Segment financial information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment financial information

Segment financial information

(in thousands)	Electric utility		Bank		Other		Total
Three months ended September 30, 2020
Revenues from external customers	$	562,559	$	78,644	$	224	$	641,427
Intersegment revenues (eliminations)	9		—		(9)		—
Revenues	$	562,568	$	78,644	$	215	$	641,427
Income (loss) before income taxes	$	74,398	$	15,027	$	(9,904)	$	79,521
Income taxes (benefit)	13,835		2,877		(2,694)		14,018
Net income (loss)	60,563		12,150		(7,210)		65,503
Preferred stock dividends of subsidiaries	498		—		(27)		471
Net income (loss) for common stock	$	60,065	$	12,150	$	(7,183)	$	65,032
Nine months ended September 30, 2020
Revenues from external customers	$	1,694,195	$	233,096	$	267	$	1,927,558
Intersegment revenues (eliminations)	30		—		(30)		—
Revenues	$	1,694,225	$	233,096	$	237	$	1,927,558
Income (loss) before income taxes	$	157,111	$	51,330	$	(28,994)	$	179,447
Income taxes (benefit)	29,316		9,405		(8,030)		30,691
Net income (loss)	127,795		41,925		(20,964)		148,756
Preferred stock dividends of subsidiaries	1,496		—		(79)		1,417
Net income (loss) for common stock	$	126,299	$	41,925	$	(20,885)	$	147,339
Total assets (at September 30, 2020)	$	6,322,304	$	8,075,745	$	144,312	$	14,542,361
Three months ended September 30, 2019
Revenues from external customers	$	688,299	$	82,548	$	35	$	770,882
Intersegment revenues (eliminations)	31		—		(31)		—
Revenues	$	688,330	$	82,548	$	4	$	770,882
Income (loss) before income taxes	$	58,099	$	29,157	$	(8,563)	$	78,693
Income taxes (benefit)	10,822		6,269		(2,288)		14,803
Net income (loss)	47,277		22,888		(6,275)		63,890
Preferred stock dividends of subsidiaries	498		—		(27)		471
Net income (loss) for common stock	$	46,779	$	22,888	$	(6,248)	$	63,419
Nine months ended September 30, 2019
Revenues from external customers	$	1,900,552	$	247,287	$	143	$	2,147,982
Intersegment revenues (eliminations)	57		—		(57)		—
Revenues	$	1,900,609	$	247,287	$	86	$	2,147,982
Income (loss) before income taxes	$	140,775	$	76,611	$	(27,960)	$	189,426
Income taxes (benefit)	27,800		15,868		(7,278)		36,390
Net income (loss)	112,975		60,743		(20,682)		153,036
Preferred stock dividends of subsidiaries	1,496		—		(79)		1,417
Net income (loss) for common stock	$	111,479	$	60,743	$	(20,603)	$	151,619
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.