Bank segment (Tables)

3 Months Ended

Mar. 31, 2022

Bank Subsidiary [Abstract]

Schedule of statements of income data

Condensed Consolidating Statement of Income

Three months ended March 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	500,242	108,528	100,028	—	(6)	$	708,792
Expenses
Fuel oil	154,425		25,251	41,610	—	—	221,286
Purchased power	124,183		30,712	8,638	—	—	163,533
Other operation and maintenance	83,656		20,214	21,387	—	—	125,257
Depreciation	39,484		10,351	8,636	—	—	58,471
Taxes, other than income taxes	47,274		10,032	9,344	—	—	66,650
Total expenses	449,022		96,560	89,615	—	—	635,197
Operating income	51,220		11,968	10,413	—	(6)	73,595
Allowance for equity funds used during construction	1,990		193	226	—	—	2,409
Equity in earnings of subsidiaries	13,661		—	—	—	(13,661)	—
Retirement defined benefits credit (expense)—other than service costs	855		167	(32)	—	—	990
Interest expense and other charges, net	(13,093)		(2,609)	(2,630)	—	6	(18,326)
Allowance for borrowed funds used during construction	651		60	67	—	—	778
Income before income taxes	55,284		9,779	8,044	—	(13,661)	59,446
Income taxes	8,605		2,268	1,665	—	—	12,538
Net income	46,679		7,511	6,379	—	(13,661)	46,908
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	46,679		7,377	6,284	—	(13,661)	46,679
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	46,409	7,377	6,284	—	(13,661)	$	46,409

Condensed Consolidating Statement of Income

Three months ended March 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	400,554	85,149	79,181	—	(20)	$	564,864
Expenses
Fuel oil	88,728		16,485	22,214	—	—	127,427
Purchased power	108,604		21,597	12,095	—	—	142,296
Other operation and maintenance	77,335		17,912	19,323	—	—	114,570
Depreciation	38,914		10,048	8,393	—	—	57,355
Taxes, other than income taxes	38,627		7,993	7,482	—	—	54,102
Total expenses	352,208		74,035	69,507	—	—	495,750
Operating income	48,346		11,114	9,674	—	(20)	69,114
Allowance for equity funds used during construction	1,748		132	311	—	—	2,191
Equity in earnings of subsidiaries	12,510		—	—	—	(12,510)	—
Retirement defined benefits credit (expense)—other than service costs	886		168	(33)	—	—	1,021
Interest expense and other charges, net	(12,832)		(2,581)	(2,590)	—	20	(17,983)
Allowance for borrowed funds used during construction	591		44	112	—	—	747
Income before income taxes	51,249		8,877	7,474	—	(12,510)	55,090
Income taxes	7,621		2,051	1,561	—	—	11,233
Net income	43,628		6,826	5,913	—	(12,510)	43,857
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	43,628		6,692	5,818	—	(12,510)	43,628
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	43,358	6,692	5,818	—	(12,510)	$	43,358

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2022		2021
Interest and dividend income
Interest and fees on loans	$	46,005	$	49,947
Interest and dividends on investment securities	13,984		8,673
Total interest and dividend income	59,989		58,620
Interest expense
Interest on deposit liabilities	947		1,462
Interest on other borrowings	5		27
Total interest expense	952		1,489
Net interest income	59,037		57,131
Provision for credit losses	(3,263)		(8,435)
Net interest income after provision for credit losses	62,300		65,566
Noninterest income
Fees from other financial services	5,587		5,073
Fee income on deposit liabilities	4,691		3,863
Fee income on other financial products	2,718		2,442
Bank-owned life insurance	681		2,561
Mortgage banking income	1,077		4,300
Gain on sale of real estate	1,002		—
Gain on sale of investment securities, net	—		528
Other income, net	372		272
Total noninterest income	16,128		19,039
Noninterest expense
Compensation and employee benefits	27,215		28,037
Occupancy	5,952		4,969
Data processing	4,151		4,351
Services	2,439		2,862
Equipment	2,329		2,222
Office supplies, printing and postage	1,060		1,044
Marketing	1,018		648
FDIC insurance	808		816
Other expense	3,241		2,554
Total noninterest expense	48,213		47,503
Income before income taxes	30,215		37,102
Income taxes	6,345		7,546
Net income	23,870		29,556
Other comprehensive loss, net of tax benefits	(122,441)		(45,754)
Comprehensive income (loss)	$	(98,571)	$	(16,198)

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

	Three months ended March 31
(in thousands)	2022		2021
Interest and dividend income	$	59,989	$	58,620
Noninterest income	16,128		19,039
Less: Gain on sale of real estate	1,002		—
Less: Gain on sale of investment securities, net	—		528
*Revenues-Bank	75,115		77,131
Total interest expense	952		1,489
Provision for credit losses	(3,263)		(8,435)
Noninterest expense	48,213		47,503
Less: Gain on sale of real estate	1,002		—
Less: Retirement defined benefits credit—other than service costs	(185)		(1,278)
*Expenses-Bank	45,085		41,835
*Operating income-Bank	30,030		35,296
Add back: Retirement defined benefits credit—other than service costs	(185)		(1,278)
Add back: Gain on sale of investment securities, net	—		528
Income before income taxes	$	30,215	$	37,102

Schedule of statements of comprehensive income data

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2022		2021
Interest and dividend income
Interest and fees on loans	$	46,005	$	49,947
Interest and dividends on investment securities	13,984		8,673
Total interest and dividend income	59,989		58,620
Interest expense
Interest on deposit liabilities	947		1,462
Interest on other borrowings	5		27
Total interest expense	952		1,489
Net interest income	59,037		57,131
Provision for credit losses	(3,263)		(8,435)
Net interest income after provision for credit losses	62,300		65,566
Noninterest income
Fees from other financial services	5,587		5,073
Fee income on deposit liabilities	4,691		3,863
Fee income on other financial products	2,718		2,442
Bank-owned life insurance	681		2,561
Mortgage banking income	1,077		4,300
Gain on sale of real estate	1,002		—
Gain on sale of investment securities, net	—		528
Other income, net	372		272
Total noninterest income	16,128		19,039
Noninterest expense
Compensation and employee benefits	27,215		28,037
Occupancy	5,952		4,969
Data processing	4,151		4,351
Services	2,439		2,862
Equipment	2,329		2,222
Office supplies, printing and postage	1,060		1,044
Marketing	1,018		648
FDIC insurance	808		816
Other expense	3,241		2,554
Total noninterest expense	48,213		47,503
Income before income taxes	30,215		37,102
Income taxes	6,345		7,546
Net income	23,870		29,556
Other comprehensive loss, net of tax benefits	(122,441)		(45,754)
Comprehensive income (loss)	$	(98,571)	$	(16,198)

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

	Three months ended March 31
(in thousands)	2022		2021
Interest and dividend income	$	59,989	$	58,620
Noninterest income	16,128		19,039
Less: Gain on sale of real estate	1,002		—
Less: Gain on sale of investment securities, net	—		528
*Revenues-Bank	75,115		77,131
Total interest expense	952		1,489
Provision for credit losses	(3,263)		(8,435)
Noninterest expense	48,213		47,503
Less: Gain on sale of real estate	1,002		—
Less: Retirement defined benefits credit—other than service costs	(185)		(1,278)
*Expenses-Bank	45,085		41,835
*Operating income-Bank	30,030		35,296
Add back: Retirement defined benefits credit—other than service costs	(185)		(1,278)
Add back: Gain on sale of investment securities, net	—		528
Income before income taxes	$	30,215	$	37,102

Schedule of balance sheets data

Condensed Consolidating Balance Sheet

March 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,857	5,606	3,594	—	—	$	52,057
Plant and equipment	5,144,377		1,394,875	1,256,817	—	—	7,796,069
Less accumulated depreciation	(1,788,280)		(627,421)	(570,061)	—	—	(2,985,762)
Construction in progress	164,073		19,691	28,984	—	—	212,748
Utility property, plant and equipment, net	3,563,027		792,751	719,334	—	—	5,075,112
Nonutility property, plant and equipment, less accumulated depreciation	5,301		115	1,532	—	—	6,948
Total property, plant and equipment, net	3,568,328		792,866	720,866	—	—	5,082,060
Investment in wholly owned subsidiaries, at equity	681,998		—	—	—	(681,998)	—
Current assets
Cash and cash equivalents	19,894		6,017	3,067	77	—	29,055
Restricted cash	2,140		—	—	—	—	2,140
Advances to affiliates	5,000		—	12,800	—	(17,800)	—
Customer accounts receivable, net	128,263		27,735	25,402	—	—	181,400
Accrued unbilled revenues, net	98,511		21,235	20,259	—	—	140,005
Other accounts receivable, net	15,846		5,128	4,269	—	(18,203)	7,040
Fuel oil stock, at average cost	105,780		13,895	19,697	—	—	139,372
Materials and supplies, at average cost	42,852		9,673	20,181	—	—	72,706
Prepayments and other	29,677		4,602	5,883	—	1,253	41,415
Regulatory assets	69,638		4,877	4,360	—	—	78,875
Total current assets	517,601		93,162	115,918	77	(34,750)	692,008
Other long-term assets
Operating lease right-of-use assets	61,826		38,368	14,284	—	—	114,478
Regulatory assets	325,063		78,877	76,346	—	—	480,286
Other	128,934		18,620	19,607	—	(817)	166,344
Total other long-term assets	515,823		135,865	110,237	—	(817)	761,108
Total assets	$	5,283,750	1,021,893	947,021	77	(717,565)	$	6,535,176
Capitalization and liabilities
Capitalization
Common stock equity	$	2,276,884	336,177	345,744	77	(681,998)	$	2,276,884
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,136,739		234,413	253,447	—	—	1,624,599
Total capitalization	3,435,916		577,590	604,191	77	(681,998)	3,935,776
Current liabilities
Current portion of operating lease liabilities	31,078		6,370	2,510	—	—	39,958
Current portion of long-term debt	39,986		11,996	—	—	—	51,982
Short-term borrowings from non-affiliates	6,000		—	—	—	—	6,000
Short-term borrowings from affiliate	12,800		5,000	—	—	(17,800)	—
Accounts payable	124,463		22,175	21,551	—	—	168,189
Interest and preferred dividends payable	20,057		3,687	4,414	—	(4)	28,154
Taxes accrued, including revenue taxes	125,425		29,109	25,537	—	1,253	181,324
Regulatory liabilities	19,416		5,495	5,017	—	—	29,928
Other	60,491		18,869	19,214	—	(18,356)	80,218
Total current liabilities	439,716		102,701	78,243	—	(34,907)	585,753
Deferred credits and other liabilities
Operating lease liabilities	44,785		32,066	11,838	—	—	88,689
Deferred income taxes	289,376		52,859	64,089	—	—	406,324
Regulatory liabilities	702,745		178,224	92,547	—	—	973,516
Unamortized tax credits	74,821		13,927	13,219	—	—	101,967
Defined benefit pension and other postretirement benefit plans liability	216,181		47,842	52,312	—	(660)	315,675
Other	80,210		16,684	30,582	—	—	127,476
Total deferred credits and other liabilities	1,408,118		341,602	264,587	—	(660)	2,013,647
Total capitalization and liabilities	$	5,283,750	1,021,893	947,021	77	(717,565)	$	6,535,176

Condensed Consolidating Balance Sheet

December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,737	5,606	3,594	—	—	$	51,937
Plant and equipment	5,097,033		1,390,361	1,248,589	—	—	7,735,983
Less accumulated depreciation	(1,757,096)		(619,991)	(563,430)	—	—	(2,940,517)
Construction in progress	159,854		17,129	27,586	—	—	204,569
Utility property, plant and equipment, net	3,542,528		793,105	716,339	—	—	5,051,972
Nonutility property, plant and equipment, less accumulated depreciation	5,302		115	1,532	—	—	6,949
Total property, plant and equipment, net	3,547,830		793,220	717,871	—	—	5,058,921
Investment in wholly owned subsidiaries, at equity	676,237		—	—	—	(676,237)	—
Current assets
Cash and cash equivalents	23,344		5,326	23,422	77	—	52,169
Restricted cash	3,089		—	—	—	—	3,089
Advances to affiliates	1,000		—	—	—	(1,000)	—
Customer accounts receivable, net	135,949		28,469	22,441	—	—	186,859
Accrued unbilled revenues, net	92,469		19,529	17,157	—	—	129,155
Other accounts receivable, net	18,624		3,347	3,031	—	(17,735)	7,267
Fuel oil stock, at average cost	71,184		12,814	20,080	—	—	104,078
Materials and supplies, at average cost	42,006		9,727	20,144	—	—	71,877
Prepayments and other	32,140		6,052	7,114	—	725	46,031
Regulatory assets	58,695		3,051	4,918	—	—	66,664
Total current assets	478,500		88,315	118,307	77	(18,010)	667,189
Other long-term assets
Operating lease right-of-use assets	78,710		22,442	318	—	—	101,470
Regulatory assets	337,903		81,645	79,331	—	—	498,879
Other	130,546		17,124	18,510	—	(1,014)	165,166
Total other long-term assets	547,159		121,211	98,159	—	(1,014)	765,515
Total assets	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625
Capitalization and liabilities
Capitalization
Common stock equity	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,136,620		234,390	253,417	—	—	1,624,427
Total capitalization	3,420,812		574,290	601,677	77	(676,237)	3,920,619
Current liabilities
Current portion of operating lease liabilities	45,955		3,378	35	—	—	49,368
Current portion of long-term debt	39,981		11,994	—	—	—	51,975
Short-term borrowings-affiliate	—		1,000	—	—	(1,000)	—
Accounts payable	111,024		26,139	22,844	—	—	160,007
Interest and preferred dividends payable	12,442		2,617	2,269	—	(3)	17,325
Taxes accrued, including revenue taxes	143,723		33,153	30,679	—	725	208,280
Regulatory liabilities	22,240		3,247	4,273	—	—	29,760
Other	56,752		14,158	18,540	—	(17,881)	71,569
Total current liabilities	432,117		95,686	78,640	—	(18,159)	588,284
Deferred credits and other liabilities
Operating lease liabilities	46,426		19,063	291	—	—	65,780
Deferred income taxes	291,027		53,298	64,309	—	—	408,634
Regulatory liabilities	695,152		179,267	92,589	—	—	967,008
Unamortized tax credits	76,201		14,212	13,532	—	—	103,945
Defined benefit pension and other postretirement benefit plans liability	220,480		48,900	53,257	—	(857)	321,780
Other	67,511		18,030	30,042	—	(8)	115,575
Total deferred credits and other liabilities	1,396,797		332,770	254,020	—	(865)	1,982,722
Total capitalization and liabilities	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625

Balance Sheets Data

(in thousands)	March 31, 2022				December 31, 2021
Assets
Cash and due from banks			$	114,249			$	100,051
Interest-bearing deposits			155,279				151,189
Cash and cash equivalents			269,528				251,240
Investment securities
Available-for-sale, at fair value			2,621,375				2,574,618
Held-to-maturity, at amortized cost (fair value of $466,236 and $510,474, respectively)			517,150				522,270
Stock in Federal Home Loan Bank, at cost			10,000				10,000
Loans held for investment			5,184,733				5,211,114
Allowance for credit losses			(67,211)				(71,130)
Net loans			5,117,522				5,139,984
Loans held for sale, at lower of cost or fair value			7,961				10,404
Other			626,599				590,897
Goodwill			82,190				82,190
Total assets			$	9,252,325			$	9,181,603
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	3,016,520			$	2,976,632
Deposit liabilities—interest-bearing			5,272,752				5,195,580
Other borrowings			137,385				88,305
Other			210,681				193,268
Total liabilities			8,637,338				8,453,785
Common stock			1				1
Additional paid-in capital			354,635				353,895
Retained earnings			420,574				411,704
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(152,444)			$	(32,037)
Retirement benefit plans	(7,779)		(160,223)		(5,745)		(37,782)
Total shareholder’s equity			614,987				727,818
Total liabilities and shareholder’s equity			$	9,252,325			$	9,181,603
Other assets
Bank-owned life insurance			$	176,301			$	177,566
Premises and equipment, net			199,949				202,299
Accrued interest receivable			21,133				20,854
Mortgage-servicing rights			10,024				9,950
Low-income housing investments			107,791				110,989
Deferred tax asset			51,720				7,699
Other			59,681				61,540
			$	626,599			$	590,897
Other liabilities
Accrued expenses			$	104,958			$	87,905
Federal and state income taxes payable			2,174				—
Cashier’s checks			36,586				33,675
Advance payments by borrowers			5,664				9,994
Other			61,299				61,694
			$	210,681			$	193,268

Schedule of the book value and aggregate fair value by major security type

The major components of investment securities were as follows:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value		Gross unrealized losses
									Less than 12 months					12 months or longer
(dollars in thousands)									Number of issues	Fair  value		Amount		Number of issues	Fair  value		Amount
March 31, 2022
Available-for-sale
U.S. Treasury and federal agency obligations	$	109,343	$	75	$	(3,216)	$	106,202	16	$	91,087	$	(3,216)	—	$	—	$	—
Mortgage-backed securities*	2,660,506		277		(204,029)		2,456,754		165	1,484,883		(97,460)		64	904,628		(106,569)
Corporate bonds	44,481		101		(1,459)		43,123		3	34,014		(1,459)		—	—		—
Mortgage revenue bonds	15,296		—		—		15,296		—	—		—		—	—		—
	$	2,829,626	$	453	$	(208,704)	$	2,621,375	184	$	1,609,984	$	(102,135)	64	$	904,628	$	(106,569)
Held-to-maturity
U.S. Treasury and Federal agency obligations	$	59,877	$	—	$	(3,831)	$	56,046	3	$	56,046	$	(3,831)	—	$	—	$	—
Mortgage-backed securities*	457,273		76		(47,159)		410,190		23	246,986		(23,964)		13	158,370		(23,195)
	$	517,150	$	76	$	(50,990)	$	466,236	26	$	303,032	$	(27,795)	13	$	158,370	$	(23,195)
December 31, 2021
Available-for-sale
U.S. Treasury and federal agency obligations	$	89,714	$	803	$	(427)	$	90,090	4	$	44,827	$	(427)	—	$	—	$	—
Mortgage-backed securities*	2,482,618		6,511		(51,206)		2,437,923		120	1,845,243		(38,321)		18	271,012		(12,885)
Corporate bonds	30,625		655		(102)		31,178		1	12,780		(102)		—	—		—
Mortgage revenue bonds	15,427		—		—		15,427		—	—		—		—	—		—
	$	2,618,384	$	7,969	$	(51,735)	$	2,574,618	125	$	1,902,850	$	(38,850)	18	$	271,012	$	(12,885)
Held-to-maturity
U.S. Treasury and Federal agency obligations	$	59,871	$	168	$	(170)	$	59,869	2	$	39,594	$	(170)	—	$	—	$	—
Mortgage-backed securities*	462,399		1,480		(13,274)		450,605		22	290,883		(7,665)		7	106,483		(5,609)
	$	522,270	$	1,648	$	(13,444)	$	510,474	24	$	330,477	$	(7,835)	7	$	106,483	$	(5,609)

* Issued or guaranteed by U.S. Government agencies or sponsored agencies

Schedule of contractual maturities of available-for-sale securities

The contractual maturities of investment securities were as follows:

March 31, 2022	Amortized cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	15,821	$	15,890
Due after one year through five years	81,524		79,931
Due after five years through ten years	71,775		68,800
Due after ten years	—		—
	169,120		164,621
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,660,506		2,456,754
Total available-for-sale securities	$	2,829,626	$	2,621,375
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	59,877		56,046
Due after ten years	—		—
	59,877		56,046
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	457,273		410,190
Total held-to-maturity securities	$	517,150	$	466,236

Schedule of proceeds, gross gains and losses from sales of available-for-sale securities

The proceeds, gross gains and losses from sales of available-for-sale securities were as follows:

	Three months ended March 31
	2022		2021
(in thousands)
Proceeds	$	—	$	197,354
Gross gains	—		974
Gross losses	—		446
Tax expense on realized gains	—		142

Schedule of components of loans receivable

The components of loans were summarized as follows:

	March 31, 2022		December 31, 2021
(in thousands)
Real estate:
Residential 1-4 family	$	2,279,671	$	2,299,212
Commercial real estate	1,115,632		1,056,982
Home equity line of credit	845,271		835,663
Residential land	22,309		19,859
Commercial construction	90,332		91,080
Residential construction	15,508		11,138
Total real estate	4,368,723		4,313,934
Commercial	708,447		793,304
Consumer	116,090		113,966
Total loans	5,193,260		5,221,204
Less: Deferred fees and discounts	(8,527)		(10,090)
Allowance for credit losses	(67,211)		(71,130)
Total loans, net	$	5,117,522	$	5,139,984

Schedule of allowance for credit losses

The allowance for credit losses (balances and changes) by portfolio segment were as follows:

(in thousands)	Residential 1-4 family		Commercial real estate		Home equity line of credit		Residential land		Commercial construction		Residential construction		Commercial loans		Consumer loans		Total
Three months ended March 31, 2022
Allowance for credit losses:
Beginning balance	$	6,545	$	24,696	$	5,657	$	646	$	2,186	$	18	$	15,798	$	15,584	$	71,130
Charge-offs	—		—		—		—		—		—		(76)		(1,482)		(1,558)
Recoveries	8		—		11		5		—		—		353		1,025		1,402
Provision	1,321		(4,520)		(18)		46		154		13		(1,761)		1,002		(3,763)
Ending balance	$	7,874	$	20,176	$	5,650	$	697	$	2,340	$	31	$	14,314	$	16,129	$	67,211
Three months ended March 31, 2021
Allowance for credit losses:
Beginning balance	$	4,600	$	35,607	$	6,813	$	609	$	4,149	$	11	$	25,462	$	23,950	$	101,201
Charge-offs	—		—		(50)		—		—		—		(771)		(2,860)		(3,681)
Recoveries	3		—		15		10		—		—		273		1,007		1,308
Provision	658		(1,262)		(877)		(46)		(2,696)		5		(460)		(2,357)		(7,035)
Ending balance	$	5,261	$	34,345	$	5,901	$	573	$	1,453	$	16	$	24,504	$	19,740	$	91,793

Schedule of allowance for loan commitments

The allowance for loan commitments by portfolio segment were as follows:

(in thousands)	Home equity  line of credit		Commercial construction		Commercial loans		Total
Three months ended March 31, 2022
Allowance for loan commitments:
Beginning balance	$	400	$	3,700	$	800	$	4,900
Provision	—		(100)		600		500
Ending balance	$	400	$	3,600	$	1,400	$	5,400
Three months ended March 31, 2021
Allowance for loan commitments:
Beginning balance	$	300	$	3,000	$	1,000	$	4,300
Provision	100		(1,700)		200		(1,400)
Ending balance	$	400	$	1,300	$	1,200	$	2,900

Schedule of credit risk profile by internally assigned grade for loans

The credit risk profile by vintage date based on payment activity or internally assigned grade for loans was as follows:

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Revolving		Converted to term loans		Total
March 31, 2022
Residential 1-4 family
Current	$	77,374	$	779,764	$	448,738	$	125,136	$	58,967	$	781,055	$	—	$	—	$	2,271,034
30-59 days past due	—		—		—		—		—		1,920		—		—		1,920
60-89 days past due	—		—		—		—		—		2,414		—		—		2,414
Greater than 89 days past due	—		—		—		—		809		3,494		—		—		4,303
	77,374		779,764		448,738		125,136		59,776		788,883		—		—		2,279,671
Home equity line of credit
Current	—		—		—		—		—		—		803,515		39,683		843,198
30-59 days past due	—		—		—		—		—		—		457		512		969
60-89 days past due	—		—		—		—		—		—		64		—		64
Greater than 89 days past due	—		—		—		—		—		—		745		295		1,040
	—		—		—		—		—		—		804,781		40,490		845,271
Residential land
Current	2,703		10,550		6,725		958		530		446		—		—		21,912
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		397		—		—		397
	2,703		10,550		6,725		958		530		843		—		—		22,309
Residential construction
Current	2,423		10,493		2,336		—		—		256		—		—		15,508
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	2,423		10,493		2,336		—		—		256		—		—		15,508
Consumer
Current	22,938		32,765		12,643		22,292		6,434		318		11,886		4,163		113,439
30-59 days past due	185		187		126		377		170		2		96		35		1,178
60-89 days past due	—		56		115		278		97		4		23		48		621
Greater than 89 days past due	—		43		55		253		200		9		111		181		852
	23,123		33,051		12,939		23,200		6,901		333		12,116		4,427		116,090
Commercial real estate
Pass	72,390		171,541		292,533		53,006		61,639		296,669		4,235		—		952,013
Special Mention	—		19,600		3,508		41,925		14,250		43,372		—		—		122,655
Substandard	—		—		678		11,238		1,847		27,201		—		—		40,964
Doubtful	—		—		—		—		—		—		—		—		—
	72,390		191,141		296,719		106,169		77,736		367,242		4,235		—		1,115,632
Commercial construction
Pass	119		22,614		32,846		—		11,341		—		23,412		—		90,332
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	119		22,614		32,846		—		11,341		—		23,412		—		90,332
Commercial
Pass	8,521		234,161		83,927		75,241		46,058		89,119		89,919		14,951		641,897
Special Mention	—		31		10,012		9,540		117		7,680		18,364		17		45,761
Substandard	—		423		173		3,110		1,686		6,759		7,326		1,312		20,789
Doubtful	—		—		—		—		—		—		—		—		—
	8,521		234,615		94,112		87,891		47,861		103,558		115,609		16,280		708,447
Total loans	$	186,653	$	1,282,228	$	894,415	$	343,354	$	204,145	$	1,261,115	$	960,153	$	61,197	$	5,193,260

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2021		2020		2019		2018		2017		Prior		Revolving		Converted to term loans		Total
December 31, 2021
Residential 1-4 family
Current	$	791,758	$	461,683	$	133,345	$	64,421	$	124,994	$	712,452	$	—	$	—	$	2,288,653
30-59 days past due	—		—		—		809		—		2,210		—		—		3,019
60-89 days past due	—		—		—		—		—		1,468		—		—		1,468
Greater than 89 days past due	—		—		2,987		—		—		3,085		—		—		6,072
	791,758		461,683		136,332		65,230		124,994		719,215		—		—		2,299,212
Home equity line of credit
Current	—		—		—		—		—		—		794,518		39,116		833,634
30-59 days past due	—		—		—		—		—		—		296		313		609
60-89 days past due	—		—		—		—		—		—		16		70		86
Greater than 89 days past due	—		—		—		—		—		—		838		496		1,334
	—		—		—		—		—		—		795,668		39,995		835,663
Residential land
Current	10,572		6,794		1,116		532		267		181		—		—		19,462
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		397		—		—		397
	10,572		6,794		1,116		532		267		578		—		—		19,859
Residential construction
Current	7,856		3,019		—		—		263		—		—		—		11,138
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	7,856		3,019		—		—		263		—		—		—		11,138
Consumer
Current	37,563		15,488		29,383		10,897		302		238		12,740		4,157		110,768
30-59 days past due	202		181		517		234		15		—		156		70		1,375
60-89 days past due	59		127		392		183		8		—		7		106		882
Greater than 89 days past due	14		93		387		192		27		—		141		87		941
	37,838		15,889		30,679		11,506		352		238		13,044		4,420		113,966
Commercial real estate
Pass	173,794		275,242		49,317		56,490		33,581		259,583		11,602		—		859,609
Special Mention	19,600		3,529		42,935		30,870		20,788		32,824		—		—		150,546
Substandard	—		684		13,936		1,859		1,805		28,543		—		—		46,827
Doubtful	—		—		—		—		—		—		—		—		—
	193,394		279,455		106,188		89,219		56,174		320,950		11,602		—		1,056,982
Commercial construction
Pass	17,140		43,261		—		11,342		—		—		19,337		—		91,080
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	17,140		43,261		—		11,342		—		—		19,337		—		91,080
Commercial
Pass	266,087		96,963		79,329		56,497		31,019		66,570		96,673		15,510		708,648
Special Mention	40		27,336		10,071		202		439		8,966		15,303		18		62,375
Substandard	427		184		3,737		1,777		4,457		2,961		7,083		1,655		22,281
Doubtful	—		—		—		—		—		—		—		—		—
	266,554		124,483		93,137		58,476		35,915		78,497		119,059		17,183		793,304
Total loans	$	1,325,112	$	934,584	$	367,452	$	236,305	$	217,965	$	1,119,478	$	958,710	$	61,598	$	5,221,204

Schedule of credit risk profile based on payment activity for loans

The credit risk profile based on payment activity for loans was as follows:

(in thousands)	30-59 days past due		60-89 days past due		Greater than 90 days		Total past due		Current		Total financing receivables		Amortized cost> 90 days and accruing
March 31, 2022
Real estate:
Residential 1-4 family	$	1,920	$	2,414	$	4,303	$	8,637	$	2,271,034	$	2,279,671	$	—
Commercial real estate	—		—		—		—		1,115,632		1,115,632		—
Home equity line of credit	969		64		1,040		2,073		843,198		845,271		—
Residential land	—		—		397		397		21,912		22,309		—
Commercial construction	—		—		—		—		90,332		90,332		—
Residential construction	—		—		—		—		15,508		15,508		—
Commercial	200		139		40		379		708,068		708,447		—
Consumer	1,178		621		852		2,651		113,439		116,090		—
Total loans	$	4,267	$	3,238	$	6,632	$	14,137	$	5,179,123	$	5,193,260	$	—
December 31, 2021
Real estate:
Residential 1-4 family	$	3,019	$	1,468	$	6,072	$	10,559	$	2,288,653	$	2,299,212	$	—
Commercial real estate	—		—		—		—		1,056,982		1,056,982		—
Home equity line of credit	609		86		1,334		2,029		833,634		835,663		—
Residential land	—		—		397		397		19,462		19,859		—
Commercial construction	—		—		—		—		91,080		91,080		—
Residential construction	—		—		—		—		11,138		11,138		—
Commercial	700		313		48		1,061		792,243		793,304		—
Consumer	1,375		882		941		3,198		110,768		113,966		—
Total loans	$	5,703	$	2,749	$	8,792	$	17,244	$	5,203,960	$	5,221,204	$	—

Schedule of credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due

The credit risk profile based on nonaccrual loans were as follows:

(in thousands)	March 31, 2022						December 31, 2021
	With a Related ACL		Without a Related ACL		Total		With a Related ACL		Without a Related ACL		Total
Real estate:
Residential 1-4 family	$	12,583	$	3,909	$	16,492	$	16,045	$	3,703	$	19,748
Commercial real estate	—		12,530		12,530		14,104		1,221		15,325
Home equity line of credit	3,371		1,054		4,425		4,227		1,294		5,521
Residential land	—		397		397		97		300		397
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	1,307		562		1,869		1,446		692		2,138
Consumer	1,555		—		1,555		1,845		—		1,845
Total	$	18,816	$	18,452	$	37,268	$	37,764	$	7,210	$	44,974

The credit risk profile based on loans whose terms have been modified and accruing interest were as follows:

(in thousands)	March 31, 2022		December 31, 2021
Real estate:
Residential 1-4 family	$	7,296	$	6,949
Commercial real estate	2,888		3,055
Home equity line of credit	5,437		6,021
Residential land	976		980
Commercial construction	—		—
Residential construction	—		—
Commercial	7,079		7,860
Consumer	52		52
Total troubled debt restructured loans accruing interest	$	23,728	$	24,917

Schedule of loan modifications

Loan modifications that occurred during the three months ended March 31, 2021 were as follows:

	Three months ended March 31, 2021
(dollars in thousands)	Number  of contracts	Outstanding recorded investment  (as of period end)1		Related allowance (as of period end)
Troubled debt restructurings
Real estate:
Residential 1-4 family	12	$	8,283	$	298
Commercial real estate	1	482		—
Home equity line of credit	1	170		21
Residential land	1	271		11
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	2	59		19
Consumer	—	—		—
	17	$	9,265	$	349

1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.

Schedule of collateral-dependent loans

Loans considered collateral-dependent were as follows:

	Amortized cost
(in thousands)	March 31, 2022		December 31, 2021		Collateral type
Real estate:
Residential 1-4 family	$	4,500	$	3,493	Residential real estate property
Commercial real estate	1,200		1,221		Commercial real estate property
Home equity line of credit	1,034		1,294		Residential real estate property
Residential land	397		300		Residential real estate property
Total real estate	7,131		6,308
Commercial	562		692		Business assets
Total	$	7,693	$	7,000

Schedule of amortized intangible assets

Changes in the carrying value of MSRs were as follows:

(in thousands)	Gross carrying amount		Accumulated amortization		Valuation allowance		Net carrying amount
March 31, 2022	$	19,137	$	(9,113)	$	—	$	10,024
December 31, 2021	18,674		(8,724)		—		9,950

Changes related to MSRs were as follows:

	Three months ended March 31
(in thousands)	2022		2021
Mortgage servicing rights
Beginning balance	$	9,950	$	10,280
Amount capitalized	719		1,547
Amortization	(645)		(1,138)
Other-than-temporary impairment	—		—
Carrying amount before valuation allowance	10,024		10,689
Valuation allowance for mortgage servicing rights
Beginning balance	—		260
Provision	—		(256)
Other-than-temporary impairment	—		—
Ending balance	—		4
Net carrying value of mortgage servicing rights	$	10,024	$	10,685

Schedule of key assumptions used in estimating fair value

Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:

(dollars in thousands)	March 31, 2022			December 31, 2021
Unpaid principal balance	$	1,488,591		$	1,481,899
Weighted average note rate	3.34		%	3.38		%
Weighted average discount rate	9.25		%	9.25		%
Weighted average prepayment speed	7.06		%	9.77		%

Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets

The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Prepayment rate:
25 basis points adverse rate change	$	(360)	$	(714)
50 basis points adverse rate change	(809)		(1,608)
Discount rate:
25 basis points adverse rate change	(160)		(129)
50 basis points adverse rate change	(318)		(256)

Schedule of securities sold under agreements to repurchase

The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties:

(in millions)	Gross amount  of recognized  liabilities		Gross amount  offset in the  Balance Sheets		Net amount of liabilities presented in the Balance Sheets
Repurchase agreements
March 31, 2022	$	137	$	—	$	137
December 31, 2021	88		—		88

	Gross amount not offset in the Balance Sheets
(in millions)	Net amount of liabilities presented in the Balance Sheets		Financial instruments		Cash collateral pledged
Commercial account holders
March 31, 2022	$	137	$	161	$	—
December 31, 2021	88		161		—

Schedule of notional and fair value of derivatives

The notional amount and fair value of ASB’s derivative financial instruments were as follows:

	March 31, 2022				December 31, 2021
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	12,342	$	(18)	$	39,377	$	638
Forward commitments	11,750		168		38,000		(11)

Schedule of derivative financial instruments

ASB’s derivative financial instruments, their fair values and balance sheet location were as follows:

Derivative Financial Instruments Not Designated as Hedging Instruments 1	March 31, 2022				December 31, 2021
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	40	$	58	$	638	$	—
Forward commitments	168		—		—		11
	$	208	$	58	$	638	$	11

1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.

Schedule of derivative financial instruments and net gain or loss

The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in ASB’s statements of income:

Derivative Financial Instruments Not Designated as Hedging Instruments	Location of net gains (losses) recognized in the Statements of Income	Three months ended March 31
(in thousands)		2022		2021
Interest rate lock commitments	Mortgage banking income	$	(655)	$	(4,098)
Forward commitments	Mortgage banking income	178		840
		$	(477)	$	(3,258)