Segment financial information

3 Months Ended

Mar. 31, 2012

Segment financial information

Segment financial information

2 · Segment financial information

(in thousands)	Electric utility		Bank		Other			Total
Three months ended March 31, 2012
Revenues from external customers	$	749,574	$	65,252	$	34		$	814,860
Intersegment revenues (eliminations)	36		—		(36		)	—
Revenues	749,610		65,252		(2		)	814,860
Income (loss) before income taxes	45,207		23,464		(8,584		)	60,087
Income taxes (benefit)	17,408		7,587		(3,697		)	21,298
Net income (loss)	27,799		15,877		(4,887		)	38,789
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	27,300		15,877		(4,861		)	38,316
Tangible assets (at March 31, 2012)	4,656,064		4,880,927		13,771			9,550,762
Three months ended March 31, 2011
Revenues from external customers	$	645,299	$	65,313	$	21		$	710,633
Intersegment revenues (eliminations)	36		—		(36		)	—
Revenues	645,335		65,313		(15		)	710,633
Income (loss) before income taxes	31,267		21,727		(7,995		)	44,999
Income taxes (benefit)	11,579		7,876		(3,391		)	16,064
Net income (loss)	19,688		13,851		(4,604		)	28,935
Preferred stock dividends of subsidiaries	499		—		(26		)	473
Net income (loss) for common stock	19,189		13,851		(4,578		)	28,462
Tangible assets (at December 31, 2011)	4,671,942		4,827,784		10,815			9,510,541

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.