HEI Exhibit 99

October 30, 2012

AMERICAN SAVINGS BANK REPORTS THIRD QUARTER 2012 EARNINGS

Net Income of $14.2 Million

Bank Continues to Deliver Solid Results

HONOLULU – American Savings Bank, F.S.B. (American), a wholly-owned indirect subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) today reported net income for the third quarter of 2012 of $14.2 million, compared with $14.2 million in the second, or linked, quarter of 2012 and $15.5 million in the third quarter of 2011.

“In this prolonged low interest rate environment, American Savings Bank’s stable results reflect our continued disciplined approach to control interest rate and credit risk and to position ourselves for future growth.  Our loan portfolio grew by $83 million over the prior year and revenues benefited from strong market share gains in our residential mortgage activities,” said Richard Wacker, president and chief executive officer of American.

Third quarter 2012 net income of $14.2 million was consistent with the linked quarter as higher revenue, primarily driven by gains on sales of loans, was offset by a slightly higher provision for loan losses and noninterest expense.

Compared to the same quarter of 2011, net income declined by $1.2 million.  The decline was largely driven by (on an after-tax basis):

·                 $2 million higher noninterest expense primarily attributable to spending for new products and projects aimed at longer-term growth; and

·                 $1 million lower net interest income from declining yields on assets which were partially offset by loan growth.

These were partially offset by $2 million (after-tax) higher revenue from gains on sale of new residential mortgages originated in the quarter.  Residential mortgage production totaled $272 million in the quarter, compared to $123 million in the same quarter of the prior year, outperforming the overall Hawaii market growth.

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October 30, 2012

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Net interest margin was 3.92% in the third quarter of 2012 compared to 3.97% in the linked quarter and 4.11% in the third quarter of 2011.  The decline in net interest margin was attributable to lower yields on interest-earning assets due to the low interest rate environment.

Provision for loan losses (pretax) was $3.6 million in the third quarter of 2012 compared to $2.4 million in the linked quarter and $3.8 million in the third quarter of 2011.  Year-to-date provision expense was $9.5 million, down from $10.9 million in the same period last year and consistent with overall credit quality trends and the improvement in the Hawaii economy.

Non-interest expense (pretax) was $38.6 million in the third quarter of 2012, up from $37.6 million in the linked quarter and $35.6 million in the third quarter of 2011 due primarily to spending on new products and projects for future growth.

Loan growth continued in the third quarter of 2012 with a year-to-date annualized growth rate of 2.3%, in line with the bank’s target of low to mid-single digit loan growth for the year. Consistent with American’s strategy to control interest rate risk, year-to-date loan growth was primarily driven by shorter-duration and variable rate loans, offset by a controlled decline in the proportion of  long-term fixed rate residential mortgages and land loans.

Total deposits were $4.1 billion at September 30, 2012, down $10 million from June 30, 2012 primarily due to the strategic decline of higher costing certificates of deposit of $23 million.  Low-cost core deposits increased $13 million during the quarter to $3.6 billion at September 30, 2012.  Average cost of funds was a very low 0.25% for third quarter 2012, down 2 basis points from the linked quarter.

Overall, return on average equity and return on average assets were 11.2% and 1.15%, respectively, in the quarter.  American’s solid results enabled it to pay dividends of $10 million to HEI in the quarter while maintaining healthy capital levels – leverage ratio of 9.3% and total risk-based capital ratio of 12.9% at September 30, 2012.

HEI EARNINGS RELEASE, WEBCAST AND TELECONFERENCE

Concurrent with American’s regulatory filing 30 days after the end of the quarter, American announced its third quarter 2012 financial results today.  Please note that these

Hawaiian Electric Industries, Inc.

October 30, 2012

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reported results relate only to American and are not necessarily indicative of HEI’s consolidated financial results for the third quarter of 2012.

HEI plans to announce its third quarter 2012 consolidated financial results on Wednesday, November 7, 2012 and will conduct a webcast and teleconference call to review third quarter 2012 consolidated earnings, including American’s earnings, on Thursday, November 8, 2012, at 8:00 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 (866) 383-8008, passcode:  56693947 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 additional 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.  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 November 22, 2012, by dialing (888) 286-8010, passcode: 43247040.

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.

Hawaiian Electric Industries, Inc.

October 30, 2012

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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, 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.

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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 and 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 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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American Savings Bank, F.S.B.

STATEMENTS OF INCOME DATA

**  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, 2011 and HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (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, 2011 and HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 (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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