Bank segment (Tables)

3 Months Ended

Mar. 31, 2024

Bank Subsidiary [Abstract]

Schedule of Statements of Income Data

Condensed Consolidating Statement of Income

Three months ended March 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	564,180	117,609	106,789	—	—	$	788,578
Expenses
Fuel oil	210,199		31,185	42,912	—	—	284,296
Purchased power	117,518		32,056	10,243	—	—	159,817
Other operation and maintenance	90,884		24,590	28,416	—	—	143,890
Depreciation	42,004		10,964	9,844	—	—	62,812
Taxes, other than income taxes	53,409		10,957	10,042	—	—	74,408
Total expenses	514,014		109,752	101,457	—	—	725,223
Operating income	50,166		7,857	5,332	—	—	63,355
Allowance for equity funds used during construction	2,821		349	470	—	—	3,640
Equity in earnings of subsidiaries	6,024		—	—	—	(6,024)	—
Retirement defined benefits credit (expense)—other than service costs	927		168	(23)	—	—	1,072
Interest expense and other charges, net	(14,292)		(2,914)	(4,231)	—	1,452	(19,985)
Allowance for borrowed funds used during construction	1,079		107	200	—	—	1,386
Interest Income	2,663		155	66	—	(1,452)	1,432
Income before income taxes	49,388		5,722	1,814	—	(6,024)	50,900
Income taxes	9,897		1,198	85	—	—	11,180
Net income	39,491		4,524	1,729	—	(6,024)	39,720
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	39,491		4,390	1,634	—	(6,024)	39,491
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	39,221	4,390	1,634	—	(6,024)	$	39,221

Condensed Consolidating Statement of Income

Three months ended March 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2024		2023
Interest and dividend income
Interest and fees on loans	$	72,971	$	64,842
Interest and dividends on investment securities	14,964		14,637
Total interest and dividend income	87,935		79,479
Interest expense
Interest on deposit liabilities	17,432		6,837
Interest on other borrowings	8,154		7,721
Total interest expense	25,586		14,558
Net interest income	62,349		64,921
Provision for credit losses	(2,159)		1,175
Net interest income after provision for credit losses	64,508		63,746
Noninterest income
Fees from other financial services	4,874		4,679
Fee income on deposit liabilities	4,898		4,599
Fee income on other financial products	2,743		2,744
Bank-owned life insurance	3,584		1,425
Mortgage banking income	424		130
Other income, net	686		801
Total noninterest income	17,209		14,378
Noninterest expense
Compensation and employee benefits	32,459		30,204
Occupancy	5,063		5,588
Data processing	4,846		5,012
Services	4,151		2,595
Equipment	2,649		2,646
Office supplies, printing and postage	1,018		1,165
Marketing	776		1,016
Other expense	4,942		6,191
Total noninterest expense	55,904		54,417
Income before income taxes	25,813		23,707
Income taxes	4,879		5,145
Net income	20,934		18,562
Other comprehensive income (loss), net of taxes	(9,768)		18,430
Comprehensive income	$	11,166	$	36,992

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

	Three months ended March 31
(in thousands)	2024		2023
Interest and dividend income	$	87,935	$	79,479
Noninterest income	17,209		14,378
*Revenues-Bank	105,144		93,857
Total interest expense	25,586		14,558
Provision for credit losses	(2,159)		1,175
Noninterest expense	55,904		54,417
Less: Retirement defined benefits credit—other than service costs	(281)		(187)
*Expenses-Bank	79,612		70,337
*Operating income-Bank	25,532		23,520
Add back: Retirement defined benefits credit—other than service costs	(281)		(187)
Income before income taxes	$	25,813	$	23,707

Schedule of Statements of Comprehensive Income Data

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2024		2023
Interest and dividend income
Interest and fees on loans	$	72,971	$	64,842
Interest and dividends on investment securities	14,964		14,637
Total interest and dividend income	87,935		79,479
Interest expense
Interest on deposit liabilities	17,432		6,837
Interest on other borrowings	8,154		7,721
Total interest expense	25,586		14,558
Net interest income	62,349		64,921
Provision for credit losses	(2,159)		1,175
Net interest income after provision for credit losses	64,508		63,746
Noninterest income
Fees from other financial services	4,874		4,679
Fee income on deposit liabilities	4,898		4,599
Fee income on other financial products	2,743		2,744
Bank-owned life insurance	3,584		1,425
Mortgage banking income	424		130
Other income, net	686		801
Total noninterest income	17,209		14,378
Noninterest expense
Compensation and employee benefits	32,459		30,204
Occupancy	5,063		5,588
Data processing	4,846		5,012
Services	4,151		2,595
Equipment	2,649		2,646
Office supplies, printing and postage	1,018		1,165
Marketing	776		1,016
Other expense	4,942		6,191
Total noninterest expense	55,904		54,417
Income before income taxes	25,813		23,707
Income taxes	4,879		5,145
Net income	20,934		18,562
Other comprehensive income (loss), net of taxes	(9,768)		18,430
Comprehensive income	$	11,166	$	36,992

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

	Three months ended March 31
(in thousands)	2024		2023
Interest and dividend income	$	87,935	$	79,479
Noninterest income	17,209		14,378
*Revenues-Bank	105,144		93,857
Total interest expense	25,586		14,558
Provision for credit losses	(2,159)		1,175
Noninterest expense	55,904		54,417
Less: Retirement defined benefits credit—other than service costs	(281)		(187)
*Expenses-Bank	79,612		70,337
*Operating income-Bank	25,532		23,520
Add back: Retirement defined benefits credit—other than service costs	(281)		(187)
Income before income taxes	$	25,813	$	23,707

Schedule of Balance Sheets Data

Condensed Consolidating Balance Sheet

March 31, 2024

(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	5,645	3,514	—	—	$	52,019
Plant and equipment	5,442,481		1,470,238	1,389,730	—	—	8,302,449
Right-of-use assets - finance lease	318,326		36,075	—	—	—	354,401
Less accumulated depreciation	(1,962,980)		(673,926)	(612,183)	—	—	(3,249,089)
Construction in progress	249,111		36,013	45,619	—	—	330,743
Utility property, plant and equipment, net	4,089,798		874,045	826,680	—	—	5,790,523
Nonutility property, plant and equipment, less accumulated depreciation	5,294		115	1,532	—	—	6,941
Total property, plant and equipment, net	4,095,092		874,160	828,212	—	—	5,797,464
Investment in wholly owned subsidiaries, at equity	728,222		—	—	—	(728,222)	—
Current assets
Cash and cash equivalents	111,200		11,146	7,331	77	—	129,754
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	93,000		—	—	—	(93,000)	—
Customer accounts receivable, net	148,241		32,461	29,297	—	—	209,999
Accrued unbilled revenues, net	124,691		24,052	22,712	—	—	171,455
Other accounts receivable, net	47,107		7,619	21,606	—	(38,307)	38,025
Fuel oil stock, at average cost	121,468		15,596	24,369	—	—	161,433
Materials and supplies, at average cost	65,457		14,470	35,792	—	—	115,719
Prepayments and other	52,174		6,713	14,572	—	(1,434)	72,025
Regulatory assets	69,284		6,484	6,735	—	—	82,503
Total current assets	834,622		118,541	162,414	77	(132,741)	982,913
Other long-term assets
Operating lease right-of-use assets	33,628		25,733	8,856	—	—	68,217
Regulatory assets	194,038		14,050	24,476	—	—	232,564
Other	138,076		36,846	33,266	—	(14,484)	193,704
Total other long-term assets	365,742		76,629	66,598	—	(14,484)	494,485
Total assets	$	6,023,678	1,069,330	1,057,224	77	(875,447)	$	7,274,862
Capitalization and liabilities
Capitalization
Common stock equity	$	2,435,282	364,177	363,968	77	(728,222)	$	2,435,282
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,385,625		244,251	256,152	—	—	1,886,028
Total capitalization	3,843,200		615,428	625,120	77	(728,222)	4,355,603
Current liabilities
Current portion of operating lease liabilities	6,298		7,098	2,838	—	—	16,234
Current portion of long-term debt	39,941		4,992	1,998	—	—	46,931
Short-term borrowings from affiliate	—		—	93,000	—	(93,000)	—
Accounts payable	139,015		28,690	30,931	—	—	198,636
Interest and preferred dividends payable	35,795		3,808	4,870	—	(547)	43,926
Taxes accrued, including revenue taxes	219,385		34,955	29,540	—	(1,434)	282,446
Regulatory liabilities	11,488		8,353	6,308	—	—	26,149
Other	81,609		27,837	36,320	—	(37,760)	108,006
Total current liabilities	533,531		115,733	205,805	—	(132,741)	722,328
Deferred credits and other liabilities
Operating lease liabilities	33,090		18,989	6,320	—	—	58,399
Finance lease liabilities	306,262		34,879	—	—	—	341,141
Deferred income taxes	283,734		51,699	68,328	—	—	403,761
Regulatory liabilities	817,663		202,178	113,821	—	—	1,133,662
Unamortized tax credits	59,188		11,351	11,232	—	—	81,771
Defined benefit pension and other postretirement benefit plans liability	76,815		—	—	—	(14,484)	62,331
Other	70,195		19,073	26,598	—	—	115,866
Total deferred credits and other liabilities	1,646,947		338,169	226,299	—	(14,484)	2,196,931
Total capitalization and liabilities	$	6,023,678	1,069,330	1,057,224	77	(875,447)	$	7,274,862

Condensed Consolidating Balance Sheet

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diary	Consoli- dating 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)	—
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)	—
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)	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)	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)	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)	$	2,409,110
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)	—
Accounts payable	136,102		29,418	25,520	—	—	191,040
Interest and preferred dividends payable	17,085		3,098	3,074	—	(375)	22,882
Taxes accrued, including revenue taxes	211,840		43,932	37,808	—	(1,638)	291,942
Regulatory liabilities	20,013		8,508	8,038	—	—	36,559
Other	165,131		33,240	50,170	—	(77,105)	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)	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

Balance Sheets Data

(in thousands)	March 31, 2024				December 31, 2023
Assets
Cash and due from banks			$	126,259			$	184,383
Interest-bearing deposits			100,681				251,072
Cash and cash equivalents			226,940				435,455
Investment securities
Available-for-sale, at fair value			1,091,889				1,136,439
Held-to-maturity, at amortized cost (fair value of $1,074,735 and $1,103,668, at March 31, 2024 and December 31, 2023, respectively)			1,191,074				1,201,314
Stock in Federal Home Loan Bank, at cost			32,489				14,728
Loans held for investment			6,116,722				6,180,810
Allowance for credit losses			(71,057)				(74,372)
Net loans			6,045,665				6,106,438
Loans held for sale, at lower of cost or fair value			2,923				15,168
Other			687,059				681,460
Goodwill			82,190				82,190
Total assets			$	9,360,229			$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,557,240			$	2,599,762
Deposit liabilities—interest-bearing			5,447,824				5,546,016
Other borrowings			593,000				750,000
Other			220,570				247,563
Total liabilities			8,818,634				9,143,341
Common stock			1				1
Additional paid-in capital			358,645				358,067
Retained earnings			484,989				464,055
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(293,466)			$	(282,963)
Retirement benefit plans	(8,574)		(302,040)		(9,309)		(292,272)
Total shareholder’s equity			541,595				529,851
Total liabilities and shareholder’s equity			$	9,360,229			$	9,673,192
Other assets
Bank-owned life insurance			$	191,448			$	187,857
Premises and equipment, net			184,684				187,042
Accrued interest receivable			29,697				28,472
Mortgage-servicing rights			8,050				8,169
Low-income housing investments			108,314				112,234
Deferred tax asset			108,240				104,292
Other			56,626				53,394
			$	687,059			$	681,460
Other liabilities
Accrued expenses			$	114,289			$	115,231
Cashier’s checks			34,908				40,479
Advance payments by borrowers			5,559				10,107
Other			65,814				81,746
			$	220,570			$	247,563

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, 2024
Available-for-sale
U.S. Treasury and federal agency obligations	$	10,052	$	—	$	(415)	$	9,637	—	$	—	$	—	8	$	9,637	$	(415)
Mortgage-backed securities*	1,256,426		—		(221,292)		1,035,134		2	1,340		(17)		115	1,033,794		(221,275)
Corporate bonds	35,205		—		(2,304)		32,901		—	—		—		3	32,901		(2,304)
Mortgage revenue bonds	14,217		—		—		14,217		—	—		—		—	—		—
	$	1,315,900	$	—	$	(224,011)	$	1,091,889	2	$	1,340	$	(17)	126	$	1,076,332	$	(223,994)
Held-to-maturity
U.S. Treasury and federal agency obligations	$	59,923	$	—	$	(7,830)	$	52,093	—	$	—	$	—	3	$	52,094	$	(7,830)
Mortgage-backed securities*	1,131,151		85		(108,594)		1,022,642		55	549,389		(18,604)		45	448,729		(89,990)
	$	1,191,074	$	85	$	(116,424)	$	1,074,735	55	$	549,389	$	(18,604)	48	$	500,823	$	(97,820)
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)

* 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, 2024	Amortized  cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	777	$	759
Due after one year through five years	44,480		41,779
Due after five years through ten years	14,217		14,217
Due after ten years	—		—
	59,474		56,755
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,256,426		1,035,134
Total available-for-sale securities	$	1,315,900	$	1,091,889
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	39,841		35,225
Due after five years through ten years	20,082		16,868
Due after ten years	—		—
	59,923		52,093
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,131,151		1,022,642
Total held-to-maturity securities	$	1,191,074	$	1,074,735

Schedule of Components of Loans Receivable

The components of loans were summarized as follows:

	March 31, 2024		December 31, 2023
(in thousands)
Real estate:
Residential 1-4 family	$	2,598,091	$	2,595,162
Commercial real estate	1,368,394		1,374,038
Home equity line of credit	996,049		1,017,207
Residential land	18,197		18,364
Commercial construction	185,857		172,405
Residential construction	17,756		17,843
Total real estate	5,184,344		5,195,019
Commercial	704,638		743,303
Consumer	256,273		272,256
Total loans	6,145,255		6,210,578
Less: Deferred fees and discounts	(28,533)		(29,768)
Allowance for credit losses	(71,057)		(74,372)
Total loans, net	$	6,045,665	$	6,106,438

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, 2024
Allowance for credit losses:
Beginning balance	$	7,435	$	22,185	$	7,778	$	621	$	3,603	$	43	$	9,122	$	23,585	$	74,372
Charge-offs	(842)		—		—		—		—		—		(114)		(2,719)		(3,675)
Recoveries	186		—		238		—		—		—		95		1,000		1,519
Provision	(373)		(1,851)		57		51		(202)		(2)		(1,489)		2,650		(1,159)
Ending balance	$	6,406	$	20,334	$	8,073	$	672	$	3,401	$	41	$	7,614	$	24,516	$	71,057
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

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, 2024
Allowance for loan commitments:
Beginning balance	$	600	$	4,300	$	200	$	5,100
Provision	—		(1,200)		200		(1,000)
Ending balance	$	600	$	3,100	$	400	$	4,100
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

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)	2024		2023		2022		2021		2020		Prior		Revolving		Converted to term loans		Total
March 31, 2024
Residential 1-4 family
Current	$	43,536	$	260,253	$	401,887	$	722,614	$	395,190	$	761,888	$	—	$	—	$	2,585,368
30-59 days past due	—		—		—		—		—		2,191		—		—		2,191
60-89 days past due	—		—		—		—		—		773		—		—		773
Greater than 89 days past due	—		—		1,928		1,893		1,129		4,809		—		—		9,759
	43,536		260,253		403,815		724,507		396,319		769,661		—		—		2,598,091
Home equity line of credit
Current	—		—		—		—		—		—		929,649		62,087		991,736
30-59 days past due	—		—		—		—		—		—		971		700		1,671
60-89 days past due	—		—		—		—		—		—		740		169		909
Greater than 89 days past due	—		—		—		—		—		—		1,418		315		1,733
	—		—		—		—		—		—		932,778		63,271		996,049
Residential land
Current	1,955		3,748		3,888		5,467		1,746		718		—		—		17,522
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		675		—		—		—		—		—		675
	1,955		3,748		4,563		5,467		1,746		718		—		—		18,197
Residential construction
Current	388		6,189		10,440		739		—		—		—		—		17,756
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	388		6,189		10,440		739		—		—		—		—		17,756
Consumer
Current	8,829		76,930		141,903		8,207		1,127		406		10,207		2,395		250,004
30-59 days past due	205		612		1,559		167		11		11		152		110		2,827
60-89 days past due	—		613		1,150		84		15		3		70		49		1,984
Greater than 89 days past due	—		369		681		68		26		10		90		214		1,458
	9,034		78,524		145,293		8,526		1,179		430		10,519		2,768		256,273
Commercial real estate
Pass	8,436		104,489		382,853		191,109		265,611		363,035		15,482		—		1,331,015
Special Mention	—		—		1,975		—		—		17,338		—		—		19,313
Substandard	—		—		—		1,527		—		13,991		—		—		15,518
Doubtful	—		—		—		—		—		2,548		—		—		2,548
	8,436		104,489		384,828		192,636		265,611		396,912		15,482		—		1,368,394
Commercial construction
Pass	—		55,494		39,399		26,545		1,333		—		63,086		—		185,857
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	—		55,494		39,399		26,545		1,333		—		63,086		—		185,857
Commercial
Pass	11,996		102,699		178,426		105,411		72,558		83,332		99,943		6,284		660,649
Special Mention	—		19,524		6,774		933		—		228		7,176		—		34,635
Substandard	—		—		2,869		1,790		—		3,182		1,276		139		9,256
Doubtful	—		—		—		—		98		—		—		—		98
	11,996		122,223		188,069		108,134		72,656		86,742		108,395		6,423		704,638
Total loans	$	75,345	$	630,920	$	1,176,407	$	1,066,554	$	738,844	$	1,254,463	$	1,130,260	$	72,462	$	6,145,255

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		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
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
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
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
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
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
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
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
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

Gross charge-offs by portfolio segment and vintage were as follows:

(in thousands)	2024		2023		2022		2021		2020		Prior		Total
Three months ended March 31, 2024
Residential 1-4 family	$	—	$	—	$	361	$	277	$	—	$	204	$	842
Commercial real estate	—		—		—		—		—		—		—
Home equity line of credit	—		—		—		—		—		—		—
Residential land	—		—		—		—		—		—		—
Commercial construction	—		—		—		—		—		—		—
Residential construction	—		—		—		—		—		—		—
Commercial	—		—		—		14		—		100		114
Consumer	166		937		1,342		127		36		111		2,719
Total	$	166	$	937	$	1,703	$	418	$	36	$	415	$	3,675

(in thousands)	2023		2022		2021		2020		2019		Prior		Total
Three months ended March 31, 2023
Residential 1-4 family	$	—	$	—	$	—	$	—	$	—	$	809	$	809
Commercial real estate	—		—		—		—		—		—		—
Home equity line of credit	—		—		43		—		—		20		63
Residential land	—		—		—		—		—		—		—
Commercial construction	—		—		—		—		—		—		—
Residential construction	—		—		—		—		—		—		—
Commercial	—		—		51		—		8		168		227
Consumer	189		1,524		319		57		176		58		2,323
Total	$	189	$	1,524	$	413	$	57	$	184	$	1,055	$	3,422

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		90 days or more past due		Total past due		Current		Total financing receivables		Amortized cost> 90 days and accruing
March 31, 2024
Real estate:
Residential 1-4 family	$	2,191	$	773	$	9,759	$	12,723	$	2,585,368	$	2,598,091	$	425
Commercial real estate	—		—		11,048		11,048		1,357,346		1,368,394		—
Home equity line of credit	1,671		909		1,733		4,313		991,736		996,049		—
Residential land	—		—		675		675		17,522		18,197		—
Commercial construction	—		—		—		—		185,857		185,857		—
Residential construction	—		—		—		—		17,756		17,756		—
Commercial	72		—		139		211		704,427		704,638		—
Consumer	2,827		1,984		1,458		6,269		250,004		256,273		—
Total loans	$	6,761	$	3,666	$	24,812	$	35,239	$	6,110,016	$	6,145,255	$	425
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

Credit risk profile based on payment activity for loans modified during the three months ended March 31, 2024 were as follows:

(in thousands)	Current		30-59 days past due		60-89 days past due		90 days or more past due		Total
Real estate loans
Residential 1-4 family	$	266	$	—	$	—	$	3,311	$	3,577
Commercial real estate	1,975		—		—		—		1,975
Home equity line of credit	447		—		—		—		447
Residential land	—		—		—		675		675
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	—		—		—		—		—
Consumer	—		—		—		—		—
Total	$	2,688	$	—	$	—	$	3,986	$	6,674

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, 2024						December 31, 2023
	With a related ACL		Without a related ACL		Total		With a related ACL		Without a related ACL		Total
Real estate:
Residential 1-4 family	$	8,758	$	5,225	$	13,983	$	7,755	$	2,190	$	9,945
Commercial real estate	11,048		—		11,048		11,048		—		11,048
Home equity line of credit	2,404		1,538		3,942		2,626		1,135		3,761
Residential land	675		—		675		780		—		780
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	238		188		426		133		301		434
Consumer	2,516		—		2,516		2,458		—		2,458
Total	$	25,639	$	6,951	$	32,590	$	24,800	$	3,626	$	28,426

Schedule of Loan Modification

Loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 were as follows:

(in thousands)	Term extension		Payment delay		Combination payment delay & term extension		Total		% of total class of loans
Real estate loans
Residential 1-4 family	$	266	$	3,311	$	—	$	3,577	0.14	%
Commercial real estate	—		—		1,975		1,975		0.14	%
Home equity line of credit	—		447		—		447		0.04	%
Residential land	—		675		—		675		3.71	%
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	—		—		—		—		—
Consumer	—		—		—		—		—
Total	$	266	$	4,433	$	1,975	$	6,674	0.11	%

Financial effect of loan modifications during the three months ended March 31, 2024 for borrowers experiencing financial difficulty were as follows:

	Weighted average
	Term extension (in months)	Payment delay (in months)
Real estate loans
Residential 1-4 family	156	9
Commercial real estate	9	9
Home equity line of credit	—	9
Residential land	—	9
Commercial construction	—	—
Residential construction	—	—
Commercial	—	—
Consumer	—	—

Schedule of Collateral-Dependent Loans

Loans considered collateral-dependent were as follows:

	Amortized cost
(in thousands)	March 31, 2024		December 31, 2023		Collateral type
Real estate:
Residential 1-4 family	$	5,731	$	2,272	Residential real estate property
Commercial real estate	11,048		11,048		Commercial real estate property
Home equity line of credit	1,674		1,135		Residential real estate property
Total real estate	18,453		14,455
Commercial	286		301		Business assets
Total	$	18,739	$	14,756

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, 2024	$	17,939	$	(9,889)	$	—	$	8,050
December 31, 2023	18,241		(10,072)		—		8,169

Changes related to MSRs were as follows:

	Three months ended March 31
(in thousands)	2024		2023
Mortgage servicing rights
Beginning balance	$	8,169	$	9,047
Amount capitalized	198		51
Amortization	(317)		(353)
Other-than-temporary impairment	—		—
Carrying amount before valuation allowance	8,050		8,745
Valuation allowance for mortgage servicing rights
Beginning balance	—		—
Provision	—		—
Other-than-temporary impairment	—		—
Ending balance	—		—
Net carrying value of mortgage servicing rights	$	8,050	$	8,745

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, 2024			December 31, 2023
Unpaid principal balance	$	1,399,266		$	1,402,736
Weighted average note rate	3.52		%	3.47		%
Weighted average discount rate	10.00		%	10.00		%
Weighted average prepayment speed	6.13		%	5.71		%

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, 2024		December 31, 2023
Prepayment rate:
25 basis points adverse rate change	$	(125)	$	(90)
50 basis points adverse rate change	(274)		(204)
Discount rate:
25 basis points adverse rate change	(197)		(203)
50 basis points adverse rate change	(391)		(402)

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, 2024				December 31, 2023
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	8,938	$	136	$	6,246	$	86
Forward commitments	6,900		(13)		5,500		(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, 2024				December 31, 2023
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	136	$	—	$	86	$	—
Forward commitments	1		14		—		18
	$	137	$	14	$	86	$	18

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)		2024		2023
Interest rate lock commitments	Mortgage banking income	$	50	$	17
Forward commitments	Mortgage banking income	5		(13)
		$	55	$	4