Exhibit 99

$8.6 Million of Maui Wildfire-Related Expenses, Including $5.9 Million of Additional Provision

Solid Credit Quality and Capital Position

Liquidity Remains Strong

HONOLULU - American Savings Bank, F.S.B. (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported third quarter 2023 net income of $11.4 million, compared to $20.2 million in the second quarter of 2023 and $20.8 million in the third quarter of 2022. Core net income1 for the third quarter of 2023 was $17.6 million.

“American Savings Bank continues to be well-positioned to support our community with a strong capital position, excellent credit quality, lending capacity and ample liquidity,” said Ann Teranishi, president and chief executive officer of ASB. “Despite the economic impacts of the wildfires, our customers and business have proved resilient. I’m very proud of our ASB teammates for delivering exceptional service through this difficult period. Our hearts are with the people of Maui, and we remain committed to supporting the recovery and rebuild effort.”

Third quarter 2023 net interest income was $62.6 million compared to $63.2 million in the second, or linked quarter of 2023 and $65.7 million in the third quarter of 2022. The lower net interest income compared to the linked and prior year quarters was primarily due to higher interest expense from rising deposit costs resulting from growth in higher yielding certificates of deposit. The lower net interest income compared to the prior year quarter also included higher interest expense from increased wholesale borrowings, and lower interest and dividends on

1 Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.

investment securities. Net interest margin for the third quarter of 2023 was 2.70%, compared to 2.75% in the linked quarter, and 2.96% in the third quarter of last year.

The third quarter 2023 provision for credit losses was $8.8 million, compared to $0.04 million in the linked quarter and a $0.2 million negative provision for credit losses in the third quarter of 2022. The higher provision for credit losses for the quarter was primarily due to $5.9 million in additional credit reserves related to borrowers impacted by the Maui wildfires and the resulting economic disruption. As of September 30, 2023, ASB’s allowance for credit losses to outstanding loans was 1.23% compared to 1.13% as of June 30, 2023 and 1.24% as of September 30, 2022.

The net charge-off ratio for the third quarter of 2023 was 0.07%, compared to 0.14% in the linked quarter and 0.03% in the third quarter of 2022. Nonaccrual loans as a percentage of total loans receivable held for investment were 0.16%, compared to 0.22% in the linked quarter and 0.35% in the prior year quarter.

Noninterest income was $15.3 million in the third quarter of 2023 compared to $15.6 million in the linked quarter and $13.0 million in the third quarter of 2022. The decrease compared to the linked quarter was primarily due to a gain on sale of real estate recognized in the linked quarter and lower fee income, partially offset by higher bank-owned life insurance income. The increase compared to the prior year quarter was primarily due to higher bank-owned life insurance income.

Noninterest expense was $56.3 million compared to $53.8 million in the linked quarter and $51.6 million in the third quarter of 2022. The increase compared to the linked and prior year quarters was primarily due to wildfire-related expenses incurred during the quarter, including $1.3 million in professional services costs and $1.0 million in other extraordinary expenses.

Total loans were $6.2 billion as of September 30, 2023, up 3.6% from December 31, 2022, primarily reflecting growth in the commercial real estate and residential mortgage portfolios.

Total deposits were $8.2 billion as of September 30, 2023, an increase of 0.7% from December 31, 2022. Core deposits declined 5.1%, while certificates of deposits increased 71.8%. As of September 30, 2023, 87% of deposits were F.D.I.C. insured or fully collateralized, up slightly from 86% as of June 30, 2023, with approximately 77% of deposits F.D.I.C. insured. For the third quarter of 2023, the average cost of funds was 1.02%, up 19 basis points versus the linked quarter and up 89 basis points versus the prior year quarter.

Wholesale funding totaled $750 million as of September 30, 2023, unchanged from June 30, 2023.

For the third quarter of 2023, return on average equity was 9.2%, compared to 16.2% in the linked quarter and 15.1% in the third quarter of 2022. Return on average assets was 0.47% for the third quarter of 2023, compared to 0.84% in the linked quarter and 0.89% in the prior year quarter. Excluding Maui wildfire-related costs, core returns on average equity and average assets2 were 14.3% and 0.73%, respectively.

In the third quarter of 2023, ASB paid dividends of $14.0 million to HEI. ASB had a Tier 1 leverage ratio of 7.7% as of September 30, 2023.

Concurrent with ASB’s regulatory filing 30 days after the end of the quarter, ASB announced its third quarter 2023 financial results today. Please note that these reported results relate only to ASB and are not necessarily indicative of HEI’s consolidated financial results for the third quarter 2023.

HEI plans to announce its third quarter 2023 consolidated financial results on Thursday, November 9, 2023 and will also conduct a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB’s earnings, and 2023 guidance.

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. An audio replay will also be available about two hours after the event through November 23, 2023. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures

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2     Core returns on average equity and average assets are non-GAAP measures which exclude Maui wildfire-related after-tax costs. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.

will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s, Hawaiian Electric’s and ASB’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the Investor Relations section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’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 https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs. See “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and related GAAP reconciliations at the end of this release.

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 “will,” “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, political 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 “Cautionary Note Regarding 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, 2022 and HEI’s other 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, Hawaiian Electric, ASB 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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(Unaudited)

						Three months ended																		Nine months ended September 30
(in thousands)						September 30, 2023						June 30, 2023						September 30, 2022						2023						2022
Interest and dividend income
Interest and fees on loans						$	71,540					$	67,966					$	53,365					$	204,348					$	147,499
Interest and dividends on investment securities						14,096						13,775						15,052						42,508						43,729
Total interest and dividend income						85,636						81,741						68,417						246,856						191,228
Interest expense
Interest on deposit liabilities						14,446						9,661						1,704						30,944						3,572
Interest on other borrowings						8,598						8,852						1,055						25,171						1,199
Total interest expense						23,044						18,513						2,759						56,115						4,771
Net interest income						62,592						63,228						65,658						190,741						186,457
Provision for credit losses						8,835						43						(186)						10,053						(692)
Net interest income after provision for credit losses						53,757						63,185						65,844						180,688						187,149
Noninterest income
Fees from other financial services						4,703						5,009						4,763						14,391						15,066
Fee income on deposit liabilities						4,924						4,504						4,879						14,027						14,122
Fee income on other financial products						2,440						2,768						2,416						7,952						7,663
Bank-owned life insurance						2,303						1,955						122						5,683						661
Mortgage banking income						341						230						181						701						1,630
Gain on sale of real estate						—						495						—						495						1,002
Other income, net						627						678						633						2,106						1,480
Total noninterest income						15,338						15,639						12,994						45,355						41,624
Noninterest expense
Compensation and employee benefits						29,902						29,394						28,597						89,500						83,478
Occupancy						5,154						5,539						5,577						16,281						16,996
Data processing						5,133						5,095						4,509						15,240						13,144
Services						3,627						2,689						2,751						8,911						7,712
Equipment						3,125						2,957						2,432						8,728						7,163
Office supplies, printing and postage						1,022						1,109						1,123						3,296						3,256
Marketing						984						834						925						2,834						2,877
Other expense						7,399						6,152						5,643						19,742						14,542
Total noninterest expense						56,346						53,769						51,557						164,532						149,168
Income before income taxes						12,749						25,055						27,281						61,511						79,605
Income taxes						1,384						4,851						6,525						11,380						17,513
Net income						$	11,365					$	20,204					$	20,756					$	50,131					$	62,092
Comprehensive income (loss)						$	(22,866)					$	12,994					$	(78,186)					$	27,120					$	(248,126)
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets						0.47						0.84						0.89						0.70						0.90
Return on average equity						9.19						16.20						15.11						13.62						13.65
Return on average tangible common equity						11.02						19.40						17.77						16.36						15.79
Net interest margin						2.70						2.75						2.96						2.77						2.87
Efficiency ratio						72.30						68.18						65.55						69.69						65.40
Net charge-offs to average loans outstanding						0.07						0.14						0.03						0.11						0.01
As of period end
Nonaccrual loans to loans receivable held for investment						0.16						0.22						0.35
Allowance for credit losses to loans outstanding						1.23						1.13						1.24
Tangible common equity to tangible assets						3.9						4.3						4.0
Tier-1 leverage ratio						7.7						7.8						7.7
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)						$	14.0					$	11.0					$	5.0					$	39.0					$	32.0

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

(Unaudited)

(in thousands)			September 30, 2023						December 31, 2022
Assets
Cash and due from banks						$	139,059					$	153,042
Interest-bearing deposits						124,531						3,107
Cash and cash equivalents						263,590						156,149
Investment securities
Available-for-sale, at fair value						1,266,412						1,429,667
Held-to-maturity, at amortized cost						1,212,005						1,251,747
Stock in Federal Home Loan Bank, at cost						18,000						26,560
Loans held for investment						6,191,006						5,978,906
Allowance for credit losses						(76,366)						(72,216)
Net loans						6,114,640						5,906,690
Loans held for sale, at lower of cost or fair value						2,171						824
Other						698,420						692,143
Goodwill						82,190						82,190
Total assets						$	9,657,428					$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing						$	2,573,010					$	2,811,077
Deposit liabilities–interest-bearing						5,651,341						5,358,619
Other borrowings						750,000						695,120
Other						224,136						212,269
Total liabilities						9,198,487						9,077,085
Common stock						1						1
Additional paid-in capital						357,742						355,806
Retained earnings						460,824						449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities			$	(350,234)					$	(328,904)
Retirement benefit plans			(9,392)			(359,626)			(7,711)			(336,615)
Total shareholder’s equity						458,941						468,885
Total liabilities and shareholder’s equity						$	9,657,428					$	9,545,970

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.

HEI and ASB management use certain non-GAAP measures to evaluate the performance of HEI and the bank.

Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures 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 and returns on average equity and average assets for the bank.

The reconciling adjustments from GAAP earnings to core earnings are limited to the costs related to the recent Maui wildfires. Management does not consider these items to be representative of the company’s fundamental core earnings.

Reconciliation of GAAP1 to non-GAAP Measures

American Savings Bank F.S.B.

Unaudited

1 Accounting principles generally accepted in the United States of America