Hawaiian Electric Industries (HE) 10-Q 2006 Q3 Quarterly report

HEI Exhibit 99

November 1, 2006

Contact:	Suzy P. Hollinger	(808) 543-7385 Telephone
	Manager, Treasury & Investor Relations	(808) 543-7966 Facsimile
		E-mail: shollinger@hei.com

HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS THIRD QUARTER 2006 EARNINGS

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) today reported net income for the quarter ended September 30, 2006 of $32.3 million, or 40 cents per share, compared with $37.5 million, or 46 cents per share, in the same quarter of 2005. “Earnings were down quarter-over-quarter primarily due to $3.8 million of lower investment gains at the holding and other companies,” said Constance H. Lau, HEI’s president and chief executive officer. “At our operating companies, a $1.1 million increase in utility earnings was more than offset by $2.4 million lower bank earnings,” Lau added.

ELECTRIC UTILITY RESULTS

Electric utility net income for the third quarter of 2006 was $23.7 million compared with $22.6 million for the same quarter of 2005. “Quarter-over-quarter, higher operation and maintenance expenses and depreciation substantially offset increased revenues from interim rate relief granted to our Oahu utility in September 2005,” said Lau.

Hawaiian Electric Industries, Inc.

November 1, 2006

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Kilowatthour sales were basically flat quarter-over-quarter, up 0.2% in the third quarter compared with the same quarter last year. “While the number of customers continued to grow, usage was down due in large part to cooler, less humid weather and customer conservation,” said Lau.

Other operation and maintenance expenses for the quarter were higher by $7.2 million to keep the utility system working reliably. On Oahu and Maui, generation reserve margins during peak periods continued to be strained. As a result, existing units are running harder, resulting in more frequent and more extensive maintenance. The rising cost and increased scope of generating unit overhauls and higher substation maintenance accounted for $4.3 million of the third quarter increase in operation and maintenance expenses. In addition, $2.2 million of the increase is due to higher retirement benefits expenses. Depreciation expenses were also higher quarter-over-quarter by $1.9 million due to 2005 plant additions.

Lau added that, “our utility systems experienced island-wide outages on Oahu and Maui and extensive outages on the Big Island of Hawaii as a result of 6.7 and 6.0 magnitude earthquakes off the coast of the Big Island on Sunday morning, October 15, 2006. Power was restored methodically and incrementally on each of the islands and almost all of the utilities’ customers had their power restored within 18 hours of the outages. Fortunately, based on preliminary assessments, major damage to our systems was avoided. However, comprehensive assessments are on-going, the results of which may increase other operation and maintenance expenses in the future.”

Hawaiian Electric Industries, Inc.

November 1, 2006

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BANK RESULTS

Bank net income in the third quarter of 2006 was $13.5 million compared to $15.9 million in the third quarter of 2005. “As expected, the bank’s cost of funds increased in the quarter due to a planned increase in deposit rates designed to retain deposit balances. The bank also began executing other tactics to strengthen its deposit franchise in the face of margin compression, including offering a comprehensive identity theft recovery program free of charge to all consumer checking customers and introducing a combined rewards program in which both individual and business customers can pool their rewards points for both their credit card and check (debit) card purchases—a first in the Hawaii market,” said Lau.

Bank net interest income decreased to $49.2 million in the third quarter of 2006, compared with $52.9 million in the third quarter of 2005. “Higher interest expense resulting from the tactical repricing of selected deposit products and the continued shift in mix from lower costing deposits to higher rate time deposits lowered net interest income in the quarter compared with the third quarter of 2005,” said Lau. The bank’s net interest margin was 3.10% in the third quarter of 2006, compared with 3.33% in the third quarter of 2005.

“Because of continued excellent asset quality, no provision for loan losses was necessary in the third quarter of 2006,” said Lau.

Noninterest income was higher quarter-over-quarter due largely to a gain on sale of securities of $1.7 million. There were no similar gains in the third quarter of 2005.

Hawaiian Electric Industries, Inc.

November 1, 2006

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Noninterest expense for the quarter ended September 30, 2006, increased by $3.3 million from the same period in 2005. This increase was due to higher litigation and other legal expenses, some of which may be recoverable through insurance in the future, increased marketing costs related to new deposit promotions and the bank’s new combined rewards program, and increased occupancy and equipment expenses.

HOLDING AND OTHER COMPANY RESULTS

The holding and other companies’ net loss was $4.8 million in the third quarter of 2006, compared with $1.0 million for the same quarter of 2005. The third quarter 2006 net loss includes realized and unrealized gains on investment securities, net of taxes, of $0.4 million compared with $4.2 million of unrealized gains on investment securities, net of taxes, in the third quarter of 2005.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter on Monday, November 6, 2006, at 8:00 AM HST (1:00 PM EST). The event can be accessed through HEI’s website at http://www.hei.com or by dialing (866) 202-4683, passcode: 55370334 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 November 20, 2006, by dialing (888) 286-8010, passcode 46922459.

Hawaiian Electric Industries, Inc.

November 1, 2006

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Representing management will beConstance 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.; andEric 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 the Hawaii 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 Hawaii consumers and businesses through American Savings Bank, the state’s third largest bank based on asset size.

Hawaiian Electric Industries, Inc.

November 1, 2006

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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 iv of HEI’s Form 10-Q for the quarter ended June 30, 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.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended September 30						Nine months ended September 30						Twelve months ended September 30
(in thousands, except per share amounts)	2006			2005			2006			2005			2006			2005
Revenues
Electric utility	$	569,838		$	491,339		$	1,548,861		$	1,295,844		$	2,059,401		$	1,719,220
Bank		103,338			97,431			305,898			286,601			407,207			381,349
Other		718			7,145			(934	)		8,360			11,976			8,626
		673,894			595,915			1,853,825			1,590,805			2,478,584			2,109,195
Expenses
Electric utility		521,187			443,806			1,414,784			1,174,058			1,885,407			1,566,298
Bank		82,760			71,493			232,146			209,508			305,647			274,932
Other		3,591			3,377			10,659			11,880			15,231			18,115
		607,538			518,676			1,657,589			1,395,446			2,206,285			1,859,345
Operating income (loss)
Electric utility		48,651			47,533			134,077			121,786			173,994			152,922
Bank		20,578			25,938			73,752			77,093			101,560			106,417
Other		(2,873	)		3,768			(11,593	)		(3,520	)		(3,255	)		(9,489	)
		66,356			77,239			196,236			195,359			272,299			249,850
Interest expense–other than bank		(18,275	)		(18,990	)		(56,526	)		(56,955	)		(74,880	)		(75,202	)
Allowance for borrowed funds used during construction		838			558			2,259			1,460			2,819			1,766
Preferred stock dividends of subsidiaries		(471	)		(471	)		(1,417	)		(1,421	)		(1,890	)		(1,897	)
Allowance for equity funds used during construction		1,838			1,406			4,974			3,675			6,404			4,413
Income from continuing operations before income taxes		50,286			59,742			145,526			142,118			204,752			178,930
Income taxes		17,963			22,252			53,642			52,198			75,344			64,200
Income from continuing operations		32,323			37,490			91,884			89,920			129,408			114,730
Discontinued operations–loss on disposal, net of income taxes		—			—			—			(755	)		—			(755	)
Net income	$	32,323		$	37,490		$	91,884		$	89,165		$	129,408		$	113,975
Per common share
Basic earnings (loss) - Continuing operations	$	0.40		$	0.46		$	1.13		$	1.11		$	1.60		$	1.42
- Discontinued operations		—			—			—			(0.01	)		—			(0.01	)
	$	0.40		$	0.46		$	1.13		$	1.10		$	1.60		$	1.41
Diluted earnings (loss) - Continuing operations	$	0.40		$	0.46		$	1.13		$	1.11		$	1.59		$	1.42
- Discontinued operations		—			—			—			(0.01	)	$	—		$	(0.01	)
	$	0.40		$	0.46		$	1.13		$	1.10		$	1.59		$	1.41
Dividends	$	0.31		$	0.31		$	0.93		$	0.93		$	1.24		$	1.24
Weighted-average number of common shares outstanding		81,213			80,903			81,099			80,795			81,055			80,745
Adjusted weighted-average shares		81,556			81,347			81,383			81,184			81,319			81,104
Income (loss) from continuing operations by segment
Electric utility	$	23,666		$	22,587		$	61,940		$	54,616		$	80,126		$	67,860
Bank		13,470			15,911			46,515			47,224			64,174			63,930
Other		(4,813	)		(1,008	)		(16,571	)		(11,920	)		(14,892	)		(17,060	)
Income from continuing operations	$	32,323		$	37,490		$	91,884		$	89,920		$	129,408		$	114,730

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, 2005 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, 2006, June 30, 2006 and September 30, 2006 (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 September 30						Nine months ended September 30
(in thousands)	2006			2005			2006			2005
Operating revenues	$	568,236		$	489,877		$	1,545,557		$	1,292,374
Operating expenses
Fuel oil		227,288			182,663			594,940			447,064
Purchased power		138,758			122,086			378,916			329,671
Other operation		46,612			41,974			136,565			125,084
Maintenance		23,653			21,141			63,087			58,916
Depreciation		32,539			30,655			97,614			92,297
Taxes, other than income taxes		51,985			44,990			142,726			120,254
Income taxes		14,665			13,754			38,909			33,785
		535,500			457,263			1,452,757			1,207,071
Operating income		32,736			32,614			92,800			85,303
Other income
Allowance for equity funds used during construction		1,838			1,406			4,974			3,675
Other, net		1,379			1,191			2,809			2,811
		3,217			2,597			7,783			6,486
Income before interest and other charges		35,953			35,211			100,583			91,789
Interest and other charges
Interest on long-term debt		10,777			10,731			32,331			32,296
Amortization of net bond premium and expense		565			545			1,651			1,658
Other interest charges		1,285			1,408			5,424			3,183
Allowance for borrowed funds used during construction		(838	)		(558	)		(2,259	)		(1,460	)
Preferred stock dividends of subsidiaries		228			228			686			686
		12,017			12,354			37,833			36,363
Income before preferred stock dividends of HECO		23,936			22,857			62,750			55,426
Preferred stock dividends of HECO		270			270			810			810
Net income for common stock	$	23,666		$	22,587		$	61,940		$	54,616
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)		2,678			2,672			7,528			7,538
Cooling degree days (Oahu)		1,469			1,649			3,323			3,900
Average fuel cost per barrel	$	74.35		$	59.74		$	69.09		$	52.85

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, 2005 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, 2006, June 30, 2006 and September 30, 2006 (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 September 30				Nine months ended September 30
(in thousands)	2006		2005		2006		2005
Interest and dividend income
Interest and fees on loans	$	59,417	$	52,649	$	171,893	$	151,819
Interest and dividends on investment and mortgage-related securities		28,368		30,889		89,315		93,275
		87,785		83,538		261,208		245,094
Interest expense
Interest on deposit liabilities		19,701		13,355		52,095		37,832
Interest on other borrowings		18,891		17,278		54,361		51,919
		38,592		30,633		106,456		89,751
Net interest income		49,193		52,905		154,752		155,343
Reversal of allowance for loan losses		—		—		—		(3,100	)
Net interest income after reversal of allowance for loan losses		49,193		52,905		154,752		158,443
Noninterest income
Fees from other financial services		6,548		6,512		19,730		18,708
Fee income on deposit liabilities		4,653		4,311		13,218		12,574
Fee income on other financial products		1,739		2,191		6,308		6,780
Gain on sale of securities		1,735		—		1,735		175
Other income		878		879		3,699		3,270
		15,553		13,893		44,690		41,507
Noninterest expense
Compensation and employee benefits		17,398		17,275		52,711		51,343
Occupancy		4,942		4,356		13,895		12,462
Equipment		3,768		3,413		10,900		10,114
Services		5,600		3,986		13,441		11,594
Data processing		2,534		2,491		7,541		8,039
Other expense		9,926		9,339		27,202		29,305
		44,168		40,860		125,690		122,857
Income before minority interests and income taxes		20,578		25,938		73,752		77,093
Minority interests		—		—		—		45
Income taxes		7,108		10,027		27,237		29,820
Income before preferred stock dividends		13,470		15,911		46,515		47,228
Preferred stock dividends		—		—		—		4
Net income for common stock	$	13,470	$	15,911	$	46,515	$	47,224
Net interest margin (%)		3.10		3.33		3.23		3.25

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, 2005 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, 2006, June 30, 2006 and September 30, 2006 (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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