Bank segment (HEI only) (Tables)

12 Months Ended

Dec. 31, 2023

Bank Segment Disclosure [Abstract]

Schedule of Statements of Income Data

Consolidating statement of income

Year ended December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,356,478	464,161	448,882	—		$	3,269,521
Expenses
Fuel oil	913,801		105,009	192,610	—		1,211,420
Purchased power	486,067		142,837	42,865	—		671,769
Other operation and maintenance	343,462		85,261	104,834	—		533,557
Depreciation	164,150		42,541	37,014	—		243,705
Taxes, other than income taxes	221,664		43,095	42,153	—		306,912
Total expenses	2,129,144		418,743	419,476	—		2,967,363
Operating income	227,334		45,418	29,406	—		302,158
Allowance for equity funds used during construction	11,721		1,411	2,032	—		15,164
Equity in earnings of subsidiaries	44,809		—	—	(44,809)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,735		667	(99)	—		4,303
Interest expense and other charges, net	(62,362)		(11,650)	(12,933)	805	[1]	(86,140)
Allowance for borrowed funds used during construction	4,081		451	669	—		5,201
Interest Income	5,113		1,071	1,075	(805)	[1]	6,454
Income before income taxes	234,431		37,368	20,150	(44,809)		247,140
Income taxes	39,399		8,327	3,467	—		51,193
Net income	195,032		29,041	16,683	(44,809)		195,947
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	195,032		28,507	16,302	(44,809)		195,032
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	193,952	28,507	16,302	(44,809)		$	193,952

Consolidating statement of income

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,452,969	485,590	470,355	(327)	[1]	$	3,408,587
Expenses
Fuel oil	917,801		133,238	214,575	—		1,265,614
Purchased power	601,235		143,636	48,713	—		793,584
Other operation and maintenance	326,785		85,110	85,706	—		497,601
Depreciation	158,725		41,404	35,295	—		235,424
Taxes, other than income taxes	228,843		44,685	43,645	—		317,173
Total expenses	2,233,389		448,073	427,934	—		3,109,396
Operating income	219,580		37,517	42,421	(327)		299,191
Allowance for equity funds used during construction	8,464		898	1,212	—		10,574
Equity in earnings of subsidiaries	47,493		—	—	(47,493)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,296		666	(127)	—		3,835
Interest expense and other charges, net	(55,260)		(10,659)	(10,824)	327	[1]	(76,416)
Allowance for borrowed funds used during construction	2,769		277	370	—		3,416
Income before income taxes	226,342		28,699	33,052	(47,493)		240,600
Income taxes	36,333		6,349	6,994	—		49,676
Net income	190,009		22,350	26,058	(47,493)		190,924
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	190,009		21,816	25,677	(47,493)		190,009
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	188,929	21,816	25,677	(47,493)		$	188,929

Consolidating statement of income

Year ended December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,793,372	381,033	365,256	(25)	[1]	$	2,539,636
Expenses
Fuel oil	442,818		80,086	121,445	—		644,349
Purchased power	508,642		108,997	52,855	—		670,494
Other operation and maintenance	313,009		79,390	83,013	—		475,412
Depreciation	155,607		40,201	33,661	—		229,469
Taxes, other than income taxes	170,604		35,499	34,251	—		240,354
Total expenses	1,590,680		344,173	325,225	—		2,260,078
Operating income	202,692		36,860	40,031	(25)		279,558
Allowance for equity funds used during construction	7,734		586	1,214	—		9,534
Equity in earnings of subsidiaries	45,353		—	—	(45,353)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,348		670	(128)	—		3,890
Interest expense and other charges, net	(51,680)		(10,353)	(10,439)	25	[1]	(72,447)
Allowance for borrowed funds used during construction	2,617		197	436	—		3,250
Income before income taxes	210,064		27,960	31,114	(45,353)		223,785
Income taxes	31,342		6,246	6,560	—		44,148
Net income	178,722		21,714	24,554	(45,353)		179,637
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	178,722		21,180	24,173	(45,353)		178,722
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	177,642	21,180	24,173	(45,353)		$	177,642

Statements of Income and Comprehensive Income Data

Years ended December 31	2023		2022		2021
(in thousands)
Interest and dividend income
Interest and fees on loans	$	276,688	$	207,830	$	198,802
Interest and dividends on investment securities	58,095		58,044		43,464
Total interest and dividend income	334,783		265,874		242,266
Interest expense
Interest on deposit liabilities	48,905		7,327		4,981
Interest on other borrowings	33,892		5,974		59
Total interest expense	82,797		13,301		5,040
Net interest income	251,986		252,573		237,226
Provision for credit losses	10,357		2,037		(25,825)
Net interest income after provision for credit losses	241,629		250,536		263,051
Noninterest income
Fees from other financial services	19,034		19,830		21,225
Fee income on deposit liabilities	19,131		18,762		16,663
Fee income on other financial products	10,616		10,291		8,770
Bank-owned life insurance	7,390		2,533		7,318
Mortgage banking income	910		1,692		9,305
Gain on sale of real estate	495		1,778		—
Gain (loss) on sale of investment securities, net	(14,965)		—		528
Other income, net	2,799		2,086		851
Total noninterest income	45,410		56,972		64,660
Noninterest expense
Compensation and employee benefits	118,297		113,839		113,970
Occupancy	21,703		24,026		20,584
Data processing	20,545		17,681		17,634
Services	13,943		10,679		10,327
Equipment	11,842		10,100		9,510
Office supplies, printing and postage	4,315		4,398		4,239
Marketing	4,001		3,968		3,870
FDIC insurance	6,230		3,591		3,235
Other expense	22,762		16,985		13,783
Total noninterest expense	223,638		205,267		197,152
Income before income taxes	63,401		102,241		130,559
Income taxes	10,039		22,252		29,325
Net income	53,362		79,989		101,234
Other comprehensive income (loss), net of taxes	44,343		(298,833)		(52,728)
Comprehensive income (loss)	$	97,705	$	(218,844)	$	48,506

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2023		2022		2021
(in thousands)
Interest and dividend income	$	334,783	$	265,874	$	242,266
Noninterest income	45,410		56,972		64,660
Less: Gain on sale of real estate	495		1,778		—
Less: Loss on sale of investment securities, net	(14,965)		—		528
*Revenues-Bank	394,663		321,068		306,398
Total interest expense	82,797		13,301		5,040
Provision for credit losses	10,357		2,037		(25,825)
Noninterest expense	223,638		205,267		197,152
Less: Retirement defined benefits expense (credit)—other than service costs	(754)		(723)		(1,828)
Add: Gain on sale of real estate	495		1,778		—
*Expenses-Bank	317,051		219,550		178,195
*Operating income-Bank	77,612		101,518		128,203
Add back: Retirement defined benefits expense (credit)—other than service costs	(754)		(723)		(1,828)
Add back: Loss on sale of investment securities, net	(14,965)		—		528
Income before income taxes	$	63,401	$	102,241	$	130,559

Schedule of Statements of Comprehensive Income Data

Statements of Income and Comprehensive Income Data

Years ended December 31	2023		2022		2021
(in thousands)
Interest and dividend income
Interest and fees on loans	$	276,688	$	207,830	$	198,802
Interest and dividends on investment securities	58,095		58,044		43,464
Total interest and dividend income	334,783		265,874		242,266
Interest expense
Interest on deposit liabilities	48,905		7,327		4,981
Interest on other borrowings	33,892		5,974		59
Total interest expense	82,797		13,301		5,040
Net interest income	251,986		252,573		237,226
Provision for credit losses	10,357		2,037		(25,825)
Net interest income after provision for credit losses	241,629		250,536		263,051
Noninterest income
Fees from other financial services	19,034		19,830		21,225
Fee income on deposit liabilities	19,131		18,762		16,663
Fee income on other financial products	10,616		10,291		8,770
Bank-owned life insurance	7,390		2,533		7,318
Mortgage banking income	910		1,692		9,305
Gain on sale of real estate	495		1,778		—
Gain (loss) on sale of investment securities, net	(14,965)		—		528
Other income, net	2,799		2,086		851
Total noninterest income	45,410		56,972		64,660
Noninterest expense
Compensation and employee benefits	118,297		113,839		113,970
Occupancy	21,703		24,026		20,584
Data processing	20,545		17,681		17,634
Services	13,943		10,679		10,327
Equipment	11,842		10,100		9,510
Office supplies, printing and postage	4,315		4,398		4,239
Marketing	4,001		3,968		3,870
FDIC insurance	6,230		3,591		3,235
Other expense	22,762		16,985		13,783
Total noninterest expense	223,638		205,267		197,152
Income before income taxes	63,401		102,241		130,559
Income taxes	10,039		22,252		29,325
Net income	53,362		79,989		101,234
Other comprehensive income (loss), net of taxes	44,343		(298,833)		(52,728)
Comprehensive income (loss)	$	97,705	$	(218,844)	$	48,506

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2023		2022		2021
(in thousands)
Interest and dividend income	$	334,783	$	265,874	$	242,266
Noninterest income	45,410		56,972		64,660
Less: Gain on sale of real estate	495		1,778		—
Less: Loss on sale of investment securities, net	(14,965)		—		528
*Revenues-Bank	394,663		321,068		306,398
Total interest expense	82,797		13,301		5,040
Provision for credit losses	10,357		2,037		(25,825)
Noninterest expense	223,638		205,267		197,152
Less: Retirement defined benefits expense (credit)—other than service costs	(754)		(723)		(1,828)
Add: Gain on sale of real estate	495		1,778		—
*Expenses-Bank	317,051		219,550		178,195
*Operating income-Bank	77,612		101,518		128,203
Add back: Retirement defined benefits expense (credit)—other than service costs	(754)		(723)		(1,828)
Add back: Loss on sale of investment securities, net	(14,965)		—		528
Income before income taxes	$	63,401	$	102,241	$	130,559

Schedule of Balance Sheets Data

Consolidating balance sheet

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,859	5,645	3,594	—	—		$	52,098
Plant and equipment	5,398,281		1,459,639	1,374,890	—	—		8,232,810
Finance lease right-of-use assets	306,099		36,075	—	—	—		342,174
Less accumulated depreciation	(1,925,660)		(666,581)	(605,273)	—	—		(3,197,514)
Construction in progress	247,836		33,488	38,899	—	—		320,223
Utility property, plant and equipment, net	4,069,415		868,266	812,110	—	—		5,749,791
Nonutility property, plant and equipment, less accumulated depreciation	5,295		115	1,532	—	—		6,942
Total property, plant and equipment, net	4,074,710		868,381	813,642	—	—		5,756,733
Investment in wholly-owned subsidiaries, at equity	722,211		—	—	—	(722,211)	[2]	—
Current assets
Cash and cash equivalents	89,755		10,658	5,587	77	—		106,077
Restricted cash	2,000		—	—	—	—		2,000
Advances to affiliates	70,500		—	—	—	(70,500)	[1]	—
Customer accounts receivable, net	172,747		38,216	33,346	—	—		244,309
Accrued unbilled revenues, net	136,367		25,102	24,175	—	—		185,644
Other accounts receivable, net	143,160		13,318	32,521	—	(77,480)	[1]	111,519
Fuel oil stock, at average cost	108,228		17,968	22,041	—	—		148,237
Materials and supplies, at average cost	64,334		14,397	35,702	—	—		114,433
Prepayments and other	40,767		7,724	11,638	—	(1,638)	[1]	58,491
Regulatory assets	58,920		5,771	3,762	—	—		68,453
Total current assets	886,778		133,154	168,772	77	(149,618)		1,039,163
Other long-term assets
Operating lease right-of-use assets	34,856		27,470	9,551	—	—		71,877
Regulatory assets	189,417		13,575	23,359	—	—		226,351
Other	134,033		36,439	33,129	—	(14,171)	[1]	189,430
Total other long-term assets	358,306		77,484	66,039	—	(14,171)		487,658
Total assets	$	6,042,005	1,079,019	1,048,453	77	(886,000)		$	7,283,554
Capitalization and liabilities
Capitalization
Common stock equity	$	2,409,110	359,790	362,344	77	(722,211)	[2]	$	2,409,110
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,426,516		249,339	258,422	—	—		1,934,277
Total capitalization	3,857,919		616,129	625,766	77	(722,211)		4,377,680
Current liabilities
Current portion of operating lease liabilities	6,788		7,025	2,804	—	—		16,617
Short-term borrowings-affiliate	—		—	70,500	—	(70,500)	[1]	—
Accounts payable	136,102		29,418	25,520	—	—		191,040
Interest and preferred dividends payable	17,085		3,098	3,074	—	(375)	[1]	22,882
Taxes accrued, including revenue taxes	211,840		43,932	37,808	—	(1,638)	[1]	291,942
Regulatory liabilities	20,013		8,508	8,038	—	—		36,559
Other	165,131		33,240	50,170	—	(77,105)	[1]	171,436
Total current liabilities	556,959		125,221	197,914	—	(149,618)		730,476
Deferred credits and other liabilities
Operating lease liabilities	34,262		20,792	7,044	—	—		62,098
Finance lease liabilities	295,935		35,043	—	—	—		330,978
Deferred income taxes	280,029		51,661	67,311	—	—		399,001
Regulatory liabilities	803,404		199,173	111,554	—	—		1,114,131
Unamortized tax credits	61,130		11,650	11,532	—	—		84,312
Defined benefit pension and other postretirement benefit plans liability	74,842		—	—	—	(14,171)	[1]	60,671
Other	77,525		19,350	27,332		—		124,207
Total deferred credits and other liabilities	1,627,127		337,669	224,773	—	(14,171)		2,175,398
Total capitalization and liabilities	$	6,042,005	1,079,019	1,048,453	77	(886,000)		$	7,283,554

Consolidating balance sheet

December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating 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)	[2]	—
Current assets
Cash and cash equivalents	27,579		5,092	6,494	77	—		39,242
Advances to affiliates	—		4,500	21,700	—	(26,200)	[1]	—
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)	[1]	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)	[1]	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)	[1]	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]	$	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, net	49,981		19,992	29,989	—	—		99,962
Short-term borrowings-non-affiliate	87,967		—	—	—	—		87,967
Short-term borrowings-affiliate	26,200		—	—	—	(26,200)	[1]	—
Accounts payable	143,253		32,113	27,126	—	—		202,492
Interest and preferred dividends payable	12,398		2,576	2,282	—	(80)	[1]	17,176
Taxes accrued, including revenue taxes	207,798		42,436	40,709	—	(1,041)	[1]	289,902
Regulatory liabilities	13,145		8,553	9,777	—	—		31,475
Other	64,659		20,856	22,385	—	(22,304)	[1]	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)	[1]	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

December 31			2023				2022
(in thousands)
Assets
Cash and due from banks			$	184,383			$	153,042
Interest-bearing deposits			251,072				3,107
Cash and cash equivalents			435,455				156,149
Investment securities
Available-for-sale, at fair value			1,136,439				1,429,667
Held-to-maturity, at amortized cost (fair value of $1,103,668 and $1,150,971 at December 31, 2023 and 2022, respectively)			1,201,314				1,251,747
Stock in Federal Home Loan Bank, at cost			14,728				26,560
Loans held for investment			6,180,810				5,978,906
Allowance for credit losses			(74,372)				(72,216)
Net loans			6,106,438				5,906,690
Loans held for sale, at lower of cost or fair value			15,168				824
Other			681,460				692,143
Goodwill			82,190				82,190
Total assets			$	9,673,192			$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing			$	2,599,762			$	2,811,077
Deposit liabilities–interest-bearing			5,546,016				5,358,619
Other borrowings			750,000				695,120
Other			247,563				212,269
Total liabilities			9,143,341				9,077,085
Commitments and contingencies
Common stock			1				1
Additional paid in capital			358,067				355,806
Retained earnings			464,055				449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(282,963)			$	(328,904)
Retirement benefit plans	(9,309)		(292,272)		(7,711)		(336,615)
Total shareholder’s equity			529,851				468,885
Total liabilities and shareholder’s equity			$	9,673,192			$	9,545,970

December 31	2023		2022
(in thousands)
Other assets
Bank-owned life insurance	$	187,857	$	182,986
Premises and equipment, net	187,042		195,324
Accrued interest receivable	28,472		25,077
Mortgage servicing rights	8,169		9,047
Low-income housing investments	112,234		106,978
Deferred tax asset	104,292		116,441
Other	53,394		56,290
	$	681,460	$	692,143
Other liabilities
Accrued expenses	$	115,231	$	97,295
Federal income taxes payable	—		863
Cashier’s checks	40,479		36,401
Advance payments by borrowers	10,107		9,637
Other	81,746		68,073
	$	247,563	$	212,269

Schedule of the Book Value and Aggregate Fair Value by Major Security Type

The major components of investment securities were as follows:

									Gross unrealized losses
			Gross unrealized gains		Gross unrealized losses		Estimated fair value		Less than 12 months					12 months or longer
(dollars in thousands)	Amortized cost								Number of issues	Fair value		Amount		Number of issues	Fair value		Amount
December 31, 2023
Available-for-sale
U.S. Treasury and federal agency obligations	$	12,437	$	—	$	(427)	$	12,010	—	$	—	$	—	9	$	12,010	$	(427)
Mortgage-backed securities*	1,279,852		—		(202,684)		1,077,168		3	1,649		(22)		116	1,075,519		(202,662)
Corporate bonds	35,239		—		(2,336)		32,903		—	—		—		3	32,903		(2,336)
Mortgage revenue bonds	14,358		—		—		14,358		—	—		—		—	—		—
	$	1,341,886	$	—	$	(205,447)	$	1,136,439	3	$	1,649	$	(22)	128	$	1,120,432	$	(205,425)
Held-to-maturity
U.S. Treasury and federal agency obligations	$	59,917	$	—	$	(7,135)	$	52,782	—	$	—	$	—	3	$	52,782	$	(7,135)
Mortgage-backed securities*	1,141,397		2,221		(92,732)		1,050,886		37	378,326		(7,610)		43	432,082		(85,122)
	$	1,201,314	$	2,221	$	(99,867)	$	1,103,668	37	$	378,326	$	(7,610)	46	$	484,864	$	(92,257)
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:

	Amortized		Fair
December 31, 2023	Cost		value
(in thousands)
Available-for-sale
Due in one year or less	$	1,419	$	1,404
Due after one year through five years	46,257		43,509
Due after five years through ten years	14,358		14,358
Due after ten years	—		—
	62,034		59,271
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,279,852		1,077,168
Total available-for-sale securities	$	1,341,886	$	1,136,439
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	39,832		35,597
Due after five years through ten years	20,085		17,185
Due after ten years	—		—
	59,917		52,782
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,141,397		1,050,886
Total held-to-maturity securities	$	1,201,314	$	1,103,668

Schedule of Proceeds, Gains and Losses from Sales of Available for Sale Investment Securities

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

Years ended December 31	2023		2022		2021
(in thousands)
Proceeds	$	170,481	$	—	$	197,354
Gross gains	—		—		975
Gross losses	(14,965)		—		(447)
Tax expense (benefit) on realized gains (losses)	(4,011)		—		142

Schedule of Interest Income from Available for Sale Investment Securities

Interest income from taxable and non-taxable investment securities were as follows:

Years ended December 31	2023		2022		2021
(in thousands)
Taxable	$	56,450	$	56,731	$	42,534
Non-taxable	1,645		1,313		930
	$	58,095	$	58,044	$	43,464

Schedule of Loans Receivable

The components of loans were summarized as follows:

December 31	2023		2022
(in thousands)
Real estate:
Residential 1-4 family	$	2,595,162	$	2,479,637
Commercial real estate	1,374,038		1,358,123
Home equity line of credit	1,017,207		1,002,905
Residential land	18,364		20,679
Commercial construction	172,405		88,489
Residential construction	17,843		20,788
Total real estate	5,195,019		4,970,621
Commercial	743,303		779,691
Consumer	272,256		254,709
Total loans	6,210,578		6,005,021
Less: Deferred fees and discounts	(29,768)		(26,115)
Allowance for credit losses	(74,372)		(72,216)
Total loans, net	$	6,106,438	$	5,906,690

Schedule of Allowance for Loan Losses

The allowance for credit losses (balances and changes) and financing receivables 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			Consumer			Total
December 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	(994)			—			(375)			—			—			—			(723)			(11,227)			(13,319)
Recoveries	89			—			176			4			—			—			1,983			3,566			5,818
Net (charge-offs) recoveries	(905)			—			(199)			4			—			—			1,260			(7,661)			(7,501)
Provision	2,070			287			1,852			(100)			2,408			(3)			(4,564)			7,707			9,657
Ending balance	$	7,435		$	22,185		$	7,778		$	621		$	3,603		$	43		$	9,122		$	23,585		$	74,372
Average loans outstanding	$	2,523,767		$	1,380,924		$	1,030,983		$	20,077		$	127,332		$	17,634		$	754,601		$	258,149		$	6,113,467
Net charge-offs (recoveries) to average loans	0.04		%	—		%	0.02		%	(0.02		%)	—		%	—		%	(0.17		%)	2.97		%	0.12		%
December 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	(13)			—			—			—			—			—			(563)			(6,254)			(6,830)
Recoveries	79			—			71			104			—			—			1,288			3,837			5,379
Net (charge-offs) recoveries	66			—			71			104			—			—			725			(2,417)			(1,451)
Provision	(341)			(2,798)			397			(33)			(991)			28			(4,097)			10,372			2,537
Ending balance	$	6,270		$	21,898		$	6,125		$	717		$	1,195		$	46		$	12,426		$	23,539		$	72,216
Average loans outstanding	$	2,331,473		$	1,204,756		$	918,563		$	21,442		$	90,021		$	18,317		$	710,658		$	161,722		$	5,456,952
Net charge-offs (recoveries) to average loans	—		%	—		%	(0.01		%)	(0.49		%)	—		%	—		%	(0.10		%)	1.49		%	0.03		%
December 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	(67)			—			(45)			—			—			—			(1,561)			(8,027)			(9,700)
Recoveries	92			—			113			61			—			—			1,468			4,320			6,054
Net (charge-offs) recoveries	25			—			68			61			—			—			(93)			(3,707)			(3,646)
Provision	1,920			(10,911)			(1,224)			(24)			(1,963)			7			(9,571)			(4,659)			(26,425)
Ending balance	$	6,545		$	24,696		$	5,657		$	646		$	2,186		$	18		$	15,798		$	15,584		$	71,130
Average loans outstanding	$	2,155,322		$	1,046,276		$	885,759		$	18,227		$	111,711		$	11,361		$	856,226		$	135,609		$	5,220,491
Net charge-offs (recoveries) to average loans	—		%	—		%	(0.01		%)	(0.33		%)	—		%	—		%	0.01		%	2.73		%	0.07		%

Loans considered collateral-dependent were as follows:

	December 31, 2023			December 31, 2022
	Amortized cost		Collateral type	Amortized cost		Collateral type
(in thousands)
Real estate:
Residential 1-4 family	$	2,272	Residential real estate property	$	3,959	Residential real estate property
Commercial real estate	11,048		Commercial real estate property	—
Home equity line of credit	1,135		Residential real estate property	1,425		Residential real estate property
Residential land	—			—
Total real estate	14,455			5,384
Commercial	301		Business assets	—
Total	$	14,756		$	5,384

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
Year ended December 31, 2023
Allowance for loan commitments:
Beginning balance	$	400	$	2,600	$	1,400	$	4,400
Provision	200		1,700		(1,200)		700
Ending balance	$	600	$	4,300	$	200	$	5,100
Year ended December 31, 2022
Allowance for loan commitments:
Beginning balance	$	400	$	3,700	$	800	$	4,900
Provision	—		(1,100)		600		(500)
Ending balance	$	400	$	2,600	$	1,400	$	4,400
Year ended December 31, 2021
Allowance for loan commitments:
Beginning balance	$	300	$	3,000	$	1,000	$	4,300
Provision	100		700		(200)		600
Ending balance	$	400	$	3,700	$	800	$	4,900

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)	2023		2022		2021		2020		2019		Prior		Revolving loans		Converted to term loans		Total
December 31, 2023
Residential 1-4 family
Current	$	263,605	$	407,304	$	729,256	$	399,766	$	104,487	$	672,408	$	—	$	—	$	2,576,826
30-59 days past due	—		708		—		268		—		3,525		—		—		4,501
60-89 days past due	—		726		2,694		—		—		1,745		—		—		5,165
Greater than 89 days past due	—		2,519		871		1,129		489		3,662		—		—		8,670
	263,605		411,257		732,821		401,163		104,976		681,340		—		—		2,595,162
Current YTD period
Gross charge-offs	—		—		—		—		—		994		—		—		994
Home equity line of credit
Current	—		—		—		—		—		—		954,461		59,146		1,013,607
30-59 days past due	—		—		—		—		—		—		1,219		262		1,481
60-89 days past due	—		—		—		—		—		—		597		—		597
Greater than 89 days past due	—		—		—		—		—		—		1,111		411		1,522
	—		—		—		—		—		—		957,388		59,819		1,017,207

	Term loans by origination year												Revolving loans
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving loans		Converted to term loans		Total
Current YTD period
Gross charge-offs	—		—		—		—		—		—		92		283		375
Residential land
Current	3,788		4,097		7,234		1,847		—		723		—		—		17,689
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		675		—		—		—		—		—		—		675
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	3,788		4,772		7,234		1,847		—		723		—		—		18,364
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Residential construction
Current	5,369		10,984		1,490		—		—		—		—		—		17,843
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	5,369		10,984		1,490		—		—		—		—		—		17,843
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Consumer
Current	87,686		153,239		9,852		1,654		451		200		10,663		2,779		266,524
30-59 days past due	805		1,314		176		29		24		—		56		163		2,567
60-89 days past due	385		886		114		41		21		—		60		69		1,576
Greater than 89 days past due	354		786		101		24		34		—		67		223		1,589
	89,230		156,225		10,243		1,748		530		200		10,846		3,234		272,256
Current YTD period
Gross charge-offs	2,139		6,539		1,032		194		378		40		422		483		11,227
Commercial real estate
Pass	104,368		384,144		180,986		267,458		65,625		307,367		15,482		—		1,325,430
Special Mention	—		1,975		11,159		—		14,110		3,008		—		—		30,252
Substandard	—		—		1,538		—		11,048		5,770		—		—		18,356
Doubtful	—		—		—		—		—		—		—		—		—
	104,368		386,119		193,683		267,458		90,783		316,145		15,482		—		1,374,038
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial construction
Pass	45,863		33,240		26,133		1,333		—		—		65,836		—		172,405
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	45,863		33,240		26,133		1,333		—		—		65,836		—		172,405
Current YTD period
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial
Pass	124,667		199,796		106,669		73,976		37,580		80,012		87,206		6,250		716,156
Special Mention	1,860		6,989		951		—		250		—		7,352		—		17,402
Substandard	—		2,962		1,848		98		60		3,369		1,275		133		9,745
Doubtful	—		—		—		—		—		—		—		—		—
	126,527		209,747		109,468		74,074		37,890		83,381		95,833		6,383		743,303
Current YTD period
Gross charge-offs	$	—	$	—	$	51	$	—	$	—	$	—	$	332	$	340	$	723
Total loans	$	638,750	$	1,212,344	$	1,081,072	$	747,623	$	234,179	$	1,081,789	$	1,145,385	$	69,436	$	6,210,578

	Term loans by origination year												Revolving loans
(in thousands)	2022		2021		2020		2019		2018		Prior		Revolving loans		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		Recorded investment> 90 days and accruing
December 31, 2023
Real estate:
Residential 1-4 family	$	4,501	$	5,165	$	8,670	$	18,336	$	2,576,826	$	2,595,162	$	425
Commercial real estate	—		—		11,048		11,048		1,362,990		1,374,038		—
Home equity line of credit	1,481		597		1,522		3,600		1,013,607		1,017,207		—
Residential land	—		675		—		675		17,689		18,364		—
Commercial construction	—		—		—		—		172,405		172,405		—
Residential construction	—		—		—		—		17,843		17,843		—
Commercial	163		135		244		542		742,761		743,303		—
Consumer	2,567		1,576		1,589		5,732		266,524		272,256		—
Total loans	$	8,712	$	8,148	$	23,073	$	39,933	$	6,170,645	$	6,210,578	$	425
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:

	December 31, 2023						December 31, 2022
(in thousands)	With a related ACL		Without a related ACL		Total		With a related ACL		Without a related ACL		Total
Real estate:
Residential 1-4 family	$	7,755	$	2,190	$	9,945	$	4,198	$	2,981	$	7,179
Commercial real estate	11,048		—		11,048		—		—		—
Home equity line of credit	2,626		1,135		3,761		3,654		1,442		5,096
Residential land	780		—		780		420		—		420
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	133		301		434		2,183		—		2,183
Consumer	2,458		—		2,458		1,588		—		1,588
Total	$	24,800	$	3,626	$	28,426	$	12,043	$	4,423	$	16,466

Schedule of Loan Modifications

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

Loan modifications that occurred during 2022 and 2021 were as follows:

(dollars in thousands)	Number of contracts	Outstanding recorded  investment  (as of period end)1		Related allowance (as of period end)
Year ended December 31, 2022
Real estate:
Residential 1-4 family	5	$	1,475	$	164
Commercial real estate	—	—		—
Home equity line of credit	—	—		—
Residential land	1	203		42
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	3	2,634		497
Consumer	—	—		—
	9	$	4,312	$	703
Year ended December 31, 2021
Real estate:
Residential 1-4 family	14	$	8,379	$	442
Commercial real estate	—	—		—
Home equity line of credit	—	—		—
Residential land	3	799		38
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	7	2,931		205
Consumer	—	—		—
	24	$	12,109	$	685

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 Loans Modified in TDRs that Experienced a Payment Default of 90 Days or More, and for Which Payment Default Occurred Within One Year of the Modification

Loans modified in TDRs that experienced a payment default of 90 days or more in 2022 and 2021 and for which the payment default occurred within one year of the modification, were as follows:

Years ended December 31	2022			2021
(dollars in thousands)	Number of  contracts	Recorded investment		Number of  contracts	Recorded  investment
Troubled debt restructurings that subsequently defaulted
Real estate:
Residential 1-4 family	—	$	—	1	$	474
Commercial real estate	—	—		—	—
Home equity line of credit	—	—		—	—
Residential land	—	—		—	—
Commercial construction	—	—		—	—
Residential construction	—	—		—	—
Commercial	—	—		1	9
Consumer	—	—		—	—
	—	$	—	2	$	483

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
December 31, 2023	$	18,241	$	(10,072)	$	—	$	8,169
December 31, 2022	$	19,544	$	(10,497)	$	—	$	9,047

Changes related to MSRs were as follows:

(in thousands)	2023		2022		2021
Mortgage servicing rights
Balance, January 1	$	9,047	$	9,950	$	10,280
Amount capitalized	423		1,130		3,404
Amortization	(1,301)		(2,033)		(3,734)
Sale of mortgage servicing rights	—		—		—
Other-than-temporary impairment	—		—		—
Carrying amount before valuation allowance, December 31	8,169		9,047		9,950
Valuation allowance for mortgage servicing rights
Balance, January 1	—		—		260
Provision	—		—		(260)
Other-than-temporary impairment	—		—		—
Balance, December 31	—		—		—
Net carrying value of mortgage servicing rights	$	8,169	$	9,047	$	9,950

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:

December 31	2023			2022
(dollars in thousands)
Unpaid principal balance	$	1,402,736		$	1,451,322
Weighted average note rate	3.47		%	3.38		%
Weighted average discount rate	10.00		%	10.00		%
Weighted average prepayment speed	5.71		%	6.56		%

Schedule of Sensitivity Analysis of Fair Value of MSR to Hypothetical Adverse Changes

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:

December 31	2023		2022
(in thousands)
Prepayment rate:
25 basis points adverse rate change	$	(90)	$	(92)
50 basis points adverse rate change	(204)		(214)
Discount rate:
25 basis points adverse rate change	(203)		(182)
50 basis points adverse rate change	(402)		(361)

Schedule of Deposit Liabilities

The summarized components of deposit liabilities were as follows:

December 31	2023				2022
(dollars in thousands)	Weighted-average stated rate		Amount		Weighted-average stated rate		Amount
Savings	0.15	%	$	2,765,175	0.03	%	$	3,198,329
Checking
Interest-bearing	0.85		1,427,225		0.17		1,359,519
Noninterest-bearing	—		1,383,197		—		1,453,937
Commercial checking	—		1,216,565		—		1,357,140
Money market	3.52		289,709		0.82		189,053
Time certificates	3.99		1,063,907		2.39		611,718
	0.85	%	$	8,145,778	0.24	%	$	8,169,696

Schedule of Maturities of Term Certificates

The approximate scheduled maturities of time certificates outstanding at December 31, 2023 were as follows:

(in thousands)
2024	$	898,996
2025	136,462
2026	14,405
2027	6,158
2028	5,854
Thereafter	2,032
	$	1,063,907

Schedule of Interest Expense on Deposit Liabilities by Type

Interest expense on deposit liabilities by type of deposit was as follows:

Years ended December 31	2023		2022		2021
(in thousands)
Time certificates	$	31,366	$	5,372	$	3,805
Savings	2,367		860		802
Money market	8,669		330		132
Interest-bearing checking	6,503		765		242
	$	48,905	$	7,327	$	4,981

Schedule of Securities Sold Under Agreements to Repurchase, Which Provided for Repurchase of Identical Securities

Information concerning securities sold under agreements to repurchase, which provided for the repurchase of identical securities, was as follows:

(dollars in thousands)	2023			2022			2021
Amount outstanding as of December 31	$	—		$	281,120		$	88,305
Average amount outstanding during the year	62,441			127,170			88,405
Maximum amount outstanding as of any month-end	148,060			284,040			129,665
Weighted-average interest rate as of December 31	—		%	3.02		%	0.02		%
Weighted-average interest rate during the year	3.48		%	0.99		%	0.02		%
Weighted-average remaining days to maturity as of December 31	0			1			1

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

Securities sold under agreements to repurchase were summarized as follows:

December 31	2023						2022
Maturity	Repurchase liability		Weighted-average interest rate		Collateralized by  mortgage-backed securities and federal agency obligations at fair value plus  accrued interest		Repurchase liability		Weighted-average interest rate		Collateralized by  mortgage-backed securities and federal agency obligations at fair value plus  accrued interest
(dollars in thousands)
Overnight	$	—	—	%	$	—	$	281,120	3.02	%	$	326,841
1 to 29 days	—		—	%	—		—		—	%	—
30 to 90 days	—		—	%	—		—		—	%	—
Over 90 days	—		—	%	—		—		—	%	—
	$	—	—	%	$	—	$	281,120	3.02	%	$	326,841

Schedule of Actual and Minimum Required Capital Amounts and Ratios

The tables below set forth actual and minimum required capital amounts and ratios:

	Actual				Minimum required				Required to be well capitalized
(dollars in thousands)	Capital		Ratio		Capital		Ratio		Capital		Ratio
December 31, 2023
Tier 1 leverage	$	759,921	7.68	%	$	395,812	4.00	%	$	494,765	5.00	%
Common equity tier 1	759,921		12.27	%	278,681		4.50	%	402,539		6.50	%
Tier 1 capital	759,921		12.27	%	371,575		6.00	%	495,433		8.00	%
Total capital	828,901		13.38	%	495,433		8.00	%	619,291		10.00	%
December 31, 2022
Tier 1 leverage	750,851		7.78	%	386,265		4.00	%	482,831		5.00	%
Common equity tier 1	750,851		12.15	%	278,076		4.50	%	401,665		6.50	%
Tier 1 capital	750,851		12.15	%	370,767		6.00	%	494,356		8.00	%
Total capital	811,729		13.14	%	494,356		8.00	%	617,946		10.00	%

Schedule of Notional Amounts and Fair Value of Derivatives

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

December 31	2023				2022
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	6,246	$	86	$	1,720	$	9
Forward commitments	5,500		(18)		1,500		18

Schedule of Derivative Financial Instruments, Fair Values, and Balance Sheet Location

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

Derivative Financial Instruments Not Designated
as Hedging Instruments 1
December 31	2023				2022
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	86	$	—	$	9	$	—
Forward commitments	—		18		18		—
	$	86	$	18	$	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 Amount and Location of Net Gains or Losses

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	Location of net gains
as Hedging Instruments	(losses) recognized in	Years ended December 31
(in thousands)	the Statements of Income	2023		2022		2021
Interest rate lock commitments	Mortgage banking income	$	77	$	(629)	$	(3,898)
Forward commitments	Mortgage banking income	(36)		29		489
		$	41	$	(600)	$	(3,409)

Schedule of Off Balance Sheet Arrangements

The following is a summary of outstanding off-balance sheet arrangements:

December 31	2023		2022
(in thousands)
Unfunded commitments to extend credit:
Home equity line of credit	$	1,141,891	$	1,264,320
Commercial and commercial real estate	602,973		692,989
Consumer	67,229		85,768
Residential 1-4 family	25,037		20,546
Commercial and financial standby letters of credit	9,359		15,521
Total	$	1,846,489	$	2,079,144