Segment financial information

9 Months Ended

Sep. 30, 2011

Segment financial information

Segment financial information

2 · Segment financial information

(in thousands)	Electric Utility		Bank		Other			Total
Three months ended September 30, 2011
Revenues from external customers	$	820,218	$	66,100	$	37		$	886,355
Intersegment revenues (eliminations)	36		—		(36		)	—
Revenues	820,254		66,100		1			886,355
Income (loss) before income taxes	62,244		23,166		(8,641		)	76,769
Income taxes (benefit)	23,787		7,709		(3,602		)	27,894
Net income (loss)	38,457		15,457		(5,039		)	48,875
Preferred stock dividends of subsidiaries	498		—		(27		)	471
Net income (loss) for common stock	37,959		15,457		(5,012		)	48,404
Nine months ended September 30, 2011
Revenues from external customers	2,194,219		197,731		(643		)	2,391,307
Intersegment revenues (eliminations)	108		—		(108		)	—
Revenues	2,194,327		197,731		(751		)	2,391,307
Income (loss) before income taxes	122,114		68,699		(27,691		)	163,122
Income taxes (benefit)	46,446		24,196		(12,942		)	57,700
Net income (loss)	75,668		44,503		(14,749		)	105,422
Preferred stock dividends of subsidiaries	1,496		—		(79		)	1,417
Net income (loss) for common stock	74,172		44,503		(14,670		)	104,005
Tangible assets (at September 30, 2011)	4,350,759		4,811,421		12,941			9,175,121
Three months ended September 30, 2010
Revenues from external customers	$	623,090	$	71,429	$	22		$	694,541
Intersegment revenues (eliminations)	36		—		(36		)	—
Revenues	623,126		71,429		(14		)	694,541
Income (loss) before income taxes	37,197		24,359		(8,251		)	53,305
Income taxes (benefit)	14,719		9,066		(3,400		)	20,385
Net income (loss)	22,478		15,293		(4,851		)	32,920
Preferred stock dividends of subsidiaries	498		—		(27		)	471
Net income (loss) for common stock	21,980		15,293		(4,824		)	32,449
Nine months ended September 30, 2010
Revenues from external customers	1,755,213		213,975		57			1,969,245
Intersegment revenues (eliminations)	119		—		(119		)	—
Revenues	1,755,332		213,975		(62		)	1,969,245
Income (loss) before income taxes	95,063		71,842		(24,974		)	141,931
Income taxes (benefit)	35,893		26,682		(10,898		)	51,677
Net income (loss)	59,170		45,160		(14,076		)	90,254
Preferred stock dividends of subsidiaries	1,496		—		(79		)	1,417
Net income (loss) for common stock	57,674		45,160		(13,997		)	88,837
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.