Segment financial information

6 Months Ended

Jun. 30, 2012

Segment financial information

Segment financial information

2 · Segment financial information

(in thousands)	Electric utility		Bank		Other			Total
Three months ended June 30, 2012
Revenues from external customers	$	789,539	$	64,721	$	8		$	854,268
Intersegment revenues (eliminations)	13		—		(13		)	—
Revenues	789,552		64,721		(5		)	854,268
Income (loss) before income taxes	48,501		21,873		(8,277		)	62,097
Income taxes (benefit)	18,626		7,684		(3,486		)	22,824
Net income (loss)	29,875		14,189		(4,791		)	39,273
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	29,376		14,189		(4,765		)	38,800
Six months ended June 30, 2012
Revenues from external customers	$	1,539,113	$	129,973	$	42		$	1,669,128
Intersegment revenues (eliminations)	49		—		(49		)	—
Revenues	1,539,162		129,973		(7		)	1,669,128
Income (loss) before income taxes	93,708		45,337		(16,861		)	122,184
Income taxes (benefit)	36,034		15,271		(7,183		)	44,122
Net income (loss)	57,674		30,066		(9,678		)	78,062
Preferred stock dividends of subsidiaries	998		—		(52		)	946
Net income (loss) for common stock	56,676		30,066		(9,626		)	77,116
Tangible assets (at June 30, 2012)	4,857,550		4,882,005		212			9,739,767
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 December 31, 2011)	4,674,007		4,827,784		10,496			9,512,287

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.