Bank segment (Tables)

3 Months Ended

Mar. 31, 2021

Bank Subsidiary [Abstract]

Schedule of statements of income data

Condensed Consolidating Statement of Income

Three months ended March 31, 2021

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

Condensed Consolidating Statement of Income

Three months ended March 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	421,166	89,293	87,198	—	(215)	$	597,442
Expenses
Fuel oil	120,535		22,432	30,254	—	—	173,221
Purchased power	107,951		19,521	12,344	—	—	139,816
Other operation and maintenance	85,637		19,104	22,806	—	—	127,547
Depreciation	38,011		9,760	8,079	—	—	55,850
Taxes, other than income taxes	40,501		8,342	8,207	—	—	57,050
Total expenses	392,635		79,159	81,690	—	—	553,484
Operating income	28,531		10,134	5,508	—	(215)	43,958
Allowance for equity funds used during construction	1,743		119	153	—	—	2,015
Equity in earnings of subsidiaries	8,804		—	—	—	(8,804)	—
Retirement defined benefits expense—other than service costs	(546)		194	(29)	—	—	(381)
Interest expense and other charges, net	(12,002)		(2,484)	(2,323)	—	215	(16,594)
Allowance for borrowed funds used during construction	602		36	50	—	—	688
Income before income taxes	27,132		7,999	3,359	—	(8,804)	29,686
Income taxes	2,957		1,798	527			5,282
Net income	24,175		6,201	2,832	—	(8,804)	24,404
Preferred stock dividends of subsidiaries	—		134	95	—		229
Net income attributable to Hawaiian Electric	24,175		6,067	2,737	—	(8,804)	24,175
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	23,905	6,067	2,737	—	(8,804)	$	23,905

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2021		2020
Interest and dividend income
Interest and fees on loans	$	49,947	$	55,545
Interest and dividends on investment securities	8,673		9,430
Total interest and dividend income	58,620		64,975
Interest expense
Interest on deposit liabilities	1,462		3,587
Interest on other borrowings	27		313
Total interest expense	1,489		3,900
Net interest income	57,131		61,075
Provision for credit losses	(8,435)		10,401
Net interest income after provision for credit losses	65,566		50,674
Noninterest income
Fees from other financial services	5,073		4,571
Fee income on deposit liabilities	3,863		5,113
Fee income on other financial products	2,442		1,872
Bank-owned life insurance	2,561		794
Mortgage banking income	4,300		2,000
Gain on sale of investment securities, net	528		—
Other income, net	272		413
Total noninterest income	19,039		14,763
Noninterest expense
Compensation and employee benefits	28,037		25,777
Occupancy	4,969		5,267
Data processing	4,351		3,837
Services	2,862		2,809
Equipment	2,222		2,339
Office supplies, printing and postage	1,044		1,341
Marketing	648		802
FDIC insurance	816		102
Other expense	2,554		4,194
Total noninterest expense	47,503		46,468
Income before income taxes	37,102		18,969
Income taxes	7,546		3,208
Net income	29,556		15,761
Other comprehensive income (loss), net of taxes	(45,754)		19,847
Comprehensive income (loss)	$	(16,198)	$	35,608

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

	Three months ended March 31
(in thousands)	2021		2020
Interest and dividend income	$	58,620	$	64,975
Noninterest income	19,039		14,763
Less: Gain on sale of investment securities, net	528		—
*Revenues-Bank	77,131		79,738
Total interest expense	1,489		3,900
Provision for credit losses	(8,435)		10,401
Noninterest expense	47,503		46,468
Less: Retirement defined benefits expense (credit)—other than service costs	(1,278)		434
*Expenses-Bank	41,835		60,335
*Operating income-Bank	35,296		19,403
Add back: Retirement defined benefits expense (credit)—other than service costs	(1,278)		434
Add back: Gain on sale of investment securities, net	528		—
Income before income taxes	$	37,102	$	18,969

Schedule of statements of comprehensive income data

Statements of Income and Comprehensive Income Data

	Three months ended March 31
(in thousands)	2021		2020
Interest and dividend income
Interest and fees on loans	$	49,947	$	55,545
Interest and dividends on investment securities	8,673		9,430
Total interest and dividend income	58,620		64,975
Interest expense
Interest on deposit liabilities	1,462		3,587
Interest on other borrowings	27		313
Total interest expense	1,489		3,900
Net interest income	57,131		61,075
Provision for credit losses	(8,435)		10,401
Net interest income after provision for credit losses	65,566		50,674
Noninterest income
Fees from other financial services	5,073		4,571
Fee income on deposit liabilities	3,863		5,113
Fee income on other financial products	2,442		1,872
Bank-owned life insurance	2,561		794
Mortgage banking income	4,300		2,000
Gain on sale of investment securities, net	528		—
Other income, net	272		413
Total noninterest income	19,039		14,763
Noninterest expense
Compensation and employee benefits	28,037		25,777
Occupancy	4,969		5,267
Data processing	4,351		3,837
Services	2,862		2,809
Equipment	2,222		2,339
Office supplies, printing and postage	1,044		1,341
Marketing	648		802
FDIC insurance	816		102
Other expense	2,554		4,194
Total noninterest expense	47,503		46,468
Income before income taxes	37,102		18,969
Income taxes	7,546		3,208
Net income	29,556		15,761
Other comprehensive income (loss), net of taxes	(45,754)		19,847
Comprehensive income (loss)	$	(16,198)	$	35,608

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

	Three months ended March 31
(in thousands)	2021		2020
Interest and dividend income	$	58,620	$	64,975
Noninterest income	19,039		14,763
Less: Gain on sale of investment securities, net	528		—
*Revenues-Bank	77,131		79,738
Total interest expense	1,489		3,900
Provision for credit losses	(8,435)		10,401
Noninterest expense	47,503		46,468
Less: Retirement defined benefits expense (credit)—other than service costs	(1,278)		434
*Expenses-Bank	41,835		60,335
*Operating income-Bank	35,296		19,403
Add back: Retirement defined benefits expense (credit)—other than service costs	(1,278)		434
Add back: Gain on sale of investment securities, net	528		—
Income before income taxes	$	37,102	$	18,969

Schedule of balance sheets data

Condensed Consolidating Balance Sheet

March 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,411	5,606	3,594	—	—	$	51,611
Plant and equipment	4,986,417		1,358,367	1,207,095	—	—	7,551,879
Less accumulated depreciation	(1,706,529)		(604,021)	(549,169)	—	—	(2,859,719)
Construction in progress	160,331		13,927	29,730	—	—	203,988
Utility property, plant and equipment, net	3,482,630		773,879	691,250	—	—	4,947,759
Nonutility property, plant and equipment, less accumulated depreciation	5,305		115	1,532	—	—	6,952
Total property, plant and equipment, net	3,487,935		773,994	692,782	—	—	4,954,711
Investment in wholly owned subsidiaries, at equity	631,976		—	—	—	(631,976)	—
Current assets
Cash and cash equivalents	29,727		7,730	14,209	77	—	51,743
Restricted cash	11,506		—	—	—	—	11,506
Customer accounts receivable, net	101,605		21,358	18,686	—	—	141,649
Accrued unbilled revenues, net	72,784		14,911	14,118	—	—	101,813
Other accounts receivable, net	12,967		3,006	3,570	—	(14,470)	5,073
Fuel oil stock, at average cost	51,894		9,981	12,813	—	—	74,688
Materials and supplies, at average cost	40,395		9,873	19,458	—	—	69,726
Prepayments and other	29,769		3,534	3,791	—	(675)	36,419
Regulatory assets	42,852		2,840	8,630	—	—	54,322
Total current assets	393,499		73,233	95,275	77	(15,145)	546,939
Other long-term assets
Operating lease right-of-use assets	123,992		14,198	344	—	—	138,534
Regulatory assets	501,393		111,700	106,011	—	—	719,104
Other	102,767		18,591	20,424	—	(6,162)	135,620
Total other long-term assets	728,152		144,489	126,779	—	(6,162)	993,258
Total assets	$	5,241,562	991,716	914,836	77	(653,283)	$	6,494,908
Capitalization and liabilities
Capitalization
Common stock equity	$	2,157,385	320,494	311,405	77	(631,976)	$	2,157,385
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,176,229		246,310	253,324	—	—	1,675,863
Total capitalization	3,355,907		573,804	569,729	77	(631,976)	3,867,541
Current liabilities
Current portion of operating lease liabilities	64,423		1,844	34	—	—	66,301
Accounts payable	87,437		16,037	19,725	—	—	123,199
Interest and preferred dividends payable	20,075		3,698	4,400	—	(1)	28,172
Taxes accrued, including revenue taxes	107,552		25,372	22,876	—	(675)	155,125
Regulatory liabilities	17,000		5,901	7,469	—	—	30,370
Other	55,478		11,951	17,189	—	(14,618)	70,000
Total current liabilities	351,965		64,803	71,693	—	(15,294)	473,167
Deferred credits and other liabilities
Operating lease liabilities	71,431		12,353	318	—	—	84,102
Deferred income taxes	282,513		53,582	60,663	—	—	396,758
Regulatory liabilities	658,584		174,820	92,365	—	—	925,769
Unamortized tax credits	81,297		15,126	13,758	—	—	110,181
Defined benefit pension and other postretirement benefit plans liability	373,376		76,357	78,566	—	(6,013)	522,286
Other	66,489		20,871	27,744	—	—	115,104
Total deferred credits and other liabilities	1,533,690		353,109	273,414	—	(6,013)	2,154,200
Total capitalization and liabilities	$	5,241,562	991,716	914,836	77	(653,283)	$	6,494,908

Condensed Consolidating Balance Sheet

December 31, 2020

(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	$	42,411	5,606	3,594	—	—	$	51,611
Plant and equipment	4,960,470		1,352,885	1,195,988	—	—	7,509,343
Less accumulated depreciation	(1,677,256)		(597,606)	(544,217)	—	—	(2,819,079)
Construction in progress	143,616		13,043	31,683	—	—	188,342
Utility property, plant and equipment, net	3,469,241		773,928	687,048	—	—	4,930,217
Nonutility property, plant and equipment, less accumulated depreciation	5,306		115	1,532	—	—	6,953
Total property, plant and equipment, net	3,474,547		774,043	688,580	—	—	4,937,170
Investment in wholly owned subsidiaries, at equity	626,890		—	—	—	(626,890)	—
Current assets
Cash and cash equivalents	42,205		3,046	2,032	77	—	47,360
Restricted cash	15,966		—	—	—	—	15,966
Advances to affiliates	26,700		—	—	—	(26,700)	—
Customer accounts receivable, net	102,736		23,989	21,107	—	—	147,832
Accrued unbilled revenues, net	73,628		13,631	13,777	—	—	101,036
Other accounts receivable, net	17,984		3,028	2,856	—	(16,195)	7,673
Fuel oil stock, at average cost	38,777		8,471	10,990	—	—	58,238
Materials and supplies, at average cost	38,786		9,896	18,662	—	—	67,344
Prepayments and other	34,306		5,197	4,580	—	—	44,083
Regulatory assets	22,095		1,954	6,386	—	—	30,435
Total current assets	413,183		69,212	80,390	77	(42,895)	519,967
Other long-term assets
Operating lease right-of-use assets	125,858		1,443	353	—	—	127,654
Regulatory assets	513,192		114,461	108,620	—	—	736,273
Other	98,307		17,992	20,010	—	—	136,309
Total other long-term assets	737,357		133,896	128,983	—	—	1,000,236
Total assets	$	5,251,977	977,151	897,953	77	(669,785)	$	6,457,373
Capitalization and liabilities
Capitalization
Common stock equity	$	2,141,918	317,451	309,363	77	(626,891)	$	2,141,918
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,116,426		216,447	228,429	—	—	1,561,302
Total capitalization	3,280,637		540,898	542,792	77	(626,891)	3,737,513
Current liabilities
Current portion of operating lease liabilities	64,599		98	33	—	—	64,730
Short-term borrowings-non-affiliate	49,979		—	—	—	—	49,979
Short-term borrowings-affiliate	—		18,800	7,900	—	(26,700)	—
Accounts payable	97,102		19,570	17,177	—	—	133,849
Interest and preferred dividends payable	14,480		3,138	2,790	—	(58)	20,350
Taxes accrued, including revenue taxes	135,018		29,869	27,637	—	—	192,524
Regulatory liabilities	20,224		8,785	8,292	—	—	37,301
Other	57,926		13,851	18,621	—	(16,136)	74,262
Total current liabilities	439,328		94,111	82,450	—	(42,894)	572,995
Deferred credits and other liabilities
Operating lease liabilities	67,824		1,344	326	—	—	69,494
Deferred income taxes	282,685		54,108	61,005	—	—	397,798
Regulatory liabilities	656,270		173,938	92,277	—	—	922,485
Unamortized tax credits	82,563		15,363	13,989	—	—	111,915
Defined benefit pension and other postretirement benefit plans liability	373,112		77,679	79,741	—	—	530,532
Other	69,558		19,710	25,373	—	—	114,641
Total deferred credits and other liabilities	1,532,012		342,142	272,711	—	—	2,146,865
Total capitalization and liabilities	$	5,251,977	977,151	897,953	77	(669,785)	$	6,457,373

Balance Sheets Data

(in thousands)	March 31, 2021				December 31, 2020
Assets
Cash and due from banks			$	113,698			$	178,422
Interest-bearing deposits			110,365				114,304
Cash and cash equivalents			224,063				292,726
Investment securities
Available-for-sale, at fair value			2,305,257				1,970,417
Held-to-maturity, at amortized cost (fair value of $285,599 and $229,963, respectively)			295,046				226,947
Stock in Federal Home Loan Bank, at cost			10,000				8,680
Loans held for investment			5,310,081				5,333,843
Allowance for credit losses			(91,793)				(101,201)
Net loans			5,218,288				5,232,642
Loans held for sale, at lower of cost or fair value			23,637				28,275
Other			559,543				554,656
Goodwill			82,190				82,190
Total assets			$	8,718,024			$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,833,844			$	2,598,500
Deposit liabilities—interest-bearing			4,911,450				4,788,457
Other borrowings			102,685				89,670
Other			154,418				183,731
Total liabilities			8,002,397				7,660,358
Commitments and contingencies
Common stock			1				1
Additional paid-in capital			352,408				351,758
Retained earnings			394,026				369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	$	(25,791)			$	19,986
Retirement benefit plans	(5,017)		(30,808)		(5,040)		14,946
Total shareholder’s equity			715,627				736,175
Total liabilities and shareholder’s equity			$	8,718,024			8,396,533
Other assets
Bank-owned life insurance			$	162,821			$	163,265
Premises and equipment, net			206,247				206,134
Accrued interest receivable			24,381				24,616
Mortgage-servicing rights			10,685				10,020
Low-income housing investments			80,791				83,435
Other			74,618				67,186
			$	559,543			$	554,656
Other liabilities
Accrued expenses			$	55,073			$	62,694
Federal and state income taxes payable			1,709				6,582
Cashier’s checks			29,363				38,011
Advance payments by borrowers			5,863				10,207
Other			62,410				66,237
			$	154,418			$	183,731

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, 2021
Available-for-sale
U.S. Treasury and federal agency obligations	$	55,969	$	1,719	$	(41)	$	57,647	1	$	4,908	$	(41)	—	$	—	$	—
Mortgage-backed securities*	2,239,311		15,404		(53,363)		2,201,352		92	1,613,008		(53,344)		1	958		(19)
Corporate bonds	29,781		1,050		—		30,831		—	—		—		—	—		—
Mortgage revenue bonds	15,427		—		—		15,427		—	—		—		—	—		—
	$	2,340,488	$	18,173	$	(53,404)	$	2,305,257	93	$	1,617,916	$	(53,385)	1	$	958	$	(19)
Held-to-maturity
Mortgage-backed securities*	$	295,046	$	2,812	$	(12,259)	$	285,599	16	$	220,908	$	(12,259)	—	$	—	$	—
	$	295,046	$	2,812	$	(12,259)	$	285,599	16	$	220,908	$	(12,259)	—	$	—	$	—
December 31, 2020
Available-for-sale
U.S. Treasury and federal agency obligations	$	60,260	$	2,062	$	—	$	62,322	—	$	—	$	—	—	$	—	$	—
Mortgage-backed securities*	1,825,893		26,817		(3,151)		1,849,559		22	373,924		(3,151)		—	—		—
Corporate bonds	29,776		1,575		—		31,351		—	—		—		—	—		—
Mortgage revenue bonds	27,185		—		—		27,185		—	—		—		—	—		—
	$	1,943,114	$	30,454	$	(3,151)	$	1,970,417	22	$	373,924	$	(3,151)	—	$	—	$	—
Held-to-maturity
Mortgage-backed securities*	$	226,947	$	3,846	$	(830)	$	229,963	7	$	114,152	$	(830)	—	$	—	$	—
	$	226,947	$	3,846	$	(830)	$	229,963	7	$	114,152	$	(830)	—	$	—	$	—

* 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, 2021	Amortized cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	11,996	$	12,011
Due after one year through five years	43,530		45,180
Due after five years through ten years	30,224		31,287
Due after ten years	15,427		15,427
	101,177		103,905
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,239,311		2,201,352
Total available-for-sale securities	$	2,340,488	$	2,305,257
Held-to-maturity
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	$	295,046	$	285,599
Total held-to-maturity securities	$	295,046	$	285,599

Schedule of components of loans receivable

The components of loans were summarized as follows:

	March 31, 2021		December 31, 2020
(in thousands)
Real estate:
Residential 1-4 family	$	2,107,537	$	2,144,239
Commercial real estate	1,012,968		983,865
Home equity line of credit	901,462		963,578
Residential land	17,468		15,617
Commercial construction	114,455		121,424
Residential construction	13,365		11,022
Total real estate	4,167,255		4,239,745
Commercial	1,010,004		936,748
Consumer	148,511		168,733
Total loans	5,325,770		5,345,226
Deferred fees and discounts	(15,689)		(11,383)
Allowance for credit losses	(91,793)		(101,201)
Total loans, net	$	5,218,288	$	5,232,642

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, 2021
Allowance for credit losses:
Beginning balance	$	4,600	$	35,607	$	6,813	$	609	$	4,149	$	11	$	25,462	$	23,950	$	101,201
Charge-offs	—		—		(50)		—		—		—		(771)		(2,860)		(3,681)
Recoveries	3		—		15		10		—		—		273		1,007		1,308
Provision	658		(1,262)		(877)		(46)		(2,696)		5		(460)		(2,357)		(7,035)
Ending balance	$	5,261	$	34,345	$	5,901	$	573	$	1,453	$	16	$	24,504	$	19,740	$	91,793
Three months ended March 31, 2020
Allowance for credit losses:
Beginning balance, prior to adoption of ASU No. 2016-13	$	2,380	$	15,053	$	6,922	$	449	$	2,097	$	3	$	10,245	$	16,206	$	53,355
Impact of adopting ASU No. 2016-13	2,150		208		(541)		(64)		289		14		922		16,463		19,441
Charge-offs	—		—		—		(8)		—		—		(369)		(6,254)		(6,631)
Recoveries	53		—		6		9		—		—		186		764		1,018
Provision	(107)		1,326		(162)		(34)		1,060		(3)		1,993		5,828		9,901
Ending balance	$	4,476	$	16,587	$	6,225	$	352	$	3,446	$	14	$	12,977	$	33,007	$	77,084

Schedule of allowance for loan commitments

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, 2021
Allowance for loan commitments:
Beginning balance	$	300	$	3,000	$	1,000	$	4,300
Provision	100		(1,700)		200		(1,400)
Ending balance	$	400	$	1,300	$	1,200	$	2,900
Three months ended March 31, 2020
Allowance for loan commitments:
Beginning balance, prior to adoption of ASU No. 2016-13	$	392	$	931	$	418	$	1,741
Impact of adopting ASU No. 2016-13	(92)		1,745		(94)		1,559
Provision	—		515		(15)		500
Ending balance	$	300	$	3,191	$	309	$	3,800

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)	2021		2020		2019		2018		2017		Prior		Revolving		Converted to term loans		Total
March 31, 2021
Residential 1-4 family
Current	$	150,713	$	549,327	$	184,339	$	97,560	$	179,131	$	934,471	$	—	$	—	$	2,095,541
30-59 days past due	—		280		—		—		—		2,081		—		—		2,361
60-89 days past due	—		—		3,018		431		—		1,954		—		—		5,403
Greater than 89 days past due	—		—		942		—		—		3,290		—		—		4,232
	150,713		549,607		188,299		97,991		179,131		941,796		—		—		2,107,537
Home equity line of credit
Current	—		—		—		—		—		—		861,116		36,792		897,908
30-59 days past due	—		—		—		—		—		—		659		473		1,132
60-89 days past due	—		—		—		—		—		—		261		73		334
Greater than 89 days past due	—		—		—		—		—		—		1,243		845		2,088
	—		—		—		—		—		—		863,279		38,183		901,462
Residential land
Current	2,794		8,354		2,884		1,290		855		292		—		—		16,469
30-59 days past due	—		—		—		—		—		699		—		—		699
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		300		—		—		300
	2,794		8,354		2,884		1,290		855		1,291		—		—		17,468
Residential construction
Current	1,114		7,865		3,344		383		659		—		—		—		13,365
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	1,114		7,865		3,344		383		659		—		—		—		13,365
Consumer
Current	6,658		25,307		57,781		29,734		4,219		475		16,332		3,729		144,235
30-59 days past due	125		164		577		452		90		1		106		125		1,640
60-89 days past due	—		149		623		372		119		1		80		92		1,436
Greater than 89 days past due	—		218		356		280		56		1		199		90		1,200
	6,783		25,838		59,337		30,838		4,484		478		16,717		4,036		148,511
Commercial real estate
Pass	23,091		274,952		69,384		60,627		28,174		222,617		11,000		—		689,845
Special Mention	—		4,914		29,597		57,489		51,586		97,247		—		—		240,833
Substandard	—		—		14,647		4,170		1,877		61,596		—		—		82,290
Doubtful	—		—		—		—		—		—		—		—		—
	23,091		279,866		113,628		122,286		81,637		381,460		11,000		—		1,012,968
Commercial construction
Pass	—		21,414		39,513		26,990		—		2,917		20,972		—		111,806
Special Mention	245		2,404		—		—		—		—		—		—		2,649
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	245		23,818		39,513		26,990		—		2,917		20,972		—		114,455
Commercial
Pass	169,095		337,753		96,251		60,462		28,545		51,072		91,178		19,666		854,022
Special Mention	65		38,316		15,024		1,820		6,725		33,990		26,301		26		122,267
Substandard	—		275		7,921		2,004		3,765		11,276		6,665		1,809		33,715
Doubtful	—		—		—		—		—		—		—		—		—
	169,160		376,344		119,196		64,286		39,035		96,338		124,144		21,501		1,010,004
Total loans	$	353,900	$	1,271,692	$	526,201	$	344,064	$	305,801	$	1,424,280	$	1,036,112	$	63,720	$	5,325,770

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Revolving		Converted to term loans		Total
December 31, 2020
Residential 1-4 family
Current	$	567,282	$	218,988	$	111,243	$	203,916	$	184,888	$	849,788	$	—	$	—	$	2,136,105
30-59 days past due	—		—		—		—		—		2,629		—		—		2,629
60-89 days past due	—		476		—		—		—		2,314		—		—		2,790
Greater than 89 days past due	—		—		—		353		—		2,362		—		—		2,715
	567,282		219,464		111,243		204,269		184,888		857,093		—		—		2,144,239
Home equity line of credit
Current	—		—		—		—		—		—		927,106		33,228		960,334
30-59 days past due	—		—		—		—		—		—		552		298		850
60-89 days past due	—		—		—		—		—		—		267		75		342
Greater than 89 days past due	—		—		—		—		—		—		1,463		589		2,052
	—		—		—		—		—		—		929,388		34,190		963,578
Residential land
Current	8,357		3,427		1,598		939		22		272		—		—		14,615
30-59 days past due	—		—		—		—		—		702		—		—		702
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		300		—		—		300
	8,357		3,427		1,598		939		22		1,274		—		—		15,617
Residential construction
Current	6,919		3,093		385		625		—		—		—		—		11,022
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	6,919		3,093		385		625		—		—		—		—		11,022
Consumer
Current	28,818		67,159		37,072		7,207		293		348		18,351		3,758		163,006
30-59 days past due	406		1,085		727		155		4		—		138		90		2,605
60-89 days past due	191		549		427		165		3		—		97		59		1,491
Greater than 89 days past due	131		532		409		119		7		—		262		171		1,631
	29,546		69,325		38,635		7,646		307		348		18,848		4,078		168,733
Commercial real estate
Pass	270,603		63,301		62,168		28,432		55,089		155,654		11,000		—		646,247
Special Mention	10,261		36,405		57,952		33,763		68,287		48,094		—		—		254,762
Substandard	—		14,720		4,181		1,892		4,423		57,640		—		—		82,856
Doubtful	—		—		—		—		—		—		—		—		—
	280,864		114,426		124,301		64,087		127,799		261,388		11,000		—		983,865
Commercial construction
Pass	14,480		31,965		26,990		—		5,562		—		22,517		—		101,514
Special Mention	1,910		—		—		18,000		—		—		—		—		19,910
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	16,390		31,965		26,990		18,000		5,562		—		22,517		—		121,424
Commercial
Pass	392,088		117,791		75,533		29,211		12,520		35,770		74,520		11,004		748,437
Special Mention	37,836		23,087		1,920		6,990		30,264		13,250		31,362		11,218		155,927
Substandard	304		7,785		2,043		4,017		7,542		3,113		5,265		1,928		31,997
Doubtful	—		—		—		—		—		—		387		—		387
	430,228		148,663		79,496		40,218		50,326		52,133		111,534		24,150		936,748
Total loans	$	1,339,586	$	590,363	$	382,648	$	335,784	$	368,904	$	1,172,236	$	1,093,287	$	62,418	$	5,345,226

Schedule of credit risk profile based on payment activity for loans

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

(in thousands)	30-59 days past due		60-89 days past due		Greater than 90 days		Total past due		Current		Total financing receivables		Amortized cost> 90 days and accruing
March 31, 2021
Real estate:
Residential 1-4 family	$	2,361	$	5,403	$	4,232	$	11,996	$	2,095,541	$	2,107,537	$	—
Commercial real estate	1,681		—		—		1,681		1,011,287		1,012,968		—
Home equity line of credit	1,132		334		2,088		3,554		897,908		901,462		—
Residential land	699		—		300		999		16,469		17,468		—
Commercial construction	—		—		—		—		114,455		114,455		—
Residential construction	—		—		—		—		13,365		13,365		—
Commercial	146		47		73		266		1,009,738		1,010,004		—
Consumer	1,640		1,436		1,200		4,276		144,235		148,511		—
Total loans	$	7,659	$	7,220	$	7,893	$	22,772	$	5,302,998	$	5,325,770	$	—
December 31, 2020
Real estate:
Residential 1-4 family	$	2,629	$	2,790	$	2,715	$	8,134	$	2,136,105	$	2,144,239	$	—
Commercial real estate	—		488		—		488		983,377		983,865		—
Home equity line of credit	850		342		2,052		3,244		960,334		963,578		—
Residential land	702		—		300		1,002		14,615		15,617		—
Commercial construction	—		—		—		—		121,424		121,424		—
Residential construction	—		—		—		—		11,022		11,022		—
Commercial	608		300		132		1,040		935,708		936,748		—
Consumer	2,605		1,491		1,631		5,727		163,006		168,733		—
Total loans	$	7,394	$	5,411	$	6,830	$	19,635	$	5,325,591	$	5,345,226	$	—

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, 2021						December 31, 2020
	With a Related ACL		Without a Related ACL		Total		With a Related ACL		Without a Related ACL		Total
Real estate:
Residential 1-4 family	$	16,945	$	2,987	$	19,932	$	8,991	$	2,835	$	11,826
Commercial real estate	15,634		2,828		18,462		15,847		2,875		18,722
Home equity line of credit	5,075		1,587		6,662		5,791		1,567		7,358
Residential land	107		300		407		108		300		408
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	1,763		2,918		4,681		1,819		3,328		5,147
Consumer	3,192		—		3,192		3,935		—		3,935
Total	$	42,716	$	10,620	$	53,336	$	36,491	$	10,905	$	47,396

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

(in thousands)	March 31, 2021		December 31, 2020
Real estate:
Residential 1-4 family	$	7,453	$	7,932
Commercial real estate	3,254		3,281
Home equity line of credit	7,727		8,148
Residential land	1,738		1,555
Commercial construction	—		—
Residential construction	—		—
Commercial	5,737		6,108
Consumer	54		54
Total troubled debt restructured loans accruing interest	$	25,963	$	27,078

Schedule of loan modifications

Loan modifications that occurred during the first three months of 2021 and 2020 were as follows:

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

	Three months ended March 31, 2020
(dollars in thousands)	Number  of contracts	Outstanding recorded  investment  (as of period end)1		Related allowance (as of period end)
Troubled debt restructurings
Real estate:
Residential 1-4 family	1	$	148	$	8
Commercial real estate	2	16,584		4,281
Home equity line of credit	—	—		—
Residential land	—	—		—
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	4	756		278
Consumer	—	—		—
	7	$	17,488	$	4,567

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

Schedule of collateral-dependent loans

Loans considered collateral-dependent were as follows:

	March 31, 2021		December 31, 2020
(in thousands)	Amortized cost		Amortized cost		Collateral type
Real estate:
Residential 1-4 family	$	2,782	$	2,541	Residential real estate property
Commercial real estate	2,828		2,875		Commercial real estate property
Home equity line of credit	1,587		1,567		Residential real estate property
Residential land	300		300		Residential real estate property
Total real estate	7,497		7,283
Commercial	889		934		Business assets
Total	$	8,386	$	8,217

Schedule of amortized intangible assets

Changes in the carrying value of MSRs were as follows:

(in thousands)	Gross carrying amount1		Accumulated amortization		Valuation allowance		Net carrying amount
March 31, 2021	$	20,830	$	(10,141)	$	(4)	$	10,685
December 31, 2020	22,950		(12,670)		(260)		10,020

1     Reflects impact of loans paid in full

Changes related to MSRs were as follows:

	Three months ended March 31
(in thousands)	2021		2020
Mortgage servicing rights
Beginning balance	$	10,280	$	9,101
Amount capitalized	1,547		636
Amortization	(1,138)		(617)
Other-than-temporary impairment	—		—
Carrying amount before valuation allowance	10,689		9,120
Valuation allowance for mortgage servicing rights
Beginning balance	260		—
Provision	(256)		—
Other-than-temporary impairment	—		—
Ending balance	4		—
Net carrying value of mortgage servicing rights	$	10,685	$	9,120

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, 2021			December 31, 2020
Unpaid principal balance	$	1,505,963		$	1,450,312
Weighted average note rate	3.57		%	3.68		%
Weighted average discount rate	9.25		%	9.25		%
Weighted average prepayment speed	12.0		%	17.7		%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:

					Significant unobservable  input value (1)
($ in thousands)	Fair value		Valuation technique	Significant unobservable input	Range	Weighted Average
March 31, 2021
Home equity lines of credit	$	69	Fair value of collateral	Appraised value less selling cost	N/A (2)	N/A (2)
Mortgage servicing rights	61		Discounted cash flow	Prepayment speed	17% - 24%	17	%
				Discount rate		9.3	%
December 31, 2020
Commercial loan	$	387	Fair value of collateral	Appraised value less selling cost	N/A (2)	N/A (2)
Mortgage servicing rights	3,001		Discounted cash flow	Prepayment speed	15% - 22%	22	%
				Discount rate		9.3	%

(1) Represents percent of outstanding principal balance.

(2) N/A - Not applicable. There is one asset in each fair value measurement type.

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, 2021		December 31, 2020
Prepayment rate:
25 basis points adverse rate change	$	(659)	$	(738)
50 basis points adverse rate change	(1,376)		(1,445)
Discount rate:
25 basis points adverse rate change	(110)		(68)
50 basis points adverse rate change	(218)		(135)

Schedule of securities sold under agreements to repurchase

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

(in millions)	Gross amount  of recognized  liabilities		Gross amount  offset in the  Balance Sheets		Net amount of liabilities presented in the Balance Sheets
Repurchase agreements
March 31, 2021	$	103	$	—	$	103
December 31, 2020	90		—		90

	Gross amount not offset in the Balance Sheets
(in millions)	Net amount of liabilities presented in the Balance Sheets		Financial instruments		Cash collateral pledged
Commercial account holders
March 31, 2021	$	103	$	122	$	—
December 31, 2020	90		92		—

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, 2021				December 31, 2020
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	49,316	$	438	$	120,980	$	4,536
Forward commitments	49,500		340		100,500		(500)

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, 2021				December 31, 2020
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	456	$	(18)	$	4,536	$	—
Forward commitments	340		—		—		500
	$	796	$	(18)	$	4,536	$	500

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)		2021		2020
Interest rate lock commitments	Mortgage banking income	$	(4,098)	$	1,555
Forward commitments	Mortgage banking income	840		(543)
		$	(3,258)	$	1,012