Exhibit 99

August 8, 2013

HAWAIIAN ELECTRIC INDUSTRIES REPORTS SECOND QUARTER 2013 EARNINGS

Earnings Per Share of $0.41

Hawaiian Electric Company Continues to Integrate More Renewable Energy Sources

American Savings Bank Delivers Solid Results

HONOLULU – Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2013 of $40.6 million, or $0.41 diluted earnings per share (EPS), compared to $38.8 million, or $0.40 diluted EPS for the second quarter of 2012.

“HEI’s stable financial results in the quarter were consistent with our expectations. Higher bank earnings compared to the same quarter last year helped offset slightly lower utility earnings which were primarily driven by a customer refund recorded in the quarter.  At American Savings Bank, higher earnings were supported by good loan growth and declining credit costs in an improving local economy.  This helped offset the continued impact of low interest rates.  As a result, the bank continued to deliver strong profitability metrics while maintaining solid capital levels,” said Constance H. Lau, HEI president and chief executive officer.

At Hawaiian Electric Company, year-to-date renewable energy provided nearly 18% of customers’ electricity usage, already greater than the 2015 renewable portfolio standard of 15%, and even higher on Hawaii Island at 49% and Maui County at 28%.  “A key element of our utility strategy is to seek to lower our customers’ bills by aggressively acquiring and integrating local renewable energy at lower and more stable prices than oil.  As a result, and consistent with our state’s energy policies, our utilities have achieved unprecedented levels of renewable energy, and we recognize the importance of further accelerating our move to less costly renewables,” said Lau.  In order to add even more lower-cost renewable energy as quickly as possible,

Hawaiian Electric Industries, Inc. News Release

August 8, 2013

Page 2

Hawaiian Electric Company is seeking accelerated approval for five purchase power agreements totaling 64 MW that are priced lower than the existing cost of oil-fired generation.

“In addition to moving to a renewable energy future, we are pursuing many other strategies to better serve customers.  To ensure safe and reliable service, we made $140 million of infrastructure investments in the first half of 2013.  This includes the ongoing execution of our asset management program which is designed to modernize our grid in a cost effective manner and improve service levels.  Our utilities have also been focused on achieving operational and cost efficiencies and have been exploring the possibility of using lower cost liquefied natural gas to help reduce customer bills.  We have to keep pushing the envelope to lower the cost for our customers.  It’s what our companies are committed to and what our utility customers deserve,” added Lau.

HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS TO INTEGRATE MORE RENEWABLE ENERGY AND BETTER SERVE CUSTOMERS

Hawaiian Electric Company’s1 net income for the second quarter of 2013 was $28.7 million compared to $29.4 million in the second quarter of 2012.  The following items were significant factors in the quarter (on an after-tax basis):

·                 Net revenues2 were flat compared to the second quarter of 2012 as $3 million for additional recovery of costs at the Oahu utility was offset by a net $3 million decrease at the Maui County utility primarily due to the customer refund granted in its recent final rate case decision.

·                 Depreciation expense was $2 million higher with increasing investments for improved customer reliability, greater system efficiency and integration of more renewable energy.

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 Net revenues represent the after-tax impact of “Operating revenues” less the following operating expenses which are largely pass through items in revenues: “fuel oil”, “purchased power” and “taxes, other than income taxes” as shown on the Hawaiian Electric Company Consolidated Statements of Income.

Hawaiian Electric Industries, Inc. News Release

August 8, 2013

Page 3

·                 Operations and maintenance (O&M) expenses3 were $2 million lower in the second quarter of 2013 compared to the same quarter last year largely due to temporary delays in overhauls and reversals of previously expensed costs.  These reductions in expenses were partially offset by higher customer service costs.

AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE

American Savings Bank’s (American) net income for the second quarter of 2013 was $15.9 million compared to $14.2 million in both the first, or linked, quarter of 2013 and in the second quarter of 2012.  Second quarter 2013 net income was $1.8 million higher than the linked quarter primarily driven by (on an after-tax basis) a lower provision for loan losses of $2 million, $1 million of which related to the strategic third quarter sale of American’s credit card portfolio, and $1 million higher gains on sales of investment securities.  These increases were largely offset by lower mortgage banking income and higher noninterest expense.

Compared to the second quarter of 2012, net income improved by $1.7 million.  The increase was primarily driven by a lower provision for loan losses and higher gains on sales of investment securities as discussed above.  These increases were partially offset by higher noninterest expense due to targeted staffing and information technology expense increases.

Overall, American achieved solid profitability in the second quarter of 2013 with a return on average equity of 12.6% and a return on average assets of 1.25%.

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

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $4.0 million in the second quarter of 2013 compared to $4.8 million in the second quarter of 2012.  The lower net loss was due to lower administrative and general expenses and interest expense.

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

Hawaiian Electric Industries, Inc. News Release

August 8, 2013

Page 4

WEBCAST AND CONFERENCE CALL

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its second quarter 2013 earnings on Thursday, August 8, 2013, at 11:00 a.m. Hawaii time (5:00 p.m. Eastern time).  The event can be accessed through HEI’s website at www.hei.com or by dialing (877) 415-3186, passcode:  97287517 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 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 August 22, 2013, by dialing (888) 286-8010, passcode: 60955453.

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

Hawaiian Electric Industries, Inc. News Release

August 8, 2013

Page 5

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 March 31, 2013 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.

###

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 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, 2013 and 2012 return on average common equity (twelve months ended June 30) were 10.0% and 10.7%, respectively.  See reconciliation of GAAP to non-GAAP measures.

6

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 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.

7

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 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.

8

Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 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, the 2013 and 2012 return on average common equity (twelve months ended June 30) were 8.7% and 10.1%, respectively for HECO;  6.4% and 8.8%, respectively for HELCO; 8.8% and 6.1%, respectively for MECO and 8.3% and 9.1% respectively, for HECO Consolidated.  See reconciliation of GAAP to non-GAAP measures.

9

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 Reports on SEC Form 10-Q for the quarter ended March 31, 2013 and June 30, 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.

10

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 Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 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.

11