Exhibit 99

May 8, 2013

HAWAIIAN ELECTRIC INDUSTRIES REPORTS FIRST QUARTER 2013 EARNINGS
& DECLARES DIVIDEND

Earnings Per Share of $0.34

Hawaiian Electric Company Invests Over $60 Million in Local Infrastructure

American Savings Bank Continues to Deliver Solid Results

Board 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 first quarter of 2013 of $33.7 million, or $0.34 diluted earnings per share (EPS), compared to $38.3 million, or $0.40 diluted EPS for the first quarter of 2012.

“We’re off to a solid start in 2013 with financial results consistent with our expectations and significant progress on our strategies across our companies. We successfully completed a $180 million common stock offering which allows us to fund the largest capital plan in our utilities’ history over the next two years, benefitting customers with a stronger and more modern electric grid and lower-cost renewable energy.  In the first quarter, our utilities invested over $60 million – about 2.5x their earnings – in local infrastructure.  American Savings Bank delivered strong loan growth to help offset the impact of the low interest rate environment and gained market share in its mortgage banking business, becoming one of the top ranking lenders in the state for the quarter,” said Constance H. Lau, HEI president and chief executive officer.

“Our companies are committed to reducing Hawaii’s dependence on oil and are constantly seeking ways to increase our use of lower-cost renewable energy.  In 2012, we reached a record 13.9% of energy needs from renewable generation and are on track to exceed the next clean energy goal of 15% in 2015,” added Lau.  Since the end of 2010, over 80% or close to $50 of the $60 increase in the typical Oahu customer’s bill is due to higher oil prices.

Hawaiian Electric Industries, Inc. News Release

May 8, 2013

Page 2

HAWAIIAN ELECTRIC COMPANY CONTINUES TO INVEST IN CLEAN ENERGY AND RELIABILITY

Hawaiian Electric Company’s1 net income for the first quarter of 2013 was $24.4 million compared to $27.3 million in the first quarter of 2012.

Overall, the primary variances impacting net income for the quarter were (on an after-tax basis):

·              $5 million higher operations and maintenance (O&M) expenses2; and

·              $1 million higher depreciation expense.

These were partially offset by (after-tax):

·              $2 million recovery of additional costs for reliability and clean energy investments, net of lower heat rate earnings.

Operations and maintenance (O&M) expenses2 (after-tax) were $5 million higher for the first quarter of 2013 compared to the first quarter of the prior year largely due to timing.  In 2012, the rate of O&M expense in the first quarter was lower than the rest of the year, whereas, in 2013, management expects O&M to be more evenly distributed throughout the year.  In the quarter, O&M reflects higher customer service expenses as such costs received deferral treatment in most of the first half of 2012.  Management continues to expect 2013 O&M expenses to be flat to up 1% compared to 2012 as work continues to moderate O&M spending in targeted areas.

AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE

American Savings Bank’s (American) net income for the first quarter of 2013 was $14.2 million compared with $14.4 million in the fourth, or linked, quarter of 2012 and $15.9 million in the first quarter of 2012, which included $1 million for a one-time release of tax-related reserves.  First quarter 2013 net income was consistent with the linked quarter.  Net interest income was flat as the 6.9% annualized loan growth this quarter helped offset lower financing margins.  Noninterest income was lower, largely due to lower gains on sales of residential mortgage loans, but offset by lower provision for loan losses and lower noninterest expense.

1  Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.

2  Excludes expenses covered by surcharges or by third parties.  In the first quarter of 2013 and 2012, these expenses were $2 million and $1 million, respectively.

Hawaiian Electric Industries, Inc. News Release

May 8, 2013

Page 3

Compared to the first quarter of 2012, net income declined by $1.7 million including the effect of the $1 million release of tax reserves mentioned previously.  The remaining $0.7 million decline was largely driven by higher noninterest expense, primarily attributable to targeted staffing increases to support increased business volumes and information technology and risk management capabilities, and lower net interest income due to declining asset yields.  These were partially offset by the favorable effect of loan growth, higher noninterest income from higher gains on sales of new residential mortgages originated in the quarter and lower provision for loan losses, as the credit quality of the bank’s loan portfolio improved along with the improvement in Hawaii’s economy.

Overall, American achieved solid profitability in the first quarter 2013 with a return on average equity of 11.3% and a return on average assets of 1.12%.

Also refer to the American news release issued on April 30, 2013.

Holding and Other Companies

The holding and other companies’ net losses were $4.9 million in the first quarter of 2013, consistent with the first quarter of 2012.

BOARD DECLARES QUARTERLY DIVIDEND

On May 7, 2013, the board of directors maintained HEI’s quarterly cash dividend of 31 cents per share, payable on June 12, 2013, to shareholders of record at the close of business on May 22, 2013 (ex-dividend date is May 20, 2013).  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 May 7, 2013 of $28.10, HEI’s yield is 4.4%.

WEBCAST AND CONFERENCE CALL

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its first quarter 2013 earnings on Wednesday, May 8, 2013, at 7:00 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) 706-7741, passcode:  55241897 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 material information, as

Hawaiian Electric Industries, Inc. News Release

May 8, 2013

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well as other important 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’s press releases, HEI’s and HECO’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts.  Also, at the Investor Relations section of HEI’s website, investors may sign up to receive e-mail alerts (based on each investor’s selected preferences).  The information on HEI’s website is not incorporated by reference in this document or in HEI’s and HECO’s SEC filings unless, and except to the extent, specifically incorporated by reference.  Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (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 HEI’s and HECO’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 May 22, 2013, by dialing (888) 286-8010, passcode: 75540244.

HEI supplies power to approximately 450,000 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 American, 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

May 8, 2013

Page 5

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, 2012 and HEI’s subsequent periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements.  These 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, American 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.

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

1     On a core basis (non-GAAP), 2013 and 2012 return on average common equity (twelve months ended March 31) were 10.0% and 10.1%, respectively.  See reconciliation of GAAP to non-GAAP measures.

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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 in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2013 (when filed), as updated by SEC Forms 8-K. 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 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 in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2013 (when filed), as updated by SEC Forms 8-K. 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)

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, 2012 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, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

1     On a core basis (non-GAAP), the 2013 and 2012 return on average common equity (twelve months ended March 31) were 8.9% and 8.4%, respectively for HECO;  6.3% and 9.6%, respectively for HELCO; 8.8% and 6.4%, respectively for MECO and 8.4% and 8.3% respectively, for HECO Consolidated.  See reconciliation of GAAP to non-GAAP measures.

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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 year ended December 31, 2012 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, 2013 (when filed), as updated by SEC Forms 8-K. 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 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 year ended December 31, 2012 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, 2013 (when filed), as updated by SEC Forms 8-K. 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.

STATEMENTS OF INCOME DATA

(Unaudited)

*  Regulatory basis

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2013 (when filed), as updated by SEC Forms 8-K. 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.

BALANCE SHEETS DATA

(Unaudited)

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI’s Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2013 (when filed), as updated by SEC Forms 8-K. 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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EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and HECO management use certain non-GAAP measures to evaluate the performance of the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the utility’s core operating activities. Core earnings as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP core earnings for both the utility and HEI consolidated and the corresponding adjusted return on average common equity (ROACE).

The reconciling adjustments from GAAP earnings to core earnings are limited to the settlement charges for the partial write-off of utility assets in 2012 and 2011. For more information on the settlement charge recorded in 2012, see the Form 8-K filed on March 20, 2013.

Management does not consider these items to be representative of the company’s fundamental core earnings.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(Unaudited)

1  U.S. Generally Accepted Accounting Principles.

2 Calculated as core net income divided by average GAAP common equity.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES

(Unaudited)