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HEI Catalyst for a better Hawai'i May 7 , 2021 Contact : Julie R. Smolinski NEWS RELEASE Vice President , Investor Relations & Corporate Sustainability HEI Exhibit 99 Telephone : ( 808 ) 543-7300 E - mail : ir@hei.com HEI REPORTS FIRST QUARTER 2021 RESULTS 1Q21 Net Income of $ 64.4 million and Diluted Earnings Per Share ( EPS ) 1 of $ 0.59 Utility Focused on Achieving Cost Reductions to Benefit Customers and Transition to Performance - Based Regulation Bank Results Reflect Moderating Credit Risk Environment as Hawaii Economy Begins to Recover HONOLULU - Hawaiian Electric Industries , Inc. ( NYSE - HE ) ( HEI ) today reported consolidated net income for common stock for the first quarter of 2021 of $ 64.4 million and EPS of $ 0.59 compared to $ 33.4 million and EPS of $ 0.31 for the first quarter of 2020 . " Both our utility and bank reported stronger earnings for the first quarter of 2021 as Hawaii's economy began to recover , " said Constance H. Lau , HEI president and CEO . “ I am proud of the dedication of our employees and the resilience of our companies to continue to provide essential electricity and banking services for our customers while helping Hawaii reach its aggressive climate goals and ' build back better . ' " Our utility's strong performance reflects continued savings from the cost management program we began last year , with the benefits to be reflected in customer rates later this year . We're also focused on collaborating with stakeholders to ensure all interests are aligned as we continue the transition to performance - based regulation ( PBR ) and working together to bring projects from our renewable procurements to fruition . " Our bank's strong first quarter results reflect good execution in an environment that remains challenging for bank profitability . Strong residential mortgage production and new ASB CARES or paycheck protection program loans are bright spots , while record deposit growth continues to outpace lending opportunities in this early stage of Hawaii's economic recovery . Our bank's results benefited from a reduction of reserves for credit losses , as certain commercial 1 Unless otherwise indicated , throughout this release earnings per share ( EPS ) refers to diluted earnings per share . 1