HEI Exhibit 99

May 3, 2007

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

HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS FIRST QUARTER 2007 EARNINGS

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) today reported consolidated net income for the first quarter of 2007 of $6.8 million, or $0.08 per share, compared with $32.3 million, or $0.40 per share for the first quarter of 2006.

“Several challenges we experienced in 2006 persisted in the first quarter of 2007. Our utility continued to incur increased other operation and maintenance (O&M) expenses, while at the bank, the inverted to flat yield curve continued to pressure net interest margin and noninterest expenses remained high,” said Constance H. Lau, HEI president and chief executive officer. “Another significant reason for the decline in earnings was a $6.9 million write-off, net of taxes, of a portion of the costs associated with the Keahole plant expansion project on the island of Hawaii. The write-off was made in connection with a settlement agreement with the State of Hawaii Office of Consumer Advocacy for Hawaii Electric Light Company’s pending rate case,” said Lau. “Quarter-over-quarter results for the holding and other companies were relatively flat.”

UTILITY RESULTS

Electric utility net income for the first quarter of 2007 was $0.5 million compared with $21.0 million for the same quarter in 2006. “Higher quarter-over-quarter O&M expenses and the

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May 3, 2007

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write-off of Keahole expansion project costs more than offset the impacts of slightly higher quarter-over-quarter kilowatthour sales,” said Lau.

Kilowatthour sales were up 0.6% from the same quarter of 2006 primarily due to new load growth, largely resulting from new construction and an increase in the number of customers.

O&M expenses for the quarter were higher than in the first quarter of 2006 by $15.5 million due primarily to $7.2 million of costs related to the increased number and scope of generating unit overhauls, $1.2 million of higher substation maintenance, $1.0 million of increased retirement benefits expenses, and $0.8 million of higher vegetation management expenses. The remaining increase in O&M expenses of $5.3 million includes increased costs to ensure reliable operations, support customer services and execute energy efficiency programs.

Depreciation expense was higher by $1.7 million due to 2006 additions to plant in service, including Hawaiian Electric Company’s new dispatch center, the Ford Island substation, and Maui Electric Company’s 18-megawatt steam turbine, which completed the installation of a high efficiency dual-train combined cycle unit at its Maalaea power plant.

Recovery of increased O&M expenses and capital expenditures are primary reasons all three utilities—Hawaiian Electric Company, Hawaii Electric Light Company, and Maui Electric Company—have filed rate cases with the Hawaii Public Utilities Commission.

BANK RESULTS

Bank net income was $11.6 million in the first quarter of 2007 compared to $16.8 million for the same quarter last year, a decrease of $5.2 million.

“The combination of higher short-term and falling longer-term interest rates have made the interest rate environment significantly more challenging than it was during the first quarter of

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May 3, 2007

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last year,” said Lau. “This impacted comparative quarter-over-quarter bank results. Additionally, noninterest expenses were higher. On the positive side, credit quality remained strong,” Lau added.

Net interest income in the first quarter of 2007 was $49.3 million compared to $52.7 million in the first quarter of 2006. Increased interest income, primarily due to higher rates and balances on loans, was more than offset by increased funding costs due to higher rates on deposits and borrowings. Net interest margin was 3.07% in the first quarter of 2007, compared with 3.29% in the first quarter of 2006 and 3.05% in the fourth quarter of 2006.

Continued strong asset quality offset the need to provision for loan growth in the first quarter of 2007.

Noninterest income increased $1.2 million compared to the first quarter of 2006, due primarily to higher fee income on deposit liabilities.

Noninterest expenses for the quarter ended March 31, 2007 were $6.5 million higher than the same period in 2006, primarily due to higher legal and litigation related expenses, as well as higher compensation, occupancy and other expenses.

HOLDING AND OTHER COMPANIES’ RESULTS

The holding and other companies’ net losses were $5.3 million in the first quarter of 2007 versus net losses of $5.5 million in 2006. The quarter-over-quarter improvement was primarily due to a $0.9 million after-tax gain on the sale of the company’s remaining investment in Hoku Scientific, Inc. in the first quarter of 2007 compared with a net after-tax investment loss on the Hoku Scientific investment of $0.4 million in the first quarter of 2006, partially offset by a quarter-over-quarter increase in general and administrative and interest costs.

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May 3, 2007

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WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its first quarter 2007 earnings on Friday, May 4, 2007, at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The event can be assessed through HEI’s website at http://www.hei.com or by dialing (800) 260-8140, passcode: 81515262 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 May 18, 2007, by dialing (888) 286-8010, passcode: 76793883.

Representing management will be Constance H. Lau, president and chief executive officer, Hawaiian Electric Industries, Inc., chairman, Hawaiian Electric Company, Inc. and chairman, president and chief executive officer, American Savings Bank, F.S.B.; T. Michael May, president and chief executive officer, Hawaiian Electric Company, Inc.; and Eric K. Yeaman, financial vice president, treasurer and chief financial officer, Hawaiian Electric Industries, Inc.

HEI supplies power to over 400,000 customers or 95% of Hawaii’s population through its electric utilities, Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, the state’s third largest financial institution based on asset size.

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May 3, 2007

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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 page v of HEI’s Annual Report on Form 10-K for the year ended December 31, 2006, 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)

	Three months ended March 31,						Twelve months ended March 31,
(in thousands, except per share amounts)	2007			2006			2007			2006
Revenues
Electric utility	$	447,678		$	475,056		$	2,027,512		$	1,906,665
Bank		104,460			100,004			412,821			390,690
Other		1,885			(98	)		(368	)		20,543
		554,023			574,962			2,439,965			2,317,898
Expenses
Electric utility		434,686			429,476			1,893,382			1,730,988
Bank		86,032			72,989			332,850			287,727
Other		4,764			3,346			14,947			15,281
		525,482			505,811			2,241,179			2,033,996
Operating income (loss)
Electric utility		12,992			45,580			134,130			175,677
Bank		18,428			27,015			79,971			102,963
Other		(2,879	)		(3,444	)		(15,315	)		5,262
		28,541			69,151			198,786			283,902
Interest expense–other than on deposit liabilities and other bank borrowings		(20,511	)		(19,117	)		(77,072	)		(75,591	)
Allowance for borrowed funds used during construction		598			702			2,775			2,295
Preferred stock dividends of subsidiaries		(473	)		(473	)		(1,890	)		(1,891	)
Allowance for equity funds used during construction		1,232			1,548			6,032			5,566
Income from continuing operations before income taxes		9,387			51,811			128,631			214,281
Income taxes		2,623			19,474			46,203			78,595
Income from continuing operations		6,764			32,337			82,428			135,686
Discontinued operations - loss on disposal, net of income taxes		—			—			—			(755	)
Net income	$	6,764		$	32,337		$	82,428		$	134,931
Per common share
Basic earnings (loss) - Continuing operations	$	0.08		$	0.40		$	1.01		$	1.68
- Discontinued operations		—			—			—			(0.01	)
	$	0.08		$	0.40		$	1.01		$	1.67
Diluted earnings (loss) - Continuing operations	$	0.08		$	0.40		$	1.01		$	1.67
- Discontinued operations		—			—			—			(0.01	)
	$	0.08		$	0.40		$	1.01		$	1.66
Dividends	$	0.31		$	0.31		$	1.24		$	1.24
Weighted-average number of common shares outstanding		81,448			80,981			81,260			80,906
Adjusted weighted-average shares		81,713			81,363			81,435			81,237
Income (loss) from continuing operations by segment
Electric utility	$	453		$	20,988		$	54,412		$	81,405
Bank		11,596			16,827			50,551			63,949
Other		(5,285	)		(5,478	)		(22,535	)		(9,668	)
Income from continuing operations	$	6,764		$	32,337		$	82,428		$	135,686

This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2006 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, 2007 (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)

Three months ended March 31,	2007			2006
(in thousands)
Operating revenues	$	446,797		$	473,971
Operating expenses
Fuel oil		159,929			175,338
Purchased power		111,516			117,720
Other operation		47,193			42,019
Maintenance		27,336			17,052
Depreciation		34,267			32,533
Taxes, other than income taxes		42,547			44,523
Income taxes		4,506			13,224
		427,294			442,409
Operating income		19,503			31,562
Other income
Allowance for equity funds used during construction		1,232			1,548
Other, net		(6,198	)		909
		(4,966	)		2,457
Income before interest and other charges		14,537			34,019
Interest and other charges
Interest on long-term debt		11,496			10,778
Amortization of net bond premium and expense		546			543
Other interest charges		2,141			1,913
Allowance for borrowed funds used during construction		(598	)		(702	)
Preferred stock dividends of subsidiaries		229			229
		13,814			12,761
Income before preferred stock dividends of HECO		723			21,258
Preferred stock dividends of HECO		270			270
Net income for common stock	$	453		$	20,988
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)		2,404			2,390
Cooling degree days (Oahu)		845			771
Average fuel oil cost per barrel	$	58.19		$	63.59

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, 2006 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, 2007 (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

(Unaudited)

Three months ended March 31,	2007		2006
(in thousands)
Interest and dividend income
Interest and fees on loans	$	60,281	$	55,153
Interest and dividends on investment and mortgage-related securities		28,165		30,077
		88,446		85,230
Interest expense
Interest on deposit liabilities		20,738		15,393
Interest on other borrowings		18,406		17,162
		39,144		32,555
Net interest income		49,302		52,675
Provision for loan losses		—		—
Net interest income after provision for loan losses		49,302		52,675
Noninterest income
Fees from other financial services		6,501		6,440
Fee income on deposit liabilities		6,055		4,189
Fee income on other financial products		2,012		2,437
Other income		1,446		1,708
		16,014		14,774
Noninterest expense
Compensation and employee benefits		18,396		17,837
Occupancy		4,948		4,463
Equipment		3,478		3,496
Services		8,358		3,717
Data processing		2,557		2,460
Other expense		9,180		8,461
		46,917		40,434
Income before income taxes		18,399		27,015
Income taxes		6,803		10,188
Net income for common stock	$	11,596	$	16,827
Net interest margin (%)		3.07		3.29

This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2006 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, 2007 (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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