Segment financial information

6 Months Ended

Jun. 30, 2011

Segment financial information

Segment financial information

2 · Segment financial information

(in thousands)	Electric Utility		Bank		Other			Total
Three months ended June 30, 2011
Revenues from external customers	$	728,702	$	66,318	$	(701	)	$	794,319
Intersegment revenues (eliminations)	36		—		(36		)	—
Revenues	728,738		66,318		(737		)	794,319
Income (loss) before income taxes	28,603		23,806		(11,055		)	41,354
Income taxes (benefit)	11,080		8,611		(5,949		)	13,742
Net income (loss)	17,523		15,195		(5,106		)	27,612
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	17,024		15,195		(5,080		)	27,139
Six months ended June 30, 2011
Revenues from external customers	$	1,374,001	$	131,631	$	(680	)	$	1,504,952
Intersegment revenues (eliminations)	72		—		(72		)	—
Revenues	1,374,073		131,631		(752		)	1,504,952
Income (loss) before income taxes	59,870		45,533		(19,050		)	86,353
Income taxes (benefit)	22,659		16,487		(9,340		)	29,806
Net income (loss)	37,211		29,046		(9,710		)	56,547
Preferred stock dividends of subsidiaries	998		—		(52		)	946
Net income (loss) for common stock	36,213		29,046		(9,658		)	55,601
Tangible assets (at June 30, 2011)	4,279,122		4,801,483		71,422			9,152,027
Three months ended June 30, 2010
Revenues from external customers	$	584,048	$	71,632	$	(16	)	$	655,664
Intersegment revenues (eliminations)	47		—		(47		)	—
Revenues	584,095		71,632		(63		)	655,664
Income (loss) before income taxes	28,354		25,747		(8,353		)	45,748
Income taxes (benefit)	10,213		9,616		(3,816		)	16,013
Net income (loss)	18,141		16,131		(4,537		)	29,735
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	17,642		16,131		(4,511		)	29,262
Six months ended June 30, 2010
Revenues from external customers	$	1,132,123	$	142,546	$	35		$	1,274,704
Intersegment revenues (eliminations)	83		—		(83		)	—
Revenues	1,132,206		142,546		(48		)	1,274,704
Income (loss) before income taxes	57,866		47,483		(16,723		)	88,626
Income taxes (benefit)	21,174		17,616		(7,498		)	31,292
Net income (loss)	36,692		29,867		(9,225		)	57,334
Preferred stock dividends of subsidiaries	998		—		(52		)	946
Net income (loss) for common stock	35,694		29,867		(9,173		)	56,388
Tangible assets (at December 31, 2010)	4,285,680		4,707,870		2,905			8,996,455

Intercompany electricity sales of the electric utilities to the bank and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by consolidated HECO, the profit on such sales is nominal and the elimination of electric sales revenues and expenses could distort segment operating income and net income for common stock.

Bank fees that ASB charges the electric utility and “other” segments are not eliminated because those segments would pay fees to another financial institution if they were to bank with another institution, the profit on such fees is nominal and the elimination of bank fee income and expenses could distort segment operating income and net income for common stock.