Bank segment (Tables)

3 Months Ended

Mar. 31, 2023

Bank Subsidiary [Abstract]

Schedule of statements of income data

Condensed Consolidating Statement of Income

Three months ended March 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	601,530	115,288	113,673	—	(130)	$	830,361
Expenses
Fuel oil	253,827		27,760	52,510	—	—	334,097
Purchased power	110,279		34,086	8,396	—	—	152,761
Other operation and maintenance	83,233		21,350	23,733	—	—	128,316
Depreciation	41,038		10,635	9,254	—	—	60,927
Taxes, other than income taxes	56,953		10,737	10,695	—	—	78,385
Total expenses	545,330		104,568	104,588	—	—	754,486
Operating income	56,200		10,720	9,085	—	(130)	75,875
Allowance for equity funds used during construction	2,640		284	377	—	—	3,301
Equity in earnings of subsidiaries	11,541		—	—	—	(11,541)	—
Retirement defined benefits credit (expense)—other than service costs	904		169	(26)	—	—	1,047
Interest expense and other charges, net	(14,557)		(2,831)	(2,988)	—	130	(20,246)
Allowance for borrowed funds used during construction	918		91	122	—	—	1,131
Income before income taxes	57,646		8,433	6,570	—	(11,541)	61,108
Income taxes	10,367		1,909	1,324	—	—	13,600
Net income	47,279		6,524	5,246	—	(11,541)	47,508
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	47,279		6,390	5,151	—	(11,541)	47,279
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	47,009	6,390	5,151	—	(11,541)	$	47,009

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

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2023		2022
Interest and dividend income
Interest and fees on loans	$	64,842	$	46,005
Interest and dividends on investment securities	14,637		13,984
Total interest and dividend income	79,479		59,989
Interest expense
Interest on deposit liabilities	6,837		947
Interest on other borrowings	7,721		5
Total interest expense	14,558		952
Net interest income	64,921		59,037
Provision for credit losses	1,175		(3,263)
Net interest income after provision for credit losses	63,746		62,300
Noninterest income
Fees from other financial services	4,679		5,587
Fee income on deposit liabilities	4,599		4,691
Fee income on other financial products	2,744		2,718
Bank-owned life insurance	1,425		681
Mortgage banking income	130		1,077
Gain on sale of real estate	—		1,002
Other income, net	801		372
Total noninterest income	14,378		16,128
Noninterest expense
Compensation and employee benefits	30,204		27,215
Occupancy	5,588		5,952
Data processing	5,012		4,151
Services	2,595		2,439
Equipment	2,646		2,329
Office supplies, printing and postage	1,165		1,060
Marketing	1,016		1,018
Other expense	6,191		4,049
Total noninterest expense	54,417		48,213
Income before income taxes	23,707		30,215
Income taxes	5,145		6,345
Net income	18,562		23,870
Other comprehensive income (loss), net of taxes	18,430		(122,441)
Comprehensive income (loss)	$	36,992	$	(98,571)

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

	Three months ended March 31
(in thousands)	2023		2022
Interest and dividend income	$	79,479	$	59,989
Noninterest income	14,378		16,128
Less: Gain on sale of real estate	—		1,002
*Revenues-Bank	93,857		75,115
Total interest expense	14,558		952
Provision for credit losses	1,175		(3,263)
Noninterest expense	54,417		48,213
Less: Gain on sale of real estate	—		1,002
Less: Retirement defined benefits credit—other than service costs	(187)		(185)
*Expenses-Bank	70,337		45,085
*Operating income-Bank	23,520		30,030
Add back: Retirement defined benefits credit—other than service costs	(187)		(185)
Income before income taxes	$	23,707	$	30,215

Schedule of statements of comprehensive income data

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2023		2022
Interest and dividend income
Interest and fees on loans	$	64,842	$	46,005
Interest and dividends on investment securities	14,637		13,984
Total interest and dividend income	79,479		59,989
Interest expense
Interest on deposit liabilities	6,837		947
Interest on other borrowings	7,721		5
Total interest expense	14,558		952
Net interest income	64,921		59,037
Provision for credit losses	1,175		(3,263)
Net interest income after provision for credit losses	63,746		62,300
Noninterest income
Fees from other financial services	4,679		5,587
Fee income on deposit liabilities	4,599		4,691
Fee income on other financial products	2,744		2,718
Bank-owned life insurance	1,425		681
Mortgage banking income	130		1,077
Gain on sale of real estate	—		1,002
Other income, net	801		372
Total noninterest income	14,378		16,128
Noninterest expense
Compensation and employee benefits	30,204		27,215
Occupancy	5,588		5,952
Data processing	5,012		4,151
Services	2,595		2,439
Equipment	2,646		2,329
Office supplies, printing and postage	1,165		1,060
Marketing	1,016		1,018
Other expense	6,191		4,049
Total noninterest expense	54,417		48,213
Income before income taxes	23,707		30,215
Income taxes	5,145		6,345
Net income	18,562		23,870
Other comprehensive income (loss), net of taxes	18,430		(122,441)
Comprehensive income (loss)	$	36,992	$	(98,571)

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

	Three months ended March 31
(in thousands)	2023		2022
Interest and dividend income	$	79,479	$	59,989
Noninterest income	14,378		16,128
Less: Gain on sale of real estate	—		1,002
*Revenues-Bank	93,857		75,115
Total interest expense	14,558		952
Provision for credit losses	1,175		(3,263)
Noninterest expense	54,417		48,213
Less: Gain on sale of real estate	—		1,002
Less: Retirement defined benefits credit—other than service costs	(187)		(185)
*Expenses-Bank	70,337		45,085
*Operating income-Bank	23,520		30,030
Add back: Retirement defined benefits credit—other than service costs	(187)		(185)
Income before income taxes	$	23,707	$	30,215

Schedule of balance sheets data

Condensed Consolidating Balance Sheet

March 31, 2023

(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	$	42,860	5,606	3,594	—	—	$	52,060
Plant and equipment	5,302,293		1,431,852	1,308,747	—	—	8,042,892
Right-of-use assets - finance lease	88,297		—	—	—	—	88,297
Less accumulated depreciation	(1,889,007)		(651,463)	(593,341)	—	—	(3,133,811)
Construction in progress	248,788		28,136	38,938	—	—	315,862
Utility property, plant and equipment, net	3,793,231		814,131	757,938	—	—	5,365,300
Nonutility property, plant and equipment, less accumulated depreciation	5,298		115	1,532	—	—	6,945
Total property, plant and equipment, net	3,798,529		814,246	759,470	—	—	5,372,245
Investment in wholly owned subsidiaries, at equity	705,212		—	—	—	(705,212)	—
Current assets
Cash and cash equivalents	49,393		28,006	38,546	77	—	116,022
Customer accounts receivable, net	172,426		34,224	28,655	—	—	235,305
Accrued unbilled revenues, net	118,035		21,831	20,666	—	—	160,532
Other accounts receivable, net	22,376		3,883	4,677	—	(19,509)	11,427
Fuel oil stock, at average cost	116,295		16,678	24,610	—	—	157,583
Materials and supplies, at average cost	50,744		10,578	22,771	—	—	84,093
Prepayments and other	33,369		5,025	5,515	—	—	43,909
Regulatory assets	58,943		2,575	3,455	—	—	64,973
Total current assets	621,581		122,800	148,895	77	(19,509)	873,844
Other long-term assets
Operating lease right-of-use assets	40,724		32,599	11,607	—	—	84,930
Regulatory assets	151,684		19,041	12,204	—	—	182,929
Other	113,888		32,786	30,402	—	(16,561)	160,515
Total other long-term assets	306,296		84,426	54,213	—	(16,561)	428,374
Total assets	$	5,431,618	1,021,472	962,578	77	(741,282)	$	6,674,463
Capitalization and liabilities
Capitalization
Common stock equity	$	2,358,884	346,629	358,506	77	(705,212)	$	2,358,884
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,226,587		249,346	258,414	—	—	1,734,347
Total capitalization	3,607,764		602,975	621,920	77	(705,212)	4,127,524
Current liabilities
Current portion of operating lease liabilities	8,955		6,780	2,679	—	—	18,414
Current portion of long-term debt	49,987		19,994	29,992	—	—	99,973
Accounts payable	146,125		20,957	24,687	—	—	191,769
Interest and preferred dividends payable	20,788		3,839	4,740	—	—	29,367
Taxes accrued, including revenue taxes	178,418		34,570	33,926	—	—	246,914
Regulatory liabilities	9,505		7,918	7,811	—	—	25,234
Other	61,360		21,072	23,657	—	(19,509)	86,580
Total current liabilities	475,138		115,130	127,492	—	(19,509)	698,251
Deferred credits and other liabilities
Operating lease liabilities	39,387		26,087	9,159	—	—	74,633
Finance lease liabilities	84,341		—	—	—	—	84,341
Deferred income taxes	271,588		50,657	62,708	—	—	384,953
Regulatory liabilities	745,894		195,238	103,185	—	—	1,044,317
Unamortized tax credits	68,123		12,903	12,419	—	—	93,445
Defined benefit pension and other postretirement benefit plans liability	65,917		—	—	—	(16,529)	49,388
Other	73,466		18,482	25,695	—	(32)	117,611
Total deferred credits and other liabilities	1,348,716		303,367	213,166	—	(16,561)	1,848,688
Total capitalization and liabilities	$	5,431,618	1,021,472	962,578	77	(741,282)	$	6,674,463

Condensed Consolidating Balance Sheet

December 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	$	42,860	5,606	3,594	—	—	$	52,060
Plant and equipment	5,260,685		1,425,442	1,293,383	—	—	7,979,510
Finance lease right-of-use assets	48,371		—	—	—	—	48,371
Less accumulated depreciation	(1,855,150)		(644,457)	(586,892)	—	—	(3,086,499)
Construction in progress	215,560		23,989	35,804	—	—	275,353
Utility property, plant and equipment, net	3,712,326		810,580	745,889	—	—	5,268,795
Nonutility property, plant and equipment, less accumulated depreciation	5,298		115	1,532	—	—	6,945
Total property, plant and equipment, net	3,717,624		810,695	747,421	—	—	5,275,740
Investment in wholly owned subsidiaries, at equity	701,833		—	—	—	(701,833)	—
Current assets
Cash and cash equivalents	27,579		5,092	6,494	77	—	39,242
Advances to affiliates	—		4,500	21,700	—	(26,200)	—
Customer accounts receivable, net	216,802		39,339	32,197	—	—	288,338
Accrued unbilled revenues, net	136,508		23,839	22,933	—	—	183,280
Other accounts receivable, net	23,746		5,519	6,686	—	(22,384)	13,567
Fuel oil stock, at average cost	153,342		16,964	21,224	—	—	191,530
Materials and supplies, at average cost	48,130		9,783	21,655	—	—	79,568
Prepayments and other	24,040		6,346	4,137	—	(1,041)	33,482
Regulatory assets	46,504		2,435	3,334	—	—	52,273
Total current assets	676,651		113,817	140,360	77	(49,625)	881,280
Other long-term assets
Operating lease right-of-use assets	42,752		34,283	12,283	—	—	89,318
Regulatory assets	154,040		21,816	14,384	—	—	190,240
Other	115,028		32,654	29,495	—	(16,288)	160,889
Total other long-term assets	311,820		88,753	56,162	—	(16,288)	440,447
Total assets	$	5,407,928	1,013,265	943,943	77	(767,746)	$	6,597,467
Capitalization and liabilities
Capitalization
Common stock equity	$	2,344,170	344,720	357,036	77	(701,833)	$	2,344,170
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,126,915		224,439	233,500	—	—	1,584,854
Total capitalization	3,493,378		576,159	595,536	77	(701,833)	3,963,317
Current liabilities
Current portion of operating lease liabilities	9,775		6,690	2,630	—	—	19,095
Current portion of long-term debt	49,981		19,992	29,989	—	—	99,962
Short-term borrowings-affiliate	26,200		—	—	—	(26,200)	—
Accounts payable	143,253		32,113	27,126	—	—	202,492
Interest and preferred dividends payable	12,398		2,576	2,282	—	(80)	17,176
Taxes accrued, including revenue taxes	207,798		42,436	40,709	—	(1,041)	289,902
Regulatory liabilities	13,145		8,553	9,777	—	—	31,475
Other	64,659		20,856	22,385	—	(22,304)	85,596
Total current liabilities	615,176		133,216	134,898	—	(49,625)	833,665
Deferred credits and other liabilities
Operating lease liabilities	41,049		27,817	9,849	—	—	78,715
Finance lease liabilities	46,048		—	—	—	—	46,048
Deferred income taxes	271,234		50,615	62,581	—	—	384,430
Regulatory liabilities	729,683		194,222	100,270	—	—	1,024,175
Unamortized tax credits	69,614		13,150	12,536	—	—	95,300
Defined benefit pension and other postretirement benefit plans liability	65,907		129	—	—	(16,288)	49,748
Other	75,839		17,957	28,273		—	122,069
Total deferred credits and other liabilities	1,299,374		303,890	213,509	—	(16,288)	1,800,485
Total capitalization and liabilities	$	5,407,928	1,013,265	943,943	77	(767,746)	$	6,597,467

Balance Sheets Data

(in thousands)	March 31, 2023				December 31, 2022
Assets
Cash and due from banks			$	138,742			$	153,042
Interest-bearing deposits			44,315				3,107
Cash and cash equivalents			183,057				156,149
Investment securities
Available-for-sale, at fair value			1,419,755				1,429,667
Held-to-maturity, at amortized cost (fair value of $1,158,090 and $1,150,971, respectively)			1,238,185				1,251,747
Stock in Federal Home Loan Bank, at cost			10,000				26,560
Loans held for investment			6,059,354				5,978,906
Allowance for credit losses			(71,296)				(72,216)
Net loans			5,988,058				5,906,690
Loans held for sale, at lower of cost or fair value			660				824
Other			688,165				692,143
Goodwill			82,190				82,190
Total assets			$	9,610,070			$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,769,789			$	2,811,077
Deposit liabilities—interest-bearing			5,460,812				5,358,619
Other borrowings			680,690				695,120
Other			206,317				212,269
Total liabilities			9,117,608				9,077,085
Common stock			1				1
Additional paid-in capital			356,391				355,806
Retained earnings			454,255				449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(308,622)			$	(328,904)
Retirement benefit plans	(9,563)		(318,185)		(7,711)		(336,615)
Total shareholder’s equity			492,462				468,885
Total liabilities and shareholder’s equity			$	9,610,070			$	9,545,970
Other assets
Bank-owned life insurance			$	183,936			$	182,986
Premises and equipment, net			192,789				195,324
Accrued interest receivable			26,547				25,077
Mortgage-servicing rights			8,745				9,047
Low-income housing investments			110,748				106,978
Real estate held for sale			100				—
Deferred tax asset			109,885				116,441
Real estate acquired in settlement of loans, net			614				115
Other			54,801				56,175
			$	688,165			$	692,143
Other liabilities
Accrued expenses			$	95,066			$	97,295
Federal and state income taxes payable			2,614				863
Cashier’s checks			34,616				36,401
Advance payments by borrowers			5,466				9,637
Other			68,555				68,073
			$	206,317			$	212,269

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, 2023
Available-for-sale
U.S. Treasury and federal agency obligations	$	85,786	$	—	$	(6,042)	$	79,744	—	$	—	$	—	14	$	79,744	$	(6,042)
Mortgage-backed securities*	1,500,717		1		(216,783)		1,283,935		24	89,727		(7,367)		158	1,193,633		(209,416)
Corporate bonds	44,341		—		(3,031)		41,310		2	8,951		(50)		3	32,359		(2,981)
Mortgage revenue bonds	14,766		—		—		14,766		—	—		—		—	—		—
	$	1,645,610	$	1	$	(225,856)	$	1,419,755	26	$	98,678	$	(7,417)	175	$	1,305,736	$	(218,439)
Held-to-maturity
U.S. Treasury and federal agency obligations	$	59,900	$	—	$	(7,172)	$	52,728	—	$	—	$	—	3	$	52,728	$	(7,172)
Mortgage-backed securities*	1,178,285		8,875		(81,798)		1,105,362		6	64,288		(532)		41	427,520		(81,266)
	$	1,238,185	$	8,875	$	(88,970)	$	1,158,090	6	$	64,288	$	(532)	44	$	480,248	$	(88,438)
December 31, 2022
Available-for-sale
U.S. Treasury and federal agency obligations	$	88,344	$	—	$	(7,281)	$	81,063	12	$	41,201	$	(2,120)	4	$	39,862	$	(5,161)
Mortgage-backed securities*	1,530,582		—		(237,614)		1,292,968		113	455,836		(56,999)		70	837,132		(180,615)
Corporate bonds	44,377		—		(3,643)		40,734		4	29,644		(2,028)		1	11,090		(1,615)
Mortgage revenue bonds	14,902		—		—		14,902		—	—		—		—	—		—
	$	1,678,205	$	—	$	(248,538)	$	1,429,667	129	$	526,681	$	(61,147)	75	$	888,084	$	(187,391)
Held-to-maturity
U.S. Treasury and federal agency obligations	$	59,894	$	—	$	(8,478)	$	51,416	1	$	16,874	$	(3,222)	2	$	34,542	$	(5,256)
Mortgage-backed securities*	1,191,853		2,670		(94,968)		1,099,555		22	183,629		(10,593)		51	567,250		(84,375)
	$	1,251,747	$	2,670	$	(103,446)	$	1,150,971	23	$	200,503	$	(13,815)	53	$	601,792	$	(89,631)

* 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, 2023	Amortized  cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	2,579	$	2,531
Due after one year through five years	127,548		118,523
Due after five years through ten years	14,766		14,766
Due after ten years	—		—
	144,893		135,820
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,500,717		1,283,935
Total available-for-sale securities	$	1,645,610	$	1,419,755
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	59,900		52,728
Due after ten years	—		—
	59,900		52,728
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,178,285		1,105,362
Total held-to-maturity securities	$	1,238,185	$	1,158,090

Schedule of components of loans receivable

The components of loans were summarized as follows:

	March 31, 2023		December 31, 2022
(in thousands)
Real estate:
Residential 1-4 family	$	2,484,316	$	2,479,637
Commercial real estate	1,377,184		1,358,123
Home equity line of credit	1,022,800		1,002,905
Residential land	20,061		20,679
Commercial construction	94,267		88,489
Residential construction	15,749		20,788
Total real estate	5,014,377		4,970,621
Commercial	800,949		779,691
Consumer	272,401		254,709
Total loans	6,087,727		6,005,021
Less: Deferred fees and discounts	(28,373)		(26,115)
Allowance for credit losses	(71,296)		(72,216)
Total loans, net	$	5,988,058	$	5,906,690

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, 2023
Allowance for credit losses:
Beginning balance	$	6,270	$	21,898	$	6,125	$	717	$	1,195	$	46	$	12,426	$	23,539	$	72,216
Charge-offs	(809)		—		(63)		—		—		—		(227)		(2,323)		(3,422)
Recoveries	4		—		17		—		—		—		398		908		1,327
Provision	(853)		803		(26)		(97)		(460)		(18)		(661)		2,487		1,175
Ending balance	$	4,612	$	22,701	$	6,053	$	620	$	735	$	28	$	11,936	$	24,611	$	71,296
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

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, 2023
Allowance for loan commitments:
Beginning balance	$	400	$	2,600	$	1,400	$	4,400
Provision	—		—		—		—
Ending balance	$	400	$	2,600	$	1,400	$	4,400
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

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)	2023		2022		2021		2020		2019		Prior		Revolving		Converted to term loans		Total
March 31, 2023
Residential 1-4 family
Current	$	46,292	$	425,843	$	750,578	$	418,780	$	110,618	$	727,411	$	—	$	—	$	2,479,522
30-59 days past due	—		—		—		—		938		971		—		—		1,909
60-89 days past due	—		—		—		—		—		930		—		—		930
Greater than 89 days past due	—		—		—		267		—		1,688		—		—		1,955
	46,292		425,843		750,578		419,047		111,556		731,000		—		—		2,484,316
Current YTD period
Gross charge-offs	—		—		—		—		—		809		—		—		809
Home equity line of credit
Current	—		—		—		—		—		—		973,686		46,565		1,020,251
30-59 days past due	—		—		—		—		—		—		781		115		896
60-89 days past due	—		—		—		—		—		—		346		337		683
Greater than 89 days past due	—		—		—		—		—		—		573		397		970
	—		—		—		—		—		—		975,386		47,414		1,022,800
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		63		63
Residential land
Current	1,204		5,237		8,587		4,039		—		994		—		—		20,061
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	1,204		5,237		8,587		4,039		—		994		—		—		20,061
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Residential construction
Current	1,444		6,786		7,519		—		—		—		—		—		15,749
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	1,444		6,786		7,519		—		—		—		—		—		15,749
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Consumer
Current	36,794		189,133		18,047		4,233		4,301		341		9,589		4,904		267,342
30-59 days past due	203		1,628		235		54		170		11		78		120		2,499
60-89 days past due	—		899		116		59		129		4		16		117		1,340
Greater than 89 days past due	—		502		199		59		105		26		82		247		1,220
	36,997		192,162		18,597		4,405		4,705		382		9,765		5,388		272,401
Current YTD period
Gross charge-offs	189		1,523		319		57		135		21		15		64		2,323
Commercial real estate
Pass	41,312		392,018		174,655		276,754		52,121		339,660		8,235		—		1,284,755
Special Mention	—		—		11,250		3,425		30,179		21,307		—		—		66,161
Substandard	5,433		—		—		659		11,356		8,820		—		—		26,268
Doubtful	—		—		—		—		—		—		—		—		—
	46,745		392,018		185,905		280,838		93,656		369,787		8,235		—		1,377,184

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Converted to term loans		Total
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial construction
Pass	—		11,206		54,924		44		—		—		28,093		—		94,267
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	—		11,206		54,924		44		—		—		28,093		—		94,267
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial
Pass	30,142		238,671		184,551		86,275		60,265		97,277		66,200		12,918		776,299
Special Mention	—		—		—		—		2,255		—		8,492		6		10,753
Substandard	—		3,234		1,507		398		1,320		5,195		899		1,344		13,897
Doubtful	—		—		—		—		—		—		—		—		—
	30,142		241,905		186,058		86,673		63,840		102,472		75,591		14,268		800,949
Current YTD period
Gross charge-offs	—		—		51		—		—		—		14		162		227
Total loans	$	162,824	$	1,275,157	$	1,212,168	$	795,046	$	273,757	$	1,204,635	$	1,097,070	$	67,070	$	6,087,727

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Revolving		Converted to term loans		Total
December 31, 2022
Residential 1-4 family
Current	$	432,707	$	755,056	$	423,455	$	113,096	$	51,860	$	698,354	$	—	$	—	$	2,474,528
30-59 days past due	—		—		—		—		448		1,098		—		—		1,546
60-89 days past due	—		—		268		—		—		90		—		—		358
Greater than 89 days past due	—		—		—		—		809		2,396		—		—		3,205
	432,707		755,056		423,723		113,096		53,117		701,938		—		—		2,479,637
Home equity line of credit
Current	—		—		—		—		—		—		959,131		40,814		999,945
30-59 days past due	—		—		—		—		—		—		1,103		209		1,312
60-89 days past due	—		—		—		—		—		—		209		226		435
Greater than 89 days past due	—		—		—		—		—		—		587		626		1,213
	—		—		—		—		—		—		961,030		41,875		1,002,905
Residential land
Current	5,245		9,010		5,222		203		522		477		—		—		20,679
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	5,245		9,010		5,222		203		522		477		—		—		20,679
Residential construction
Current	7,986		11,624		1,178		—		—		—		—		—		20,788
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	7,986		11,624		1,178		—		—		—		—		—		20,788
Consumer
Current	199,574		21,330		5,543		7,580		527		140		10,810		4,782		250,286
30-59 days past due	1,110		287		65		239		30		—		81		167		1,979
60-89 days past due	756		163		88		137		19		—		45		107		1,315
Greater than 89 days past due	621		105		37		176		28		—		20		142		1,129
	202,061		21,885		5,733		8,132		604		140		10,956		5,198		254,709
Commercial real estate
Pass	390,206		177,130		283,321		51,542		63,084		278,280		8,235		—		1,251,798
Special Mention	—		11,250		3,446		40,423		—		24,466		—		—		79,585
Substandard	—		—		665		11,357		—		14,718		—		—		26,740
Doubtful	—		—		—		—		—		—		—		—		—
	390,206		188,380		287,432		103,322		63,084		317,464		8,235		—		1,358,123
Commercial construction
Pass	15,094		47,478		44		—		—		—		25,873		—		88,489
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	15,094		47,478		44		—		—		—		25,873		—		88,489
Commercial
Pass	239,852		185,013		85,220		68,161		46,142		53,192		60,871		13,964		752,415
Special Mention	—		—		—		2,374		—		645		9,005		8		12,032
Substandard	3,322		2,305		401		1,304		1,346		3,849		1,664		1,053		15,244
Doubtful	—		—		—		—		—		—		—		—		—
	243,174		187,318		85,621		71,839		47,488		57,686		71,540		15,025		779,691
Total loans	$	1,296,473	$	1,220,751	$	808,953	$	296,592	$	164,815	$	1,077,705	$	1,077,634	$	62,098	$	6,005,021

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, 2023
Real estate:
Residential 1-4 family	$	1,909	$	930	$	1,955	$	4,794	$	2,479,522	$	2,484,316	$	—
Commercial real estate	—		—		—		—		1,377,184		1,377,184		—
Home equity line of credit	896		683		970		2,549		1,020,251		1,022,800		—
Residential land	—		—		—		—		20,061		20,061		—
Commercial construction	—		—		—		—		94,267		94,267		—
Residential construction	—		—		—		—		15,749		15,749		—
Commercial	263		71		427		761		800,188		800,949		—
Consumer	2,499		1,340		1,220		5,059		267,342		272,401		—
Total loans	$	5,567	$	3,024	$	4,572	$	13,163	$	6,074,564	$	6,087,727	$	—
December 31, 2022
Real estate:
Residential 1-4 family	$	1,546	$	358	$	3,205	$	5,109	$	2,474,528	$	2,479,637	$	—
Commercial real estate	508		217		—		725		1,357,398		1,358,123		—
Home equity line of credit	1,312		435		1,213		2,960		999,945		1,002,905		—
Residential land	—		—		—		—		20,679		20,679		—
Commercial construction	—		—		—		—		88,489		88,489		—
Residential construction	—		—		—		—		20,788		20,788		—
Commercial	614		18		77		709		778,982		779,691		—
Consumer	1,979		1,315		1,129		4,423		250,286		254,709		—
Total loans	$	5,959	$	2,343	$	5,624	$	13,926	$	5,991,095	$	6,005,021	$	—

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, 2023						December 31, 2022
	With a Related ACL		Without a Related ACL		Total		With a Related ACL		Without a Related ACL		Total
Real estate:
Residential 1-4 family	$	3,371	$	2,117	$	5,488	$	4,198	$	2,981	$	7,179
Commercial real estate	—		—		—		—		—		—
Home equity line of credit	4,014		1,237		5,251		3,654		1,442		5,096
Residential land	109		—		109		420		—		420
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	1,744		—		1,744		2,183		—		2,183
Consumer	1,895		—		1,895		1,588		—		1,588
Total	$	11,133	$	3,354	$	14,487	$	12,043	$	4,423	$	16,466

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

(in thousands)	December 31, 2022
Real estate:
Residential 1-4 family	$	8,821
Commercial real estate	9,477
Home equity line of credit	4,404
Residential land	782
Commercial construction	—
Residential construction	—
Commercial	6,596
Consumer	50
Total troubled debt restructured loans accruing interest	$	30,130

Schedule of collateral-dependent loans

Loans considered collateral-dependent were as follows:

	Amortized cost
(in thousands)	March 31, 2023		December 31, 2022		Collateral type
Real estate:
Residential 1-4 family	$	2,353	$	3,959	Residential real estate property
Home equity line of credit	1,237		1,425		Residential real estate property
Total	$	3,590	$	5,384

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, 2023	$	17,868	$	(9,123)	$	—	$	8,745
December 31, 2022	19,544		(10,497)		—		9,047

Changes related to MSRs were as follows:

	Three months ended March 31
(in thousands)	2023		2022
Mortgage servicing rights
Beginning balance	$	9,047	$	9,950
Amount capitalized	51		719
Amortization	(353)		(645)
Other-than-temporary impairment	—		—
Carrying amount before valuation allowance	8,745		10,024
Valuation allowance for mortgage servicing rights
Beginning balance	—		—
Provision	—		—
Other-than-temporary impairment	—		—
Ending balance	—		—
Net carrying value of mortgage servicing rights	$	8,745	$	10,024

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, 2023			December 31, 2022
Unpaid principal balance	$	1,431,037		$	1,451,322
Weighted average note rate	3.39		%	3.38		%
Weighted average discount rate	10.00		%	10.00		%
Weighted average prepayment speed	6.39		%	6.56		%

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, 2023		December 31, 2022
Prepayment rate:
25 basis points adverse rate change	$	(109)	$	(92)
50 basis points adverse rate change	(243)		(214)
Discount rate:
25 basis points adverse rate change	(190)		(182)
50 basis points adverse rate change	(376)		(361)

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, 2023	$	131	$	—	$	131
December 31, 2022	281		—		281

	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, 2023	$	131	$	172	$	—
December 31, 2022	281		327		—

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, 2023				December 31, 2022
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	2,467	$	26	$	1,720	$	9
Forward commitments	2,250		5		1,500		18

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, 2023				December 31, 2022
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	26	$	—	$	9	$	—
Forward commitments	9		4		18		—
	$	35	$	4	$	27	$	—

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)		2023		2022
Interest rate lock commitments	Mortgage banking income	$	17	$	(655)
Forward commitments	Mortgage banking income	(13)		178
		$	4	$	(477)