Segment financial information

9 Months Ended

Sep. 30, 2012

Segment financial information

Segment financial information

2 · Segment financial information

(in thousands)	Electric utility		Bank		Other			Total
Three months ended September 30, 2012
Revenues from external customers	$	801,089	$	66,596	$	35		$	867,720
Intersegment revenues (eliminations)	6		—		(6		)	—
Revenues	801,095		66,596		29			867,720
Income (loss) before income taxes	61,268		21,627		(8,914		)	73,981
Income taxes (benefit)	22,395		7,419		(4,010		)	25,804
Net income (loss)	38,873		14,208		(4,904		)	48,177
Preferred stock dividends of subsidiaries	498		—		(27		)	471
Net income (loss) for common stock	38,375		14,208		(4,877		)	47,706
Nine months ended September 30, 2012
Revenues from external customers	2,340,202		196,569		77			2,536,848
Intersegment revenues (eliminations)	55		—		(55		)	—
Revenues	2,340,257		196,569		22			2,536,848
Income (loss) before income taxes	154,976		66,964		(25,775		)	196,165
Income taxes (benefit)	58,429		22,690		(11,193		)	69,926
Net income (loss)	96,547		44,274		(14,582		)	126,239
Preferred stock dividends of subsidiaries	1,496		—		(79		)	1,417
Net income (loss) for common stock	95,051		44,274		(14,503		)	124,822
Assets (at September 30, 2012)	4,961,715		4,952,850		(9,738		)	9,904,827
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
Assets (at December 31, 2011)	4,674,007		4,909,974		10,496			9,594,477

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.