of property, plant and equipment		72,849			70,835
Other amortization		5,502			4,303
Changes in deferred income taxes		7,264			(3,598	)
Changes in tax credits, net		(1,321	)		888
Allowance for equity funds used during construction		(7,725	)		(4,006	)
Changes in assets and liabilities
Decrease (increase) in accounts receivable		58,382			(26,612	)
Decrease (increase) in accrued unbilled revenues		28,039			(8,709	)
Decrease (increase) in fuel oil stock		22,383			(69,254	)
Increase in materials and supplies		(540	)		(2,704	)
Increase in regulatory assets		(10,564	)		(1,095	)
Increase (decrease) in accounts payable		(12,881	)		45,634
Changes in prepaid and accrued income and utility revenue taxes		(61,259	)		(43,085	)
Changes in other assets and liabilities		(3,542	)		2,211
Net cash provided by operating activities		127,212			17,823
Cash flows from investing activities
Capital expenditures		(174,473	)		(99,924	)
Contributions in aid of construction		4,917			7,263
Other		—			733
Net cash used in investing activities		(169,556	)		(91,928	)
Cash flows from financing activities
Common stock dividends		(21,135	)		(14,089	)
Preferred stock dividends		(998	)		(998	)
Proceeds from issuance of long-term debt		3,168			14,802
Net increase in short-term borrowings from
nonaffiliates and affiliate with original maturities of three months or less		59,054			88,636
Decrease in cash overdraft		(962	)		(8,582	)
Other		(8	)		—
Net cash provided by financing activities		39,119			79,769
Net increase (decrease) in cash and equivalents		(3,225	)		5,664
Cash and equivalents, beginning of period		6,901			4,678
Cash and equivalents, end of period	$	3,676		$	10,342

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HECO Exhibit 99.2 to HECO's Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (when filed).

14

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

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended								Six months ended June 30,
(dollars in thousands)	June 30, 2009			March 31, 2009		June 30, 2008			2009			2008
Interest and dividend income
Interest and fees on loans	$	55,363		$	58,092	$	61,747		$	113,455		$	125,212
Interest and dividends on investment and mortgage-related securities		7,143			7,676		22,729			14,819			47,180
		62,506			65,768		84,476			128,274			172,392
Interest expense
Interest on deposit liabilities		9,902			11,565		15,619			21,467			33,839
Interest on other borrowings		2,241			3,264		16,265			5,505			35,414
		12,143			14,829		31,884			26,972			69,253
Net interest income		50,363			50,939		52,592			101,302			103,139
Provision for loan losses		13,500			8,300		1,155			21,800			2,055
Net interest income after provision for loan losses		36,863			42,639		51,437			79,502			101,084
Noninterest income
Fees from other financial services		6,443			5,919		5,413			12,362			12,236
Fee income on deposit liabilities		7,462			6,711		6,767			14,173			13,561
Fee income on other financial products		1,628			1,044		1,639			2,672			3,443
Net gains (losses) on available-for-sale securities *		(5,537	)		—		(18,323	)		(5,537	)		(17,388	)
(includes impairment losses of $5,581, consisting of $18,522 of total other-than- temporary impairment losses, net of $12,941 of non-credit losses recognized in other comprehensive income, for the quarter and six months ended June 30, 2009)
Other income		2,997			2,590		5,978			5,587			7,550
		12,993			16,264		1,474			29,257			19,402
Noninterest expense
Compensation and employee benefits		17,991			19,360		19,039			37,351			37,279
Occupancy		5,922			5,129		5,390			11,051			10,787
Equipment		2,540			2,790		3,221			5,330			6,335
Services		3,801			3,418		4,170			7,219			9,843
Data processing		3,481			3,187		2,609			6,668			5,225
Loss on early extinguishment of debt *		60			41		39,843			101			39,843
Other expense		10,579			7,886		9,653			18,465			18,847
		44,374			41,811		83,925			86,185			128,159
Income (loss) before income taxes		5,482			17,092		(31,014	)		22,574			(7,673	)
Income taxes (benefit) *		1,461			6,210		(12,921	)		7,671			(4,156	)
Net income (loss)	$	4,021		$	10,882	$	(18,093	)	$	14,903		$	(3,517	)
OTHER BANK INFORMATION (%)
Return on average assets		0.31			0.82		(1.09	)		0.57			(0.10	)
Return on average equity		3.41			9.16		(12.32	)		6.30			(1.19	)
Net interest margin		4.16			4.11		3.36			4.13			3.25
Net charge-offs to average loans outstanding (annualized)		1.31			0.20		0.13			0.74			0.09
Efficiency ratio		70			62		155			66			105
As of period end
Nonperforming assets to loans outstanding and real estate owned **		1.55			1.37		0.21
Allowance for loan losses to loans outstanding		1.09			1.04		0.73
Tier-1 leverage ratio		8.7			9.0		9.0

* Net income included a $35.6 million after-tax charge related to ASB's balance sheet restructuring in June 2008. The $35.6 million is comprised of: (1) realized losses on the sale of mortgage-related securities and agency notes of $19.3 million included in "Noninterest income-Gain (loss) on sale of securities," (2) fees associated with the early retirement of other bank borrowings of $39.8 million included in "Noninterest expense-Loss on early extinguishment of debt" and (3) income tax benefits of $23.5 million included in "Income taxes."

** Regulatory basis

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HEI Exhibit 13 to HEI’s Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (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.

15

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

CONSOLIDATED BALANCE SHEETS DATA

(Unaudited)

](in thousands)	June 30, 2009			December 31, 2008
Assets
Cash and equivalents	$	254,170		$	168,766
Federal funds sold		788			532
Available-for-sale investment and mortgage-related securities		621,740			657,717
Investment in stock of Federal Home Loan Bank of Seattle		97,764			97,764
Loans receivable, net		3,852,605			4,206,492
Other		211,012			223,659
Goodwill, net		82,190			82,190
	$	5,120,269		$	5,437,120
Liabilities and stockholder’s equity
Deposit liabilities–noninterest-bearing	$	750,487		$	701,090
Deposit liabilities–interest-bearing		3,418,221			3,479,085
Other borrowings		388,858			680,973
Other		86,743			98,598
		4,644,309			4,959,746
Common stock		329,130			328,162
Retained earnings		181,135			197,235
Accumulated other comprehensive loss, net of tax benefits		(34,305	)		(48,023	)
		475,960			477,374
	$	5,120,269		$	5,437,120

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2008 (included in HEI Exhibit 13 to HEI’s Form 8-K dated June 9, 2009) 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, 2009 and June 30, 2009 (when filed).

16

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

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(Unaudited)

	Quarters ended June 30,
($ in thousands)	2009			2008
Noninterest income
Per income statement—GAAP	$	12,993		$	1,474
Balance sheet restructuring charges		—			19,289
Other-than-temporary impairments of mortgage-related securities		5,581			—
Insurance recovery		—			(4,284	)
Gain on sale of securities		—			(966	)
Adjusted noninterest income	$	18,574		$	15,513
Noninterest expense
Per income statement—GAAP	$	44,374		$	83,925
Balance sheet restructuring charges		—			(39,843	)
FDIC special assessment		(2,338	)		—
Professional services		(1,238	)		—
Real estate lease breakage		(1,180	)		—
Severance		(393	)		(397	)
FISERV conversion costs		(159	)		—
Technology write-off		(145	)		(1,921	)
Prepayment penalty on early extinguishment of debt		(60	)		—
Adjusted noninterest expense	$	38,861		$	41,764
Other bank information
Efficiency ratio
Reported		70	%		155	%
Adjusted		56	%		61	%
Pretax, preprovision income (loss)
Reported	$	18,982		$	(29,859	)
Adjusted		30,076			26,341
Return on assets
Reported		0.31	%		(1.09	)%
Adjusted		0.83	%		0.95	%

17