Bank segment (Tables)

6 Months Ended

Jun. 30, 2024

Bank Subsidiary [Abstract]

Schedule of Statements of Income Data

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	564,628	117,663	110,040	—	—	$	792,331
Expenses
Fuel oil	187,386		28,941	42,325	—	—	258,652
Purchased power	137,139		31,068	13,121	—	—	181,328
Other operation and maintenance	93,717		24,544	29,300	—	—	147,561
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Depreciation	42,003		10,964	9,845	—	—	62,812
Taxes, other than income taxes	53,214		10,943	10,261	—	—	74,418
Total expenses	1,883,059		277,660	276,052	—	—	2,436,771
Operating loss	(1,318,431)		(159,997)	(166,012)	—	—	(1,644,440)
Allowance for equity funds used during construction	2,578		288	470	—	—	3,336
Equity in earnings of subsidiaries	(246,099)		—	—	—	246,099	—
Retirement defined benefits credit (expense)—other than service costs	928		168	(24)	—	—	1,072
Interest expense and other charges, net	(15,717)		(2,974)	(4,559)	—	1,833	(21,417)
Allowance for borrowed funds used during construction	1,034		85	225	—	—	1,344
Interest Income	2,972		241	72	—	(1,833)	1,452
Loss before income taxes	(1,572,735)		(162,189)	(169,828)	—	246,099	(1,658,653)
Income tax benefit	(343,611)		(42,027)	(44,120)	—	—	(429,758)
Net loss	(1,229,124)		(120,162)	(125,708)	—	246,099	(1,228,895)
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net loss attributable to Hawaiian Electric	(1,229,124)		(120,295)	(125,804)	—	246,099	(1,229,124)
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net loss for common stock	$	(1,229,394)	(120,295)	(125,804)	—	246,099	$	(1,229,394)

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	570,689	112,074	111,428	—	—	$	794,191
Expenses
Fuel oil	213,471		20,471	46,215	—	—	280,157
Purchased power	119,460		37,246	11,728	—	—	168,434
Other operation and maintenance	88,967		21,666	25,727	—	—	136,360
Depreciation	40,800		10,636	9,253	—	—	60,689
Taxes, other than income taxes	54,046		10,389	10,491	—	—	74,926
Total expenses	516,744		100,408	103,414	—	—	720,566
Operating income	53,945		11,666	8,014	—	—	73,625
Allowance for equity funds used during construction	2,959		354	459	—	—	3,772
Equity in earnings of subsidiaries	11,414		—	—	—	(11,414)	—
Retirement defined benefits credit (expense)—other than service costs	905		168	(25)	—	—	1,048
Interest expense and other charges, net	(14,742)		(2,975)	(3,155)	—	—	(20,872)
Allowance for borrowed funds used during construction	1,030		113	152	—	—	1,295
Income before income taxes	55,511		9,326	5,445	—	(11,414)	58,868
Income taxes	9,942		2,118	1,010	—	—	13,070
Net income	45,569		7,208	4,435	—	(11,414)	45,798
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net income attributable to Hawaiian Electric	45,569		7,075	4,339	—	(11,414)	45,569
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	45,299	7,075	4,339	—	(11,414)	$	45,299

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,128,808	235,272	216,829	—	—	$	1,580,909
Expenses
Fuel oil	397,585		60,126	85,237	—	—	542,948
Purchased power	254,657		63,124	23,364	—	—	341,145
Other operation and maintenance	184,601		49,134	57,716	—	—	291,451
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Depreciation	84,007		21,928	19,689	—	—	125,624
Taxes, other than income taxes	106,623		21,900	20,303	—	—	148,826
Total expenses	2,397,073		387,412	377,509	—	—	3,161,994
Operating loss	(1,268,265)		(152,140)	(160,680)	—	—	(1,581,085)
Allowance for equity funds used during construction	5,399		637	940	—	—	6,976
Equity in earnings of subsidiaries	(240,075)		—	—	—	240,075	—
Retirement defined benefits credit (expense)—other than service costs	1,855		336	(47)	—	—	2,144
Interest expense and other charges, net	(30,009)		(5,888)	(8,790)	—	3,285	(41,402)
Allowance for borrowed funds used during construction	2,113		192	425	—	—	2,730
Interest Income	5,635		396	138	—	(3,285)	2,884
Loss before income taxes	(1,523,347)		(156,467)	(168,014)	—	240,075	(1,607,753)
Income tax benefit	(333,714)		(40,829)	(44,035)	—	—	(418,578)
Net loss	(1,189,633)		(115,638)	(123,979)	—	240,075	(1,189,175)
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net loss attributable to Hawaiian Electric	(1,189,633)		(115,905)	(124,170)	—	240,075	(1,189,633)
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net loss for common stock	$	(1,190,173)	(115,905)	(124,170)	—	240,075	$	(1,190,173)

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,172,219	227,362	225,101	—	(130)	$	1,624,552
Expenses
Fuel oil	467,298		48,231	98,725	—	—	614,254
Purchased power	229,739		71,332	20,124	—	—	321,195
Other operation and maintenance	172,200		43,016	49,460	—	—	264,676
Depreciation	81,838		21,271	18,507	—	—	121,616
Taxes, other than income taxes	110,999		21,126	21,186	—	—	153,311
Total expenses	1,062,074		204,976	208,002	—	—	1,475,052
Operating income	110,145		22,386	17,099	—	(130)	149,500
Allowance for equity funds used during construction	5,599		638	836	—	—	7,073
Equity in earnings of subsidiaries	22,955		—	—	—	(22,955)	—
Retirement defined benefits credit (expense)—other than service costs	1,809		337	(51)	—	—	2,095
Interest expense and other charges, net	(29,299)		(5,806)	(6,143)	—	130	(41,118)
Allowance for borrowed funds used during construction	1,948		204	274	—	—	2,426
Income before income taxes	113,157		17,759	12,015	—	(22,955)	119,976
Income taxes	20,309		4,027	2,334	—	—	26,670
Net income	92,848		13,732	9,681	—	(22,955)	93,306
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	92,848		13,465	9,490	—	(22,955)	92,848
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	92,308	13,465	9,490	—	(22,955)	$	92,308

Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income
Interest and fees on loans	$	72,960	$	67,966	$	145,931	$	132,808
Interest and dividends on investment securities	13,218		13,775		28,182		28,412
Total interest and dividend income	86,178		81,741		174,113		161,220
Interest expense
Interest on deposit liabilities	18,015		9,661		35,447		16,498
Interest on other borrowings	6,479		8,852		14,633		16,573
Total interest expense	24,494		18,513		50,080		33,071
Net interest income	61,684		63,228		124,033		128,149
Provision for credit losses	(1,910)		43		(4,069)		1,218
Net interest income after provision for credit losses	63,594		63,185		128,102		126,931
Noninterest income
Fees from other financial services	5,133		5,009		10,007		9,688
Fee income on deposit liabilities	4,630		4,504		9,528		9,103
Fee income on other financial products	2,960		2,768		5,703		5,512
Bank-owned life insurance	2,255		1,955		5,839		3,380
Mortgage banking income	364		230		788		360
Gain on sale of real estate	—		495		—		495
Other income, net	423		678		1,109		1,479
Total noninterest income	15,765		15,639		32,974		30,017
Noninterest expense
Compensation and employee benefits	29,802		29,394		62,261		59,598
Occupancy	5,220		5,539		10,283		11,127
Data processing	4,960		5,095		9,806		10,107
Services	4,250		2,689		8,401		5,284
Equipment	2,477		2,957		5,126		5,603
Office supplies, printing and postage	1,006		1,109		2,024		2,274
Marketing	747		834		1,523		1,850
Goodwill impairment	82,190		—		82,190		—
Other expense	5,813		6,152		10,755		12,343
Total noninterest expense	136,465		53,769		192,369		108,186
Income (loss) before income taxes	(57,106)		25,055		(31,293)		48,762
Income tax (benefit)	(11,319)		4,851		(6,440)		9,996
Net income (loss)	(45,787)		20,204		(24,853)		38,766
Other comprehensive income (loss), net of taxes	1,633		(7,210)		(8,135)		11,220
Comprehensive income (loss)	$	(44,154)	$	12,994	$	(32,988)	$	49,986

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

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income	$	86,178	$	81,741	$	174,113	$	161,220
Noninterest income	15,765		15,639		32,974		30,017
Less: Gain on sale of real estate	—		495		—		495
*Revenues-Bank	101,943		96,885		207,087		190,742
Total interest expense	24,494		18,513		50,080		33,071
Provision for credit losses	(1,910)		43		(4,069)		1,218
Noninterest expense	136,465		53,769		192,369		108,186
Less: Gain on sale of real estate	—		495		—		495
Less: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
*Expenses-Bank	159,329		72,017		238,941		142,354
*Operating income (loss)-Bank	(57,386)		24,868		(31,854)		48,388
Add back: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
Income (loss) before income taxes	$	(57,106)	$	25,055	$	(31,293)	$	48,762

Schedule of Statements of Comprehensive Income Data

Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income
Interest and fees on loans	$	72,960	$	67,966	$	145,931	$	132,808
Interest and dividends on investment securities	13,218		13,775		28,182		28,412
Total interest and dividend income	86,178		81,741		174,113		161,220
Interest expense
Interest on deposit liabilities	18,015		9,661		35,447		16,498
Interest on other borrowings	6,479		8,852		14,633		16,573
Total interest expense	24,494		18,513		50,080		33,071
Net interest income	61,684		63,228		124,033		128,149
Provision for credit losses	(1,910)		43		(4,069)		1,218
Net interest income after provision for credit losses	63,594		63,185		128,102		126,931
Noninterest income
Fees from other financial services	5,133		5,009		10,007		9,688
Fee income on deposit liabilities	4,630		4,504		9,528		9,103
Fee income on other financial products	2,960		2,768		5,703		5,512
Bank-owned life insurance	2,255		1,955		5,839		3,380
Mortgage banking income	364		230		788		360
Gain on sale of real estate	—		495		—		495
Other income, net	423		678		1,109		1,479
Total noninterest income	15,765		15,639		32,974		30,017
Noninterest expense
Compensation and employee benefits	29,802		29,394		62,261		59,598
Occupancy	5,220		5,539		10,283		11,127
Data processing	4,960		5,095		9,806		10,107
Services	4,250		2,689		8,401		5,284
Equipment	2,477		2,957		5,126		5,603
Office supplies, printing and postage	1,006		1,109		2,024		2,274
Marketing	747		834		1,523		1,850
Goodwill impairment	82,190		—		82,190		—
Other expense	5,813		6,152		10,755		12,343
Total noninterest expense	136,465		53,769		192,369		108,186
Income (loss) before income taxes	(57,106)		25,055		(31,293)		48,762
Income tax (benefit)	(11,319)		4,851		(6,440)		9,996
Net income (loss)	(45,787)		20,204		(24,853)		38,766
Other comprehensive income (loss), net of taxes	1,633		(7,210)		(8,135)		11,220
Comprehensive income (loss)	$	(44,154)	$	12,994	$	(32,988)	$	49,986

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

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income	$	86,178	$	81,741	$	174,113	$	161,220
Noninterest income	15,765		15,639		32,974		30,017
Less: Gain on sale of real estate	—		495		—		495
*Revenues-Bank	101,943		96,885		207,087		190,742
Total interest expense	24,494		18,513		50,080		33,071
Provision for credit losses	(1,910)		43		(4,069)		1,218
Noninterest expense	136,465		53,769		192,369		108,186
Less: Gain on sale of real estate	—		495		—		495
Less: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
*Expenses-Bank	159,329		72,017		238,941		142,354
*Operating income (loss)-Bank	(57,386)		24,868		(31,854)		48,388
Add back: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
Income (loss) before income taxes	$	(57,106)	$	25,055	$	(31,293)	$	48,762

Schedule of Balance Sheets Data

(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	5,471,342		1,483,570	1,396,982	—	—	8,351,894
Right-of-use assets - finance lease	362,741		36,074	50,757	—	—	449,572
Less accumulated depreciation	(2,001,115)		(676,745)	(608,860)	—	—	(3,286,720)
Construction in progress	264,823		27,641	43,739	—	—	336,203
Utility property, plant and equipment, net	4,140,651		876,185	886,132	—	—	5,902,968
Nonutility property, plant and equipment, less accumulated depreciation	5,293		115	1,532	—	—	6,940
Total property, plant and equipment, net	4,145,944		876,300	887,664	—	—	5,909,908
Investment in wholly owned subsidiaries, at equity	482,112		—	—	—	(482,112)	—
Current assets
Cash and cash equivalents	58,819		18,864	10,860	77	—	88,620
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	110,000		—	—	—	(110,000)	—
Customer accounts receivable, net	143,860		33,223	34,232	—	—	211,315
Accrued unbilled revenues, net	131,246		25,080	22,220	—	—	178,546
Other accounts receivable, net	59,341		12,802	24,179	—	(38,430)	57,892
Fuel oil stock, at average cost	112,116		13,843	20,132	—	—	146,091
Materials and supplies, at average cost	65,354		14,154	33,496	—	—	113,004
Prepayments and other	50,896		5,784	14,203	—	(4,287)	66,596
Regulatory assets	65,372		4,872	9,026	—	—	79,270
Total current assets	799,004		128,622	168,348	77	(152,717)	943,334
Other long-term assets
Operating lease right-of-use assets	32,387		24,197	8,156	—	—	64,740
Regulatory assets	200,662		15,123	27,354	—	—	243,139
Other	212,914		37,056	35,144	—	(47,337)	237,777
Total other long-term assets	445,963		76,376	70,654	—	(47,337)	545,656
Total assets	$	5,873,023	1,081,298	1,126,666	77	(682,166)	$	7,398,898

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

June 30, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,192,842	243,878	238,157	77	(482,112)	$	1,192,842
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,386,884		244,409	256,500	—	—	1,887,793
Total capitalization	2,602,019		495,287	499,657	77	(482,112)	3,114,928
Current liabilities
Current portion of operating lease liabilities	5,804		7,216	2,882	—	—	15,902
Current portion of long-term debt	39,961		4,995	1,998	—	—	46,954
Short-term borrowings from affiliate	—		—	110,000	—	(110,000)	—
Accounts payable	146,724		23,805	24,005	—	—	194,534
Interest and preferred dividends payable	17,001		3,228	3,394	—	(631)	22,992
Taxes accrued, including revenue taxes	180,419		40,640	32,687	—	(4,287)	249,459
Regulatory liabilities	10,442		8,284	5,380	—	—	24,106
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Other	83,336		28,351	38,149	—	(37,799)	112,037
Total current liabilities	1,853,287		287,719	389,695	—	(152,717)	2,377,984
Deferred credits and other liabilities
Operating lease liabilities	31,854		17,342	5,583	—	—	54,779
Finance lease liabilities	348,341		34,712	50,178	—	—	433,231
Deferred income taxes	—		7,019	25,521	—	(32,540)	—
Regulatory liabilities	830,156		205,042	116,305	—	—	1,151,503
Unamortized tax credits	57,247		11,052	10,932	—	—	79,231
Defined benefit pension and other postretirement benefit plans liability	75,433		—	—	—	(14,797)	60,636
Other	74,686		23,125	28,795	—	—	126,606
Total deferred credits and other liabilities	1,417,717		298,292	237,314	—	(47,337)	1,905,986
Total capitalization and liabilities	$	5,873,023	1,081,298	1,126,666	77	(682,166)	$	7,398,898

(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

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diary	Consoli- dating adjustments	Hawaiian Electric Consolidated
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
Wildfire tort-related claims	75,000		—	—	—	—	75,000
Other	90,131		33,240	50,170	—	(77,105)	96,436
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)	June 30, 2024				December 31, 2023
Assets
Cash and due from banks			$	139,114			$	184,383
Interest-bearing deposits			195,721				251,072
Cash and cash equivalents			334,835				435,455
Investment securities
Available-for-sale, at fair value			1,061,687				1,136,439
Held-to-maturity, at amortized cost (fair value of $1,058,691 and $1,103,668, at June 30, 2024 and December 31, 2023, respectively)			1,179,182				1,201,314
Stock in Federal Home Loan Bank, at cost			29,204				14,728
Loans held for investment			6,030,158				6,180,810
Allowance for credit losses			(66,813)				(74,372)
Net loans			5,963,345				6,106,438
Loans held for sale, at lower of cost or fair value			13,904				15,168
Other			698,648				681,460
Goodwill			—				82,190
Total assets			$	9,280,805			$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,515,062			$	2,599,762
Deposit liabilities—interest-bearing			5,521,411				5,546,016
Other borrowings			520,000				750,000
Other			226,488				247,563
Total liabilities			8,782,961				9,143,341
Common stock			1				1
Additional paid-in capital			359,048				358,067
Retained earnings			439,202				464,055
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(291,864)			$	(282,963)
Retirement benefit plans	(8,543)		(300,407)		(9,309)		(292,272)
Total shareholder’s equity			497,844				529,851
Total liabilities and shareholder’s equity			$	9,280,805			$	9,673,192
Other assets
Bank-owned life insurance			$	197,714			$	187,857
Premises and equipment, net			181,855				187,042
Accrued interest receivable			29,003				28,472
Mortgage-servicing rights			7,906				8,169
Low-income housing investments			104,394				112,234
Deferred tax asset			122,927				104,292
Other			54,849				53,394
Total other assets			$	698,648			$	681,460
Other liabilities
Accrued expenses			$	110,173			$	115,231
Cashier’s checks			37,372				40,479
Advance payments by borrowers			11,477				10,107
Other			67,466				81,746
Total other liabilities			$	226,488			$	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
June 30, 2024
Available-for-sale
U.S. Treasury and federal agency obligations	$	9,226	$	—	$	(343)	$	8,883	—	$	—	$	—	8	$	8,883	$	(343)
Mortgage-backed securities*	1,229,529		3		(223,731)		1,005,801		—	—		—		115	1,005,191		(223,731)
Corporate bonds	35,171		—		(2,244)		32,927		—	—		—		3	32,927		(2,244)
Mortgage revenue bonds	14,076		—		—		14,076		—	—		—		—	—		—
	$	1,288,002	$	3	$	(226,318)	$	1,061,687	—	$	—	$	—	126	$	1,047,001	$	(226,318)
Held-to-maturity
U.S. Treasury and federal agency obligations	$	59,929	$	—	$	(7,839)	$	52,090	—	$	—	$	—	3	$	52,090	$	(7,839)
Mortgage-backed securities*	1,119,253		41		(112,693)		1,006,601		30	314,047		(9,253)		72	685,612		(103,440)
	$	1,179,182	$	41	$	(120,532)	$	1,058,691	30	$	314,047	$	(9,253)	75	$	737,702	$	(111,279)
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:

June 30, 2024	Amortized  cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	626	$	614
Due after one year through five years	43,771		41,196
Due after five years through ten years	14,076		14,076
Due after ten years	—		—
	58,473		55,886
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,229,529		1,005,801
Total available-for-sale securities	$	1,288,002	$	1,061,687
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	39,849		35,286
Due after five years through ten years	20,080		16,804
Due after ten years	—		—
	59,929		52,090
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,119,253		1,006,601
Total held-to-maturity securities	$	1,179,182	$	1,058,691

Schedule of Components of Loans Receivable

The components of loans were summarized as follows:

	June 30, 2024		December 31, 2023
(in thousands)
Real estate:
Residential 1-4 family	$	2,603,825	$	2,595,162
Commercial real estate	1,368,907		1,374,038
Home equity line of credit	973,216		1,017,207
Residential land	20,818		18,364
Commercial construction	181,148		172,405
Residential construction	17,254		17,843
Total real estate	5,165,168		5,195,019
Commercial	648,286		743,303
Consumer	244,637		272,256
Total loans	6,058,091		6,210,578
Less: Deferred fees and discounts	(27,933)		(29,768)
Allowance for credit losses	(66,813)		(74,372)
Total loans, net	$	5,963,345	$	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 June 30, 2024
Allowance for credit losses:
Beginning balance	$	6,406	$	20,334	$	8,073	$	672	$	3,401	$	41	$	7,614	$	24,516	$	71,057
Charge-offs	—		—		—		—		—		—		(126)		(3,000)		(3,126)
Recoveries	7		—		9		—		—		—		190		686		892
Provision	(194)		(1,678)		1,470		87		(32)		(3)		(1,361)		(299)		(2,010)
Ending balance	$	6,219	$	18,656	$	9,552	$	759	$	3,369	$	38	$	6,317	$	21,903	$	66,813
Three months ended June 30, 2023
Allowance for credit losses:
Beginning balance	$	4,612	$	22,701	$	6,053	$	620	$	735	$	28	$	11,936	$	24,611	$	71,296
Charge-offs	(181)		—		(297)		—		—		—		(157)		(2,568)		(3,203)
Recoveries	2		—		17		3		—		—		206		904		1,132
Provision	275		(2,423)		1,366		30		1,814		(2)		(627)		(590)		(157)
Ending balance	$	4,708	$	20,278	$	7,139	$	653	$	2,549	$	26	$	11,358	$	22,357	$	69,068
Six months ended June 30, 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)		—		—		—		—		—		(240)		(5,719)		(6,801)
Recoveries	193		—		247		—		—		—		285		1,686		2,411
Provision	(567)		(3,529)		1,527		138		(234)		(5)		(2,850)		2,351		(3,169)
Ending balance	$	6,219	$	18,656	$	9,552	$	759	$	3,369	$	38	$	6,317	$	21,903	$	66,813
Six months ended June 30, 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	(990)		—		(360)		—		—		—		(384)		(4,891)		(6,625)
Recoveries	6		—		34		3		—		—		604		1,812		2,459
Provision	(578)		(1,620)		1,340		(67)		1,354		(20)		(1,288)		1,897		1,018
Ending balance	$	4,708	$	20,278	$	7,139	$	653	$	2,549	$	26	$	11,358	$	22,357	$	69,068

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 June 30, 2024
Allowance for loan commitments:
Beginning balance	$	600	$	3,100	$	400	$	4,100
Provision	100		—		—		100
Ending balance	$	700	$	3,100	$	400	$	4,200
Three months ended June 30, 2023
Allowance for loan commitments:
Beginning balance	$	400	$	2,600	$	1,400	$	4,400
Provision	200		1,200		(1,200)		200
Ending balance	$	600	$	3,800	$	200	$	4,600
Six months ended June 30, 2024
Allowance for loan commitments:
Beginning balance	$	600	$	4,300	$	200	$	5,100
Provision	100		(1,200)		200		(900)
Ending balance	$	700	$	3,100	$	400	$	4,200
Six months ended June 30, 2023
Allowance for loan commitments:
Beginning balance	$	400	$	2,600	$	1,400	$	4,400
Provision	200		1,200		(1,200)		200
Ending balance	$	600	$	3,800	$	200	$	4,600

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
June 30, 2024
Residential 1-4 family
Current	$	89,885	$	255,714	$	399,372	$	715,212	$	390,719	$	745,688	$	—	$	—	$	2,596,590
30-59 days past due	—		—		—		—		—		1,362		—		—		1,362
60-89 days past due	—		—		—		543		—		1,304		—		—		1,847
Greater than 89 days past due	—		—		726		—		—		3,300		—		—		4,026
	89,885		255,714		400,098		715,755		390,719		751,654		—		—		2,603,825
Home equity line of credit
Current	—		—		—		—		—		—		905,690		63,617		969,307
30-59 days past due	—		—		—		—		—		—		1,403		632		2,035
60-89 days past due	—		—		—		—		—		—		542		216		758
Greater than 89 days past due	—		—		—		—		—		—		885		231		1,116
	—		—		—		—		—		—		908,520		64,696		973,216
Residential land
Current	5,402		3,748		4,524		4,797		1,737		610		—		—		20,818
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	5,402		3,748		4,524		4,797		1,737		610		—		—		20,818
Residential construction
Current	550		7,501		9,203		—		—		—		—		—		17,254
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	550		7,501		9,203		—		—		—		—		—		17,254
Consumer
Current	18,275		70,089		130,936		6,589		840		328		9,746		2,071		238,874
30-59 days past due	242		552		1,040		126		12		3		61		141		2,177
60-89 days past due	22		602		1,053		53		7		3		43		25		1,808
Greater than 89 days past due	—		454		916		63		10		—		179		156		1,778
	18,539		71,697		133,945		6,831		869		334		10,029		2,393		244,637
Commercial real estate
Pass	22,976		105,110		376,911		189,510		263,783		373,432		15,482		—		1,347,204
Special Mention	—		—		1,208		1,465		—		1,116		—		—		3,789
Substandard	—		—		—		1,516		—		13,990		—		—		15,506
Doubtful	—		—		—		—		—		2,408		—		—		2,408
	22,976		105,110		378,119		192,491		263,783		390,946		15,482		—		1,368,907
Commercial construction
Pass	—		62,306		36,925		16,416		1,333		—		64,168		—		181,148
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	—		62,306		36,925		16,416		1,333		—		64,168		—		181,148
Commercial
Pass	33,205		88,184		166,815		92,150		71,214		79,756		97,353		6,929		635,606
Special Mention	—		1,685		—		—		—		—		3,801		—		5,486
Substandard	—		—		2,775		472		—		3,049		730		80		7,106
Doubtful	—		—		—		—		88		—		—		—		88
	33,205		89,869		169,590		92,622		71,302		82,805		101,884		7,009		648,286
Total loans	$	170,557	$	595,945	$	1,132,404	$	1,028,912	$	729,743	$	1,226,349	$	1,100,083	$	74,098	$	6,058,091

	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
Six months ended June 30, 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		—		226		240
Consumer	398		1,969		2,803		281		75		193		5,719
Total	$	398	$	1,969	$	3,164	$	572	$	75	$	623	$	6,801

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
June 30, 2024
Real estate:
Residential 1-4 family	$	1,362	$	1,847	$	4,026	$	7,235	$	2,596,590	$	2,603,825	$	—
Commercial real estate	—		—		10,908		10,908		1,357,999		1,368,907		—
Home equity line of credit	2,035		758		1,116		3,909		969,307		973,216		—
Residential land	—		—		—		—		20,818		20,818		—
Commercial construction	—		—		—		—		181,148		181,148		—
Residential construction	—		—		—		—		17,254		17,254		—
Commercial	107		150		108		365		647,921		648,286		—
Consumer	2,177		1,808		1,778		5,763		238,874		244,637		—
Total loans	$	5,681	$	4,563	$	17,936	$	28,180	$	6,029,911	$	6,058,091	$	—
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 six months ended June 30, 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	$	3,144	$	—	$	—	$	2,102	$	5,246
Commercial real estate	1,208		—		—		—		1,208
Home equity line of credit	447		—		—		—		447
Residential land	675		—		—		—		675
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	—		—		—		—		—
Consumer	—		—		—		—		—
Total	$	5,474	$	—	$	—	$	2,102	$	7,576

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)	June 30, 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	$	9,542	$	4,446	$	13,988	$	7,755	$	2,190	$	9,945
Commercial real estate	10,908		—		10,908		11,048		—		11,048
Home equity line of credit	2,211		1,091		3,302		2,626		1,135		3,761
Residential land	675		—		675		780		—		780
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	169		173		342		133		301		434
Consumer	2,656		—		2,656		2,458		—		2,458
Total	$	26,161	$	5,710	$	31,871	$	24,800	$	3,626	$	28,426

Schedule of Loan Modification

Loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 were as follows:

(in thousands)	Term extension		Payment delay		Combination payment delay & term extension		Total		% of total class of loans
Three months ended June 30, 2024
Real estate loans
Residential 1-4 family	$	50	$	2,093	$	—	$	2,143	0.08	%
Commercial real estate	—		—		—		—		—
Home equity line of credit	—		—		—		—		—
Residential land	—		—		—		—		—
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	—		—		—		—		—
Consumer	—		—		—		—		—
Total	$	50	$	2,093	$	—	$	2,143	0.04	%
Six months ended June 30, 2024
Real estate loans
Residential 1-4 family	$	315	$	4,931	$	—	$	5,246	0.20	%
Commercial real estate	—		—		1,208		1,208		0.09	%
Home equity line of credit	—		447		—		447		0.05	%
Residential land	—		675		—		675		3.24	%
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	—		—		—		—		—
Consumer	—		—		—		—		—
Total	$	315	$	6,053	$	1,208	$	7,576	0.13	%

Financial effect of loan modifications during the three and six months ended June 30, 2024 for borrowers experiencing financial difficulty were as follows:

	Weighted average
	Term extension (in months)	Payment delay (in months)
Three months ended June 30, 2024
Real estate loans
Residential 1-4 family	114	11
Commercial real estate	—	—
Home equity line of credit	—	—
Residential land	—	—
Commercial construction	—	—
Residential construction	—	—
Commercial	—	—
Consumer	—	—
Six months ended June 30, 2024
Real estate loans
Residential 1-4 family	149	10
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)	June 30, 2024		December 31, 2023		Collateral type
Real estate:
Residential 1-4 family	$	4,524	$	2,272	Residential real estate property
Commercial real estate	10,908		11,048		Commercial real estate property
Home equity line of credit	1,200		1,135		Residential real estate property
Total real estate	16,632		14,455
Commercial	262		301		Business assets
Total	$	16,894	$	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
June 30, 2024	$	18,114	$	(10,208)	$	—	$	7,906
December 31, 2023	18,241		(10,072)		—		8,169

Changes related to MSRs were as follows:

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Mortgage servicing rights
Beginning balance	$	8,050	$	8,745	$	8,169	$	9,047
Amount capitalized	179		84		377		135
Amortization	(323)		(334)		(640)		(687)
Other-than-temporary impairment	—		—		—		—
Carrying amount before valuation allowance	7,906		8,495		7,906		8,495
Valuation allowance for mortgage servicing rights
Beginning balance	—		—		—		—
Provision	—		—		—		—
Other-than-temporary impairment	—		—		—		—
Ending balance	—		—		—		—
Net carrying value of mortgage servicing rights	$	7,906	$	8,495	$	7,906	$	8,495

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)	June 30, 2024			December 31, 2023
Unpaid principal balance	$	1,399,592		$	1,402,736
Weighted average note rate	3.57		%	3.47		%
Weighted average discount rate	10.00		%	10.00		%
Weighted average prepayment speed	6.81		%	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)	June 30, 2024		December 31, 2023
Prepayment rate:
25 basis points adverse rate change	$	(133)	$	(90)
50 basis points adverse rate change	(296)		(204)
Discount rate:
25 basis points adverse rate change	(185)		(203)
50 basis points adverse rate change	(367)		(402)

Schedule of Notional and Fair Value of Derivatives

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

	June 30, 2024				December 31, 2023
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	5,330	$	89	$	6,246	$	86
Forward commitments	5,250		5		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	June 30, 2024				December 31, 2023
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	89	$	—	$	86	$	—
Forward commitments	5		—		—		18
	$	94	$	—	$	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 June 30				Six months ended June 30
(in thousands)		2024		2023		2024		2023
Interest rate lock commitments	Mortgage banking income	$	(47)	$	62	$	3	$	79
Forward commitments	Mortgage banking income	18		46		23		33
		$	(29)	$	108	$	26	$	112