Bank segment (Tables)

6 Months Ended

Jun. 30, 2021

Bank Subsidiary [Abstract]

Schedule of statements of income data

Condensed Consolidating Statement of Income

Three months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	422,697	91,512	87,670	—	—	$	601,879
Expenses
Fuel oil	91,345		19,586	28,205	—	—	139,136
Purchased power	124,948		24,236	13,281	—	—	162,465
Other operation and maintenance	77,903		19,474	20,765	—	—	118,142
Depreciation	38,907		10,053	8,421	—	—	57,381
Taxes, other than income taxes	40,301		8,539	8,231	—	—	57,071
Total expenses	373,404		81,888	78,903	—	—	534,195
Operating income	49,293		9,624	8,767	—	—	67,684
Allowance for equity funds used during construction	1,930		140	307	—	—	2,377
Equity in earnings of subsidiaries	10,744		—	—	—	(10,744)	—
Retirement defined benefits expense—other than service costs	884		169	(33)	—	—	1,020
Interest expense and other charges, net	(12,829)		(2,573)	(2,593)	—	—	(17,995)
Allowance for borrowed funds used during construction	654		48	110	—	—	812
Income before income taxes	50,676		7,408	6,558	—	(10,744)	53,898
Income taxes	8,505		1,668	1,325			11,498
Net income	42,171		5,740	5,233	—	(10,744)	42,400
Preferred stock dividends of subsidiaries	—		133	96	—		229
Net income attributable to Hawaiian Electric	42,171		5,607	5,137	—	(10,744)	42,171
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	41,901	5,607	5,137	—	(10,744)	$	41,901

Condensed Consolidating Statement of Income

Three months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	380,634	78,505	75,216	—	(140)	$	534,215
Expenses
Fuel oil	77,290		16,254	18,907	—	—	112,451
Purchased power	108,946		15,846	12,046	—	—	136,838
Other operation and maintenance	74,274		17,581	18,186	—	—	110,041
Depreciation	37,860		9,761	8,075	—	—	55,696
Taxes, other than income taxes	36,673		7,470	7,245	—	—	51,388
Total expenses	335,043		66,912	64,459	—	—	466,414
Operating income	45,591		11,593	10,757	—	(140)	67,801
Allowance for equity funds used during construction	1,807		193	194	—	—	2,194
Equity in earnings of subsidiaries	13,776		—	—	—	(13,776)	—
Retirement defined benefits expense—other than service costs	(546)		193	(29)	—	—	(382)
Interest expense and other charges, net	(12,499)		(2,533)	(2,446)	—	140	(17,338)
Allowance for borrowed funds used during construction	626		62	64	—	—	752
Income before income taxes	48,755		9,508	8,540	—	(13,776)	53,027
Income taxes	6,156		2,196	1,847			10,199
Net income	42,599		7,312	6,693	—	(13,776)	42,828
Preferred stock dividends of subsidiaries	—		133	96	—		229
Net income attributable to Hawaiian Electric	42,599		7,179	6,597	—	(13,776)	42,599
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	42,329	7,179	6,597	—	(13,776)	$	42,329

Condensed Consolidating Statement of Income

Six months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	823,251	176,661	166,851	—	(20)	$	1,166,743
Expenses
Fuel oil	180,073		36,071	50,419	—	—	266,563
Purchased power	233,552		45,833	25,376	—	—	304,761
Other operation and maintenance	155,238		37,386	40,088	—	—	232,712
Depreciation	77,821		20,101	16,814	—	—	114,736
Taxes, other than income taxes	78,928		16,532	15,713	—	—	111,173
Total expenses	725,612		155,923	148,410	—	—	1,029,945
Operating income	97,639		20,738	18,441	—	(20)	136,798
Allowance for equity funds used during construction	3,678		272	618	—	—	4,568
Equity in earnings of subsidiaries	23,254		—	—	—	(23,254)	—
Retirement defined benefits expense—other than service costs	1,770		337	(66)	—	—	2,041
Interest expense and other charges, net	(25,661)		(5,154)	(5,183)	—	20	(35,978)
Allowance for borrowed funds used during construction	1,245		92	222	—	—	1,559
Income before income taxes	101,925		16,285	14,032	—	(23,254)	108,988
Income taxes	16,126		3,719	2,886	—	—	22,731
Net income	85,799		12,566	11,146	—	(23,254)	86,257
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	85,799		12,299	10,955	—	(23,254)	85,799
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	85,259	12,299	10,955	—	(23,254)	$	85,259

Condensed Consolidating Statement of Income

Six months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	801,800	167,798	162,414	—	(355)	$	1,131,657
Expenses
Fuel oil	197,825		38,686	49,161	—	—	285,672
Purchased power	216,897		35,367	24,390	—	—	276,654
Other operation and maintenance	159,911		36,685	40,992	—	—	237,588
Depreciation	75,871		19,521	16,154	—	—	111,546
Taxes, other than income taxes	77,174		15,812	15,452	—	—	108,438
Total expenses	727,678		146,071	146,149	—	—	1,019,898
Operating income	74,122		21,727	16,265	—	(355)	111,759
Allowance for equity funds used during construction	3,550		312	347	—	—	4,209
Equity in earnings of subsidiaries	22,580		—	—	—	(22,580)	—
Retirement defined benefits expense—other than service costs	(1,092)		387	(58)	—	—	(763)
Interest expense and other charges, net	(24,501)		(5,017)	(4,769)	—	355	(33,932)
Allowance for borrowed funds used during construction	1,228		98	114	—	—	1,440
Income before income taxes	75,887		17,507	11,899	—	(22,580)	82,713
Income taxes	9,113		3,994	2,374	—	—	15,481
Net income	66,774		13,513	9,525	—	(22,580)	67,232
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	66,774		13,246	9,334	—	(22,580)	66,774
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	66,234	13,246	9,334	—	(22,580)	$	66,234

Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2021		2020		2021		2020
Interest and dividend income
Interest and fees on loans	$	51,026	$	53,541	$	100,973	$	109,086
Interest and dividends on investment securities	11,040		6,288		19,713		15,718
Total interest and dividend income	62,066		59,829		120,686		124,804
Interest expense
Interest on deposit liabilities	1,281		3,071		2,743		6,658
Interest on other borrowings	23		75		50		388
Total interest expense	1,304		3,146		2,793		7,046
Net interest income	60,762		56,683		117,893		117,758
Provision for credit losses	(12,207)		15,133		(20,642)		25,534
Net interest income after provision for credit losses	72,969		41,550		138,535		92,224
Noninterest income
Fees from other financial services	5,464		3,102		10,537		7,673
Fee income on deposit liabilities	3,904		2,897		7,767		8,010
Fee income on other financial products	2,201		1,212		4,643		3,084
Bank-owned life insurance	1,624		1,673		4,185		2,467
Mortgage banking income	1,925		6,252		6,225		8,252
Gain on sale of investment securities, net	—		9,275		528		9,275
Other income, net	76		(251)		348		162
Total noninterest income	15,194		24,160		34,233		38,923
Noninterest expense
Compensation and employee benefits	27,670		25,079		55,707		50,856
Occupancy	5,100		5,442		10,069		10,709
Data processing	4,533		3,849		8,884		7,686
Services	2,475		2,474		5,337		5,283
Equipment	2,394		2,290		4,616		4,629
Office supplies, printing and postage	978		1,049		2,022		2,390
Marketing	665		379		1,313		1,181
FDIC insurance	788		751		1,604		853
Other expense1	3,568		7,063		6,122		11,257
Total noninterest expense	48,171		48,376		95,674		94,844
Income before income taxes	39,992		17,334		77,094		36,303
Income taxes	9,708		3,320		17,254		6,528
Net income	30,284		14,014		59,840		29,775
Other comprehensive income (loss), net of taxes	16,999		(280)		(28,755)		19,567
Comprehensive income	$	47,283	$	13,734	$	31,085	$	49,342

1 The three- and six-month periods ended June 30, 2021 include approximately $0.1 million and $0.4 million, respectively, of certain direct and incremental COVID-19 related costs. The three- and six-month periods ended June 30, 2020 include approximately $3.7 million and $3.8 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first six months of 2020, which have been recorded in Other expense, include $2.3 million of compensation expense and $1.1 million of enhanced cleaning and sanitation costs.

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

	Three months ended June 30,				Six months ended June 30
(in thousands)	2021		2020		2021		2020
Interest and dividend income	$	62,066	$	59,829	$	120,686	$	124,804
Noninterest income	15,194		24,160		34,233		38,923
Less: Gain on sale of investment securities, net	—		9,275		528		9,275
*Revenues-Bank	77,260		74,714		154,391		154,452
Total interest expense	1,304		3,146		2,793		7,046
Provision for credit losses	(12,207)		15,133		(20,642)		25,534
Noninterest expense	48,171		48,376		95,674		94,844
Less: Retirement defined benefits expense (credit)—other than service costs	(186)		434		(1,464)		868
*Expenses-Bank	37,454		66,221		79,289		126,556
*Operating income-Bank	39,806		8,493		75,102		27,896
Add back: Retirement defined benefits expense (credit)—other than service costs	(186)		434		(1,464)		868
Add back: Gain on sale of investment securities, net	—		9,275		528		9,275
Income before income taxes	$	39,992	$	17,334	$	77,094	$	36,303

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)	2021		2020		2021		2020
Interest and dividend income
Interest and fees on loans	$	51,026	$	53,541	$	100,973	$	109,086
Interest and dividends on investment securities	11,040		6,288		19,713		15,718
Total interest and dividend income	62,066		59,829		120,686		124,804
Interest expense
Interest on deposit liabilities	1,281		3,071		2,743		6,658
Interest on other borrowings	23		75		50		388
Total interest expense	1,304		3,146		2,793		7,046
Net interest income	60,762		56,683		117,893		117,758
Provision for credit losses	(12,207)		15,133		(20,642)		25,534
Net interest income after provision for credit losses	72,969		41,550		138,535		92,224
Noninterest income
Fees from other financial services	5,464		3,102		10,537		7,673
Fee income on deposit liabilities	3,904		2,897		7,767		8,010
Fee income on other financial products	2,201		1,212		4,643		3,084
Bank-owned life insurance	1,624		1,673		4,185		2,467
Mortgage banking income	1,925		6,252		6,225		8,252
Gain on sale of investment securities, net	—		9,275		528		9,275
Other income, net	76		(251)		348		162
Total noninterest income	15,194		24,160		34,233		38,923
Noninterest expense
Compensation and employee benefits	27,670		25,079		55,707		50,856
Occupancy	5,100		5,442		10,069		10,709
Data processing	4,533		3,849		8,884		7,686
Services	2,475		2,474		5,337		5,283
Equipment	2,394		2,290		4,616		4,629
Office supplies, printing and postage	978		1,049		2,022		2,390
Marketing	665		379		1,313		1,181
FDIC insurance	788		751		1,604		853
Other expense1	3,568		7,063		6,122		11,257
Total noninterest expense	48,171		48,376		95,674		94,844
Income before income taxes	39,992		17,334		77,094		36,303
Income taxes	9,708		3,320		17,254		6,528
Net income	30,284		14,014		59,840		29,775
Other comprehensive income (loss), net of taxes	16,999		(280)		(28,755)		19,567
Comprehensive income	$	47,283	$	13,734	$	31,085	$	49,342

1 The three- and six-month periods ended June 30, 2021 include approximately $0.1 million and $0.4 million, respectively, of certain direct and incremental COVID-19 related costs. The three- and six-month periods ended June 30, 2020 include approximately $3.7 million and $3.8 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first six months of 2020, which have been recorded in Other expense, include $2.3 million of compensation expense and $1.1 million of enhanced cleaning and sanitation costs.

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

	Three months ended June 30,				Six months ended June 30
(in thousands)	2021		2020		2021		2020
Interest and dividend income	$	62,066	$	59,829	$	120,686	$	124,804
Noninterest income	15,194		24,160		34,233		38,923
Less: Gain on sale of investment securities, net	—		9,275		528		9,275
*Revenues-Bank	77,260		74,714		154,391		154,452
Total interest expense	1,304		3,146		2,793		7,046
Provision for credit losses	(12,207)		15,133		(20,642)		25,534
Noninterest expense	48,171		48,376		95,674		94,844
Less: Retirement defined benefits expense (credit)—other than service costs	(186)		434		(1,464)		868
*Expenses-Bank	37,454		66,221		79,289		126,556
*Operating income-Bank	39,806		8,493		75,102		27,896
Add back: Retirement defined benefits expense (credit)—other than service costs	(186)		434		(1,464)		868
Add back: Gain on sale of investment securities, net	—		9,275		528		9,275
Income before income taxes	$	39,992	$	17,334	$	77,094	$	36,303

Schedule of balance sheets data

Condensed Consolidating Balance Sheet

June 30, 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	$	42,412	5,606	3,594	—	—	$	51,612
Plant and equipment	5,030,706		1,368,603	1,220,577	—	—	7,619,886
Less accumulated depreciation	(1,735,717)		(612,065)	(555,639)	—	—	(2,903,421)
Construction in progress	159,300		12,961	29,541	—	—	201,802
Utility property, plant and equipment, net	3,496,701		775,105	698,073	—	—	4,969,879
Nonutility property, plant and equipment, less accumulated depreciation	5,304		115	1,532	—	—	6,951
Total property, plant and equipment, net	3,502,005		775,220	699,605	—	—	4,976,830
Investment in wholly owned subsidiaries, at equity	635,296		—	—	—	(635,296)	—
Current assets
Cash and cash equivalents	17,367		3,754	2,468	77	—	23,666
Restricted cash	8,968		—	—	—	—	8,968
Advances to affiliates	3,800		—	—	—	(3,800)	—
Customer accounts receivable, net	104,190		25,316	22,886	—	—	152,392
Accrued unbilled revenues, net	98,422		17,169	17,387	—	—	132,978
Other accounts receivable, net	13,370		4,036	4,661	—	(16,899)	5,168
Fuel oil stock, at average cost	74,673		11,193	16,200	—	—	102,066
Materials and supplies, at average cost	42,641		10,326	19,992	—	—	72,959
Prepayments and other	25,319		4,510	2,084	—	—	31,913
Regulatory assets	47,934		3,911	8,060	—	—	59,905
Total current assets	436,684		80,215	93,738	77	(20,699)	590,015
Other long-term assets
Operating lease right-of-use assets	107,191		24,095	336	—	—	131,622
Regulatory assets	494,195		109,656	104,100	—	—	707,951
Other	110,278		18,970	18,290	—	(5,982)	141,556
Total other long-term assets	711,664		152,721	122,726	—	(5,982)	981,129
Total assets	$	5,285,649	1,008,156	916,069	77	(661,977)	$	6,547,974
Capitalization and liabilities
Capitalization
Common stock equity	$	2,171,396	322,451	312,768	77	(635,296)	$	2,171,396
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,176,353		246,335	253,355	—	—	1,676,043
Total capitalization	3,370,042		575,786	571,123	77	(635,296)	3,881,732
Current liabilities
Current portion of operating lease liabilities	64,725		3,331	34	—	—	68,090
Short-term borrowings from non-affiliates	37,999		—	—	—	—	37,999
Short-term borrowings from affiliate	—		3,100	700	—	(3,800)	—
Accounts payable	90,840		18,624	22,169	—	—	131,633
Interest and preferred dividends payable	12,801		2,694	2,333	—	(1)	17,827
Taxes accrued, including revenue taxes	122,268		27,743	25,803	—	—	175,814
Regulatory liabilities	18,306		5,653	7,754	—	—	31,713
Other	50,487		11,508	16,004	—	(17,048)	60,951
Total current liabilities	397,426		72,653	74,797	—	(20,849)	524,027
Deferred credits and other liabilities
Operating lease liabilities	54,992		20,764	310	—	—	76,066
Deferred income taxes	280,920		53,115	59,240	—	—	393,275
Regulatory liabilities	666,554		175,771	92,439	—	—	934,764
Unamortized tax credits	79,867		14,890	13,529	—	—	108,286
Defined benefit pension and other postretirement benefit plans liability	367,530		75,010	77,367	—	(5,832)	514,075
Other	68,318		20,167	27,264	—	—	115,749
Total deferred credits and other liabilities	1,518,181		359,717	270,149	—	(5,832)	2,142,215
Total capitalization and liabilities	$	5,285,649	1,008,156	916,069	77	(661,977)	$	6,547,974

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)	June 30, 2021				December 31, 2020
Assets
Cash and due from banks			$	115,567			$	178,422
Interest-bearing deposits			105,800				114,304
Cash and cash equivalents			221,367				292,726
Investment securities
Available-for-sale, at fair value			2,509,906				1,970,417
Held-to-maturity, at amortized cost (fair value of $374,141 and $229,963, respectively)			375,655				226,947
Stock in Federal Home Loan Bank, at cost			10,000				8,680
Loans held for investment			5,184,459				5,333,843
Allowance for credit losses			(78,252)				(101,201)
Net loans			5,106,207				5,232,642
Loans held for sale, at lower of cost or fair value			50,877				28,275
Other			553,702				554,656
Goodwill			82,190				82,190
Total assets			$	8,909,904			$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,868,770			$	2,598,500
Deposit liabilities—interest-bearing			5,004,660				4,788,457
Other borrowings			129,665				89,670
Other			166,419				183,731
Total liabilities			8,169,514				7,660,358
Commitments and contingencies
Common stock			1				1
Additional paid-in capital			352,888				351,758
Retained earnings			401,310				369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	$	(8,815)			$	19,986
Retirement benefit plans	(4,994)		(13,809)		(5,040)		14,946
Total shareholder’s equity			740,390				736,175
Total liabilities and shareholder’s equity			$	8,909,904			$	8,396,533
Other assets
Bank-owned life insurance			$	164,453			$	163,265
Premises and equipment, net			205,917				206,134
Accrued interest receivable			23,064				24,616
Mortgage-servicing rights			10,754				10,020
Low-income housing investments			87,371				83,435
Other			62,143				67,186
			$	553,702			$	554,656
Other liabilities
Accrued expenses			$	61,156			$	62,694
Federal and state income taxes payable			1,508				6,582
Cashier’s checks			30,818				38,011
Advance payments by borrowers			10,374				10,207
Other			62,563				66,237
			$	166,419			$	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
June 30, 2021
Available-for-sale
U.S. Treasury and federal agency obligations	$	94,716	$	1,612	$	(19)	$	96,309	1	$	19,920	$	(19)	—	$	—	$	—
Mortgage-backed securities*	2,381,062		15,932		(30,693)		2,366,301		76	1,301,202		(30,679)		1	771		(14)
Corporate bonds	30,743		1,126		—		31,869		—	—		—		—	—		—
Mortgage revenue bonds	15,427		—		—		15,427		—	—		—		—	—		—
	$	2,521,948	$	18,670	$	(30,712)	$	2,509,906	77	$	1,321,122	$	(30,698)	1	$	771	$	(14)
Held-to-maturity
U.S. Treasury and Federal agency obligations	$	40,065	$	316	$	—	$	40,381	—	$	—	$	—	—	$	—	$	—
Mortgage-backed securities*	335,590		3,463		(5,293)		333,760		14	191,612		(5,293)		—	—		—
	$	375,655	$	3,779	$	(5,293)	$	374,141	14	$	191,612	$	(5,293)	—	$	—	$	—
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:

June 30, 2021	Amortized cost		Fair value
(in thousands)
Available-for-sale
Due in one year or less	$	—	$	—
Due after one year through five years	79,832		81,989
Due after five years through ten years	45,627		46,189
Due after ten years	15,427		15,427
	140,886		143,605
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,381,062		2,366,301
Total available-for-sale securities	$	2,521,948	$	2,509,906
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	40,065		40,381
Due after ten years	—		—
	40,065		40,381
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	335,590		333,760
Total held-to-maturity securities	$	375,655	$	374,141

Schedule of proceeds, gross gains and losses from sales of available-for-sale securities

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

	Three months ended June 30				Six months ended June 30
	2021		2020		2021		2020
(in thousands)
Proceeds	$	—	$	169,157	$	197,354	$	169,157
Gross gains	—		9,312		975		9,312
Gross losses	—		37		447		37
Tax expense on realized gains	—		2,492		142		2,492

Schedule of components of loans receivable

The components of loans were summarized as follows:

	June 30, 2021		December 31, 2020
(in thousands)
Real estate:
Residential 1-4 family	$	2,122,873	$	2,144,239
Commercial real estate	1,071,716		983,865
Home equity line of credit	870,182		963,578
Residential land	18,865		15,617
Commercial construction	115,625		121,424
Residential construction	10,574		11,022
Total real estate	4,209,835		4,239,745
Commercial	856,336		936,748
Consumer	132,855		168,733
Total loans	5,199,026		5,345,226
Less: Deferred fees and discounts	(14,567)		(11,383)
Allowance for credit losses	(78,252)		(101,201)
Total loans, net	$	5,106,207	$	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 June 30, 2021
Allowance for credit losses:
Beginning balance	$	5,261	$	34,345	$	5,901	$	573	$	1,453	$	16	$	24,504	$	19,740	$	91,793
Charge-offs	(20)		—		10		—		—		—		(319)		(1,931)		(2,260)
Recoveries	51		—		61		11		—		—		366		1,187		1,676
Provision	226		(5,637)		(637)		34		176		—		(4,493)		(2,626)		(12,957)
Ending balance	$	5,518	$	28,708	$	5,335	$	618	$	1,629	$	16	$	20,058	$	16,370	$	78,252
Three months ended June 30, 2020
Allowance for credit losses:
Beginning balance	$	4,476	$	16,587	$	6,225	$	352	$	3,446	$	14	$	12,977	$	33,007	$	77,084
Charge-offs	(7)		—		—		(343)		—		—		(699)		(6,331)		(7,380)
Recoveries	2		—		—		5		—		—		106		657		770
Provision	(560)		4,513		(11)		342		1,311		—		1,484		3,754		10,833
Ending balance	$	3,911	$	21,100	$	6,214	$	356	$	4,757	$	14	$	13,868	$	31,087	$	81,307
Six months ended June 30, 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	(20)		—		(40)		—		—		—		(1,090)		(4,791)		(5,941)
Recoveries	54		—		76		21		—		—		639		2,194		2,984
Provision	884		(6,899)		(1,514)		(12)		(2,520)		5		(4,953)		(4,983)		(19,992)
Ending balance	$	5,518	$	28,708	$	5,335	$	618	$	1,629	$	16	$	20,058	$	16,370	$	78,252
Six months ended June 30, 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	(7)		—		—		(351)		—		—		(1,068)		(12,585)		(14,011)
Recoveries	55		—		6		14		—		—		292		1,421		1,788
Provision	(667)		5,839		(173)		308		2,371		(3)		3,477		9,582		20,734
Ending balance	$	3,911	$	21,100	$	6,214	$	356	$	4,757	$	14	$	13,868	$	31,087	$	81,307

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 June 30, 2021
Allowance for loan commitments:
Beginning balance	$	400	$	1,300	$	1,200	$	2,900
Provision	—		1,100		(350)		750
Ending balance	$	400	$	2,400	$	850	$	3,650
Three months ended June 30, 2020
Allowance for loan commitments:
Beginning balance	$	300	$	3,191	$	309	$	3,800
Provision	—		4,309		(9)		4,300
Ending balance	$	300	$	7,500	$	300	$	8,100
Six months ended June 30, 2021
Allowance for loan commitments:
Beginning balance	$	300	$	3,000	$	1,000	$	4,300
Provision	100		(600)		(150)		(650)
Ending balance	$	400	$	2,400	$	850	$	3,650
Six months ended June 30, 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	—		4,824		(24)		4,800
Ending balance	$	300	$	7,500	$	300	$	8,100

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
June 30, 2021
Residential 1-4 family
Current	$	362,487	$	492,182	$	166,552	$	85,279	$	157,993	$	844,110	$	—	$	—	$	2,108,603
30-59 days past due	—		278		—		—		—		2,920		—		—		3,198
60-89 days past due	—		—		—		—		—		1,813		—		—		1,813
Greater than 89 days past due	—		—		3,960		430		—		4,869		—		—		9,259
	362,487		492,460		170,512		85,709		157,993		853,712		—		—		2,122,873
Home equity line of credit
Current	—		—		—		—		—		—		829,421		38,267		867,688
30-59 days past due	—		—		—		—		—		—		484		397		881
60-89 days past due	—		—		—		—		—		—		104		—		104
Greater than 89 days past due	—		—		—		—		—		—		1,035		474		1,509
	—		—		—		—		—		—		831,044		39,138		870,182
Residential land
Current	5,586		8,055		2,524		892		523		289		—		—		17,869
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		696		—		—		696
Greater than 89 days past due	—		—		—		—		—		300		—		—		300
	5,586		8,055		2,524		892		523		1,285		—		—		18,865
Residential construction
Current	2,148		5,264		2,883		—		279		—		—		—		10,574
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	2,148		5,264		2,883		—		279		—		—		—		10,574
Consumer
Current	15,289		21,974		48,127		22,699		2,138		356		14,764		4,027		129,374
30-59 days past due	172		139		558		349		77		—		157		76		1,528
60-89 days past due	—		85		443		319		63		—		62		51		1,023
Greater than 89 days past due	—		100		308		248		44		—		106		124		930
	15,461		22,298		49,436		23,615		2,322		356		15,089		4,278		132,855
Commercial real estate
Pass	90,683		280,206		68,625		64,694		31,668		255,806		11,000		—		802,682
Special Mention	1,360		4,254		29,642		53,347		47,653		61,926		—		—		198,182
Substandard	—		—		14,098		1,883		1,859		53,012		—		—		70,852
Doubtful	—		—		—		—		—		—		—		—		—
	92,043		284,460		112,365		119,924		81,180		370,744		11,000		—		1,071,716
Commercial construction
Pass	10,260		30,287		31,553		11,342		—		—		28,698		—		112,140
Special Mention	650		2,835		—		—		—		—		—		—		3,485
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	10,910		33,122		31,553		11,342		—		—		28,698		—		115,625
Commercial
Pass	199,625		182,533		87,875		60,800		21,238		50,243		97,465		17,412		717,191
Special Mention	58		35,160		12,433		448		6,204		29,376		25,297		23		108,999
Substandard	—		244		7,309		1,915		3,135		9,075		6,677		1,791		30,146
Doubtful	—		—		—		—		—		—		—		—		—
	199,683		217,937		107,617		63,163		30,577		88,694		129,439		19,226		856,336
Total loans	$	688,318	$	1,063,596	$	476,890	$	304,645	$	272,874	$	1,314,791	$	1,015,270	$	62,642	$	5,199,026

	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
June 30, 2021
Real estate:
Residential 1-4 family	$	3,198	$	1,813	$	9,259	$	14,270	$	2,108,603	$	2,122,873	$	—
Commercial real estate	—		—		170		170		1,071,546		1,071,716		—
Home equity line of credit	881		104		1,509		2,494		867,688		870,182		—
Residential land	—		696		300		996		17,869		18,865		—
Commercial construction	—		—		—		—		115,625		115,625		—
Residential construction	—		—		—		—		10,574		10,574		—
Commercial	298		224		116		638		855,698		856,336		—
Consumer	1,528		1,023		930		3,481		129,374		132,855		—
Total loans	$	5,905	$	3,860	$	12,284	$	22,049	$	5,176,977	$	5,199,026	$	—
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)	June 30, 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	$	14,076	$	7,666	$	21,742	$	8,991	$	2,835	$	11,826
Commercial real estate	15,514		1,437		16,951		15,847		2,875		18,722
Home equity line of credit	5,200		1,415		6,615		5,791		1,567		7,358
Residential land	801		300		1,101		108		300		408
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	1,718		2,505		4,223		1,819		3,328		5,147
Consumer	2,641		—		2,641		3,935		—		3,935
Total	$	39,950	$	13,323	$	53,273	$	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)	June 30, 2021		December 31, 2020
Real estate:
Residential 1-4 family	$	7,596	$	7,932
Commercial real estate	3,203		3,281
Home equity line of credit	7,617		8,148
Residential land	995		1,555
Commercial construction	—		—
Residential construction	—		—
Commercial	5,258		6,108
Consumer	53		54
Total troubled debt restructured loans accruing interest	$	24,722	$	27,078

Schedule of loan modifications

Loan modifications that occurred during the three and six months ended June 30, 2021 and 2020 were as follows:

Loans modified as a TDR	Three months ended June 30, 2021					Six months ended June 30, 2021
(dollars in thousands)	Number  of contracts	Outstanding  recorded  investment  (as of period end)1		Related allowance (as of period end)		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	3	$	1,835	$	77	15	$	10,024	$	271
Commercial real estate	—	—		—		—	—		—
Home equity line of credit	—	—		—		1	163		18
Residential land	1	288		12		2	558		23
Commercial construction	—	—		—		—	—		—
Residential construction	—	—		—		—	—		—
Commercial	4	237		11		6	296		26
Consumer	—	—		—		—	—		—
	8	$	2,360	$	100	24	$	11,041	$	338

	Three months ended June 30, 2020					Six months ended June 30, 2020
(dollars in thousands)	Number  of contracts	Outstanding  recorded  investment  (as of period end)1		Related allowance (as of period end)		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	$	147	$	7
Commercial real estate	—	—		—		2	16,430		4,301
Home equity line of credit	2	19		3		2	19		3
Residential land	2	330		—		2	330		—
Commercial construction	—	—		—		—	—		—
Residential construction	—	—		—		—	—		—
Commercial	—	—		—		4	751		275
Consumer	—	—		—		—	—		—
	4	$	349	$	3	11	$	17,677	$	4,586

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:

	Amortized cost
(in thousands)	June 30, 2021		December 31, 2020		Collateral type
Real estate:
Residential 1-4 family	$	4,454	$	2,541	Residential real estate property
Commercial real estate	1,437		2,875		Commercial real estate property
Home equity line of credit	1,415		1,567		Residential real estate property
Residential land	300		300		Residential real estate property
Total real estate	7,606		7,283
Commercial	840		934		Business assets
Total	$	8,446	$	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
June 30, 2021	$	21,865	$	(11,111)	$	—	$	10,754
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 June 30,				Six months ended June 30
(in thousands)	2021		2020		2021		2020
Mortgage servicing rights
Beginning balance	$	10,689	$	9,120	$	10,280	$	9,101
Amount capitalized	1,023		1,726		2,570		2,362
Amortization	(958)		(935)		(2,096)		(1,552)
Other-than-temporary impairment	—		—		—		—
Carrying amount before valuation allowance	10,754		9,911		10,754		9,911
Valuation allowance for mortgage servicing rights
Beginning balance	4		—		260		—
Provision	(4)		264		(260)		264
Other-than-temporary impairment	—		—		—		—
Ending balance	—		264		—		264
Net carrying value of mortgage servicing rights	$	10,754	$	9,647	$	10,754	$	9,647

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, 2021			December 31, 2020
Unpaid principal balance	$	1,535,932		$	1,450,312
Weighted average note rate	3.47		%	3.68		%
Weighted average discount rate	9.25		%	9.25		%
Weighted average prepayment speed	11.3		%	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
June 30, 2021
Residential	$	125	Fair value of property or collateral	Appraised value less selling cost	N/A (2)	N/A (2)
Home equity lines of credit	79		Fair value of collateral	Appraised value less selling cost	N/A (2)	N/A (2)
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)	June 30, 2021		December 31, 2020
Prepayment rate:
25 basis points adverse rate change	$	(771)	$	(738)
50 basis points adverse rate change	(1,738)		(1,445)
Discount rate:
25 basis points adverse rate change	(120)		(68)
50 basis points adverse rate change	(238)		(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
June 30, 2021	$	130	$	—	$	130
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
June 30, 2021	$	130	$	158	$	—
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:

	June 30, 2021				December 31, 2020
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	15,516	$	371	$	120,980	$	4,536
Forward commitments	20,036		(41)		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	June 30, 2021				December 31, 2020
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	371	$	—	$	4,536	$	—
Forward commitments	6		47		—		500
	$	377	$	47	$	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 June 30,				Six months ended June 30
(in thousands)		2021		2020		2021		2020
Interest rate lock commitments	Mortgage banking income	$	(67)	$	489	$	(4,165)	$	2,044
Forward commitments	Mortgage banking income	(381)		298		459		(245)
		$	(448)	$	787	$	(3,706)	$	1,799