| Segment financial information |
Segment financial information | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Electric utility | | Bank | | Other | | Total | | Three months ended June 30, 2020 | | | | | | | | | | Revenues from external customers | | $ | 534,206 | | | $ | 74,714 | | | $ | 25 | | | $ | 608,945 | | | Intersegment revenues (eliminations) | | 9 | | | — | | | (9) | | | — | | | Revenues | | $ | 534,215 | | | $ | 74,714 | | | $ | 16 | | | $ | 608,945 | | | Income (loss) before income taxes | | $ | 53,027 | | | $ | 17,334 | | | $ | (10,131) | | | $ | 60,230 | | | Income taxes (benefit) | | 10,199 | | | 3,320 | | | (2,649) | | | 10,870 | | | Net income (loss) | | 42,828 | | | 14,014 | | | (7,482) | | | 49,360 | | | Preferred stock dividends of subsidiaries | | 499 | | | — | | | (26) | | | 473 | | | Net income (loss) for common stock | | $ | 42,329 | | | $ | 14,014 | | | $ | (7,456) | | | $ | 48,887 | | | Six months ended June 30, 2020 | | | | | | | | | | Revenues from external customers | | $ | 1,131,636 | | | $ | 154,452 | | | $ | 43 | | | $ | 1,286,131 | | | Intersegment revenues (eliminations) | | 21 | | | — | | | (21) | | | — | | | Revenues | | $ | 1,131,657 | | | $ | 154,452 | | | $ | 22 | | | $ | 1,286,131 | | | Income (loss) before income taxes | | $ | 82,713 | | | $ | 36,303 | | | $ | (19,090) | | | $ | 99,926 | | | Income taxes (benefit) | | 15,481 | | | 6,528 | | | (5,336) | | | 16,673 | | | Net income (loss) | | 67,232 | | | 29,775 | | | (13,754) | | | 83,253 | | | Preferred stock dividends of subsidiaries | | 998 | | | — | | | (52) | | | 946 | | | Net income (loss) for common stock | | $ | 66,234 | | | $ | 29,775 | | | $ | (13,702) | | | $ | 82,307 | | Total assets (at June 30, 2020) | | $ | 6,332,007 | | | $ | 8,019,665 | | | $ | 129,028 | | | $ | 14,480,700 | | | Three months ended June 30, 2019 | | | | | | | | | | Revenues from external customers | | $ | 633,771 | | | $ | 81,687 | | | $ | 27 | | | $ | 715,485 | | | Intersegment revenues (eliminations) | | 13 | | | — | | | (13) | | | — | | | Revenues | | $ | 633,784 | | | $ | 81,687 | | | $ | 14 | | | $ | 715,485 | | | Income (loss) before income taxes | | $ | 40,817 | | | $ | 21,292 | | | $ | (9,415) | | | $ | 52,694 | | | Income taxes (benefit) | | 7,744 | | | 4,276 | | | (2,311) | | | 9,709 | | | Net income (loss) | | 33,073 | | | 17,016 | | | (7,104) | | | 42,985 | | | Preferred stock dividends of subsidiaries | | 499 | | | — | | | (26) | | | 473 | | | Net income (loss) for common stock | | $ | 32,574 | | | $ | 17,016 | | | $ | (7,078) | | | $ | 42,512 | | | Six months ended June 30, 2019 | | | | | | | | | | Revenues from external customers | | $ | 1,212,253 | | | $ | 164,739 | | | $ | 108 | | | $ | 1,377,100 | | | Intersegment revenues (eliminations) | | 26 | | | — | | | (26) | | | — | | | Revenues | | $ | 1,212,279 | | | $ | 164,739 | | | $ | 82 | | | $ | 1,377,100 | | | Income (loss) before income taxes | | $ | 82,676 | | | $ | 47,454 | | | $ | (19,397) | | | $ | 110,733 | | | Income taxes (benefit) | | 16,978 | | | 9,599 | | | (4,990) | | | 21,587 | | | Net income (loss) | | 65,698 | | | 37,855 | | | (14,407) | | | 89,146 | | | Preferred stock dividends of subsidiaries | | 998 | | | — | | | (52) | | | 946 | | | Net income (loss) for common stock | | $ | 64,700 | | | $ | 37,855 | | | $ | (14,355) | | | $ | 88,200 | | | Total assets (at December 31, 2019) | | $ | 6,388,682 | | | $ | 7,233,017 | | | $ | 123,552 | | | $ | 13,745,251 | |
Intercompany electricity sales of the 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 the Utilities and the profit on such sales is nominal. Bank fees that ASB charges the Utilities and “other” segments are not eliminated because those segments would pay fees to another financial institution if they were to bank with another institution and the profit on such fees is nominal. Hamakua Energy, LLC’s (Hamakua Energy’s) sales to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation.
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