HEI Exhibit 99.1

November 4, 2008

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

HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS SOLID THIRD QUARTER 2008 RESULTS

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) today reported consolidated net income for the third quarter of 2008 of $37.3 million, or $0.44 per share, compared to $19.9 million, or $0.24 per share for the third quarter of 2007.

“Our earnings showed significant improvement over our unusually low results in the third quarter of 2007, which included a utility customer refund accrual that reduced those results by $0.10 a share,” said Constance H. Lau, HEI president and chief executive officer. “Our utilities continued to regain financial strength due to interim rate relief received primarily in the last quarter of 2007. The bank’s earnings improved 31% quarter-over-quarter, benefitting from a steeper yield curve, continued good credit quality and lower expenses resulting from performance improvement initiatives. Additionally, holding and other companies’ losses in the quarter were lower than in the same period in 2007 primarily due to lower interest expense,” noted Lau.

UTILITY RESULTS

Electric utility net income for the third quarter of 2008 was $25.9 million compared with $12.9 million for the same quarter in 2007 and $23.7 million for the same quarter in

Hawaiian Electric Industries, Inc. News Release

November 4, 2008

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2006. “Third quarter earnings a year ago were unusually low as our Oahu utility accrued an $8.3 million, or $0.10 per share, net-of-tax refund related to its 2005 test year rate case and awaited rate increases to recover and earn a return on reliability investments and to recover higher operating costs,” said Lau.

Kilowatthour sales were lower by 2.6% quarter-over-quarter due to greater customer conservation and a slowing economy. These two factors are expected to reduce our 2008 and 2009 sales forecasts slightly below original projections. “Clearly, with the economic downturn and the dramatic impact of rising fuel costs on electricity prices during the quarter, customers have redoubled their efforts to conserve energy. In view of the economic downturn, we expect this conservation trend to continue even with recent declines in the fuel price component of our customer bills,” said Lau.

Other operations and maintenance (O&M) expenses were up 5% quarter-over-quarter as higher operations expenses for customer efficiency programs and production operations were partially offset by lower production maintenance expenses resulting primarily from changes in generating unit overhaul schedules. The expected increase in full-year 2008 O&M expenses continues to be roughly 6% over 2007, but actual levels could be influenced by a number of factors that cannot be predicted.

The utility also recorded $1.1 million in higher quarter-over-quarter depreciation expenses due to 2007 plant additions.

Hawaiian Electric Industries, Inc. News Release

November 4, 2008

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BANK RESULTS

Bank net income for the third quarter of 2008 was $15.4 million, compared to $11.7 million for the same quarter last year. Return on assets in the third quarter of 2008 was 1.11% compared to 0.69% in the third quarter of 2007.

Net interest income in the third quarter of 2008 was $52.3 million compared to $47.7 million in the third quarter of 2007. The impact of lower interest expense, primarily due to lower balances of borrowings and lower rates on deposits and borrowings, more than offset the decline in interest income primarily from lower investment balances and lower yields on loans. The lower balances of investments and borrowings in the third quarter of 2008 were a result of the balance sheet restructuring executed in June 2008. Net interest margin expanded to 4.08% in the third quarter of 2008, compared with 2.97% in the third quarter of 2007.

“We are pleased with the bank’s third quarter results,” said Lau. “In spite of the continued volatility in the financial and credit markets during the quarter, the bank continued to perform well. Third quarter results show the improvements in net interest margin and return on assets we expected to achieve from the June balance sheet restructuring.”

The bank recorded a $2.0 million provision for possible loan losses in the third quarter, compared to a $2.7 million provision in the third quarter of 2007. “The overall credit quality of the bank’s loan portfolio remains good. However, we are seeing the effects of the slowing economy in modestly rising delinquencies and the reclassification of some commercial loans. We remain cautious and continue to actively monitor our loan portfolios,” added Lau.

Hawaiian Electric Industries, Inc. News Release

November 4, 2008

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Noninterest income in the third quarter of 2008 was $16.7 million compared to $17.2 million in the same quarter in 2007. Higher fee income from deposit liabilities was more than offset by lower fee income from other financial services, other financial products and other income.

Noninterest expense was $1.3 million lower in the third quarter of 2008 than in the third quarter of 2007. Lower services and other expenses were partially offset by an increase in compensation and benefits expense quarter over quarter. The $3.0 million increase in compensation and benefits was primarily due to a $0.9 million accrual for incentive compensation in the third quarter of 2008, compared with a $1.4 million reversal of accrued incentive compensation in the third quarter of 2007.

HOLDING AND OTHER COMPANIES’ RESULTS

The holding and other companies’ net losses were $4.1 million in the third quarter of 2008 compared with $4.7 million in the third quarter of 2007.

WEBCAST AND TELECONFERENCE

Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter 2008 earnings on Wednesday, November 5, 2008, at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The event can be accessed through HEI’s website at http://www.hei.com or by dialing (800) 299-7089, passcode: 86433944 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

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November 4, 2008

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approximately two hours after the event through November 19, 2008, by dialing (888) 286-8010, passcode: 98026401.

Representing management will be Constance H. Lau, president and chief executive officer, Hawaiian Electric Industries, Inc. and chairman, Hawaiian Electric Company, Inc.; and Timothy K. Schools, president, American Savings Bank, F. S. B.

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, Ltd. 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.

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,

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November 4, 2008

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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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, 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 September 30,						Nine months ended September 30,						Twelve months ended September 30,
(in thousands, except per share amounts)	2008			2007			2008			2007			2008			2007
Revenues
Electric utility	$	827,788		$	567,615		$	2,139,798		$	1,508,005		$	2,738,107		$	2,014,034
Bank		87,675			105,507			279,469			317,493			387,471			419,960
Other		(32	)		339			(164	)		2,749			1,696			1,332
		915,431			673,461			2,419,103			1,828,247			3,127,274			2,435,326
Expenses
Electric utility		775,941			536,249			1,981,572			1,434,858			2,522,443			1,908,246
Bank		62,983			86,960			262,406			260,824			343,067			348,485
Other		2,378			2,235			8,648			10,698			13,422			13,568
		841,302			625,444			2,252,626			1,706,380			2,878,932			2,270,299
Operating income (loss)
Electric utility		51,847			31,366			158,226			73,147			215,664			105,788
Bank		24,692			18,547			17,063			56,669			44,404			71,475
Other		(2,410	)		(1,896	)		(8,812	)		(7,949	)		(11,726	)		(12,236	)
		74,129			48,017			166,477			121,867			248,342			165,027
Interest expense–other than on deposit liabilities and other bank borrowings		(19,345	)		(19,589	)		(56,780	)		(59,382	)		(75,954	)		(78,534	)
Allowance for borrowed funds used during construction		967			656			2,564			1,840			3,276			2,460
Preferred stock dividends of subsidiaries		(471	)		(474	)		(1,417	)		(1,420	)		(1,887	)		(1,893	)
Allowance for equity funds used during construction		2,426			1,336			6,432			3,770			7,881			5,144
Income before income taxes		57,706			29,946			117,276			66,675			181,658			92,204
Income taxes		20,425			10,065			40,892			22,481			64,689			31,893
Net income	$	37,281		$	19,881		$	76,384		$	44,194		$	116,969		$	60,311
Basic earnings per common share	$	0.44		$	0.24		$	0.91		$	0.54		$	1.40		$	0.74
Diluted earnings per common share	$	0.44		$	0.24		$	0.91		$	0.54		$	1.39		$	0.74
Dividends per common share	$	0.31		$	0.31		$	0.93		$	0.93		$	1.24		$	1.24
Weighted-average number of common shares outstanding		84,625			82,481			84,052			81,949			83,788			81,781
Adjusted weighted-average shares		84,842			82,640			84,182			82,180			83,906			81,984
Net income (loss) by segment
Electric utility	$	25,932		$	12,875		$	77,949		$	23,978		$	106,127		$	36,985
Bank		15,405			11,731			11,888			35,909			29,086			45,176
Other		(4,056	)		(4,725	)		(13,453	)		(15,693	)		(18,244	)		(21,850	)
Net income	$	37,281		$	19,881		$	76,384		$	44,194		$	116,969		$	60,311

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2007 (included in HEI’s Form 8-K dated February 21, 2008) 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, 2008, June 30, 2008 and September 30, 2008 (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)	2008			2007			2008			2007
Operating revenues	$	826,124		$	561,720		$	2,135,265		$	1,499,766
Operating expenses
Fuel oil		377,157			222,721			900,455			549,771
Purchased power		202,125			144,918			530,146			390,161
Other operation		61,599			54,113			176,600			154,949
Maintenance		25,174			28,594			72,777			85,799
Depreciation		35,419			34,273			106,254			102,812
Taxes, other than income taxes		74,201			51,389			194,058			138,839
Income taxes		15,035			4,976			47,507			15,974
		790,710			540,984			2,027,797			1,438,305
Operating income		35,414			20,736			107,468			61,461
Other income
Allowance for equity funds used during construction		2,426			1,336			6,432			3,770
Other, net		1,486			3,819			3,693			(1,330	)
		3,912			5,155			10,125			2,440
Income before interest and other charges		39,326			25,891			117,593			63,901
Interest and other charges
Interest on long-term debt		11,879			11,478			35,413			34,364
Amortization of net bond premium and expense		632			621			1,902			1,813
Other interest charges		1,352			1,075			3,397			4,090
Allowance for borrowed funds used during construction		(967	)		(656	)		(2,564	)		(1,840	)
Preferred stock dividends of subsidiaries		228			228			686			686
		13,124			12,746			38,834			39,113
Income before preferred stock dividends of HECO		26,202			13,145			78,759			24,788
Preferred stock dividends of HECO		270			270			810			810
Net income for common stock	$	25,932		$	12,875		$	77,949		$	23,978
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)		2,593			2,663			7,478			7,568
Cooling degree days (Oahu)		1,530			1,566			3,779			3,666
Average fuel oil cost per barrel	$	133.99		$	74.78		$	111.37		$	65.52

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2007 (included in HECO Exhibit 99.1 to HECO’s Form 8-K dated February 21, 2008) 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, 2008, June 30, 2008 and September 30, 2008 (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)	2008		2007		2008			2007
Interest and dividend income
Interest and fees on loans	$	61,100	$	61,817	$	186,312		$	182,191
Interest and dividends on investment and mortgage-related securities		9,898		26,497		57,078			85,090
		70,998		88,314		243,390			267,281
Interest expense
Interest on deposit liabilities		14,070		20,381		47,909			61,951
Interest on other borrowings		4,616		20,243		40,030			57,230
		18,686		40,624		87,939			119,181
Net interest income		52,312		47,690		155,451			148,100
Provision for loan losses		1,979		2,700		4,034			3,900
Net interest income after provision for loan losses		50,333		44,990		151,417			144,200
Noninterest income
Fees from other financial services		6,318		7,153		18,554			20,539
Fee income on deposit liabilities		7,328		6,583		20,889			19,095
Fee income on other financial products		1,771		1,977		5,214			5,845
Loss on sale of securities		—		—		(17,388	)		—
Other income		1,260		1,480		8,810			4,733
		16,677		17,193		36,079			50,212
Noninterest expense
Compensation and employee benefits		19,172		16,173		56,451			52,733
Occupancy		5,489		5,418		16,276			15,707
Equipment		3,175		3,630		9,510			10,893
Services		3,688		6,385		13,531			22,638
Data processing		2,794		2,596		8,019			7,799
Loss on early extinguishment of debt		—		—		39,843			—
Other expense		8,085		9,456		26,932			27,972
		42,403		43,658		170,562			137,742
Income before income taxes		24,607		18,525		16,934			56,670
Income taxes		9,202		6,794		5,046			20,761
Net income	$	15,405	$	11,731	$	11,888		$	35,909
Net interest margin (%)		4.08		2.97		3.49			3.05

This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2007 (included in HEI Exhibit 13 to HEI’s Form 8-K dated February 21, 2008) 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, 2008, June 30, 2008 and September 30, 2008 (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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