Segment financial information

6 Months Ended

Jun. 30, 2013

Segment financial information

Segment financial information

2 ·Segment financial information

(in thousands)	Electric utility		Bank		Other			Total
Three months ended June 30, 2013
Revenues from external customers	$	730,682	$	66,027	$	21		$	796,730
Intersegment revenues (eliminations)	6		—		(6		)	—
Revenues	730,688		66,027		15			796,730
Income (loss) before income taxes	47,517		24,705		(7,507		)	64,715
Income taxes (benefit)	18,325		8,786		(3,457		)	23,654
Net income (loss)	29,192		15,919		(4,050		)	41,061
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	28,693		15,919		(4,024		)	40,588
Six months ended June 30, 2013
Revenues from external customers	$	1,449,949	$	130,783	$	62		$	1,580,794
Intersegment revenues (eliminations)	12		—		(12		)	—
Revenues	1,449,961		130,783		50			1,580,794
Income (loss) before income taxes	86,839		46,457		(15,767		)	117,529
Income taxes (benefit)	32,719		16,383		(6,786		)	42,316
Net income (loss)	54,120		30,074		(8,981		)	75,213
Preferred stock dividends of subsidiaries	998		—		(52		)	946
Net income (loss) for common stock	53,122		30,074		(8,929		)	74,267
Assets (at June 30, 2013)	5,161,819		5,068,771		7,555			10,238,145
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
Assets (at December 31, 2012)	5,108,793		5,041,673		(1,334		)	10,149,132

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.