Bank segment (HEI only) (Tables)

12 Months Ended

Dec. 31, 2021

Bank Segment Disclosure [Abstract]

Schedule of statements of income data

Consolidating statement of income

Year ended December 31, 2021

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

Consolidating statement of income

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,608,305	334,221	323,430	(636)	[1]	$	2,265,320
Expenses
Fuel oil	354,087		72,202	88,985	—		515,274
Purchased power	446,672		73,120	48,957	—		568,749
Other operation and maintenance	311,781		73,746	88,665	—		474,192
Depreciation	151,387		39,041	32,305	—		222,733
Taxes, other than income taxes	154,191		31,181	30,450	—		215,822
Total expenses	1,418,118		289,290	289,362	—		1,996,770
Operating income	190,187		44,931	34,068	(636)		268,550
Allowance for equity funds used during construction	7,335		543	890	—		8,768
Equity in earnings of subsidiaries	47,504		—	—	(47,504)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	(1,294)		672	(141)	—		(763)
Interest expense and other charges, net	(48,775)		(10,004)	(9,651)	636	[1]	(67,794)
Allowance for borrowed funds used during construction	2,540		160	292	—		2,992
Income before income taxes	197,497		36,302	25,458	(47,504)		211,753
Income taxes	27,077		8,275	5,066	—		40,418
Net income	170,420		28,027	20,392	(47,504)		171,335
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	170,420		27,493	20,011	(47,504)		170,420
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	169,340	27,493	20,011	(47,504)		$	169,340

Consolidating statement of income

Year ended December 31, 2019

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,803,698	364,590	378,202	(548)	[1]	$	2,545,942
Expenses
Fuel oil	494,728		84,565	141,416	—		720,709
Purchased power	494,215		90,989	48,052	—		633,256
Other operation and maintenance	319,771		76,091	85,875	—		481,737
Depreciation	143,470		41,812	30,449	—		215,731
Taxes, other than income taxes	170,979		33,787	35,365	—		240,131
Total expenses	1,623,163		327,244	341,157	—		2,291,564
Operating income	180,535		37,346	37,045	(548)		254,378
Allowance for equity funds used    during construction	9,955		816	1,216	—		11,987
Equity in earnings of subsidiaries	43,167		—	—	(43,167)	[2]	—
Retirement defined benefits expense—other than service costs	(2,287)		(422)	(127)	—		(2,836)
Interest expense and other charges, net	(51,199)		(10,741)	(9,450)	548	[1]	(70,842)
Allowance for borrowed funds used during construction	3,666		342	445	—		4,453
Income before income taxes	183,837		27,341	29,129	(43,167)		197,140
Income taxes	25,917		5,990	6,398	—		38,305
Net income	157,920		21,351	22,731	(43,167)		158,835
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	157,920		20,817	22,350	(43,167)		157,920
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	156,840	20,817	22,350	(43,167)		$	156,840

Statements of Income and Comprehensive Income Data

Years ended December 31	2021		2020		2019
(in thousands)
Interest and dividend income
Interest and fees on loans	$	198,802	$	214,134	$	233,632
Interest and dividends on investment securities	43,464		30,529		32,922
Total interest and dividend income	242,266		244,663		266,554
Interest expense
Interest on deposit liabilities	4,981		10,654		16,830
Interest on other borrowings	59		460		1,610
Total interest expense	5,040		11,114		18,440
Net interest income	237,226		233,549		248,114
Provision for credit losses	(25,825)		50,811		23,480
Net interest income after provision for credit losses	263,051		182,738		224,634
Noninterest income
Fees from other financial services	21,225		16,447		19,275
Fee income on deposit liabilities	16,663		16,059		20,877
Fee income on other financial products	8,770		6,381		6,507
Bank-owned life insurance	7,318		6,483		7,687
Mortgage banking income	9,305		23,734		4,943
Gain on sale of real estate	—		—		10,762
Gain on sale of investment securities, net	528		9,275		653
Other income, net	851		(256)		2,074
Total noninterest income	64,660		78,123		72,778
Noninterest expense
Compensation and employee benefits	113,970		104,443		103,009
Occupancy	20,584		21,573		21,272
Data processing	17,634		14,769		15,306
Services	10,327		11,121		10,239
Equipment	9,510		9,001		8,760
Office supplies, printing and postage	4,239		4,623		5,512
Marketing	3,870		3,435		4,490
FDIC insurance	3,235		2,342		1,204
Other expense1	13,783		20,283		15,586
Total noninterest expense	197,152		191,590		185,378
Income before income taxes	130,559		69,271		112,034
Income taxes	29,325		11,688		23,061
Net income	101,234		57,583		88,973
Other comprehensive income (loss), net of taxes	(52,728)		23,608		29,406
Comprehensive income	$	48,506	$	81,191	$	118,379

1 2021 and 2020 include approximately $0.6 million and $5.1 million of certain direct and incremental COVID-19 related costs, respectively. For 2020, these costs include $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs.

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2021		2020		2019
(in thousands)
Interest and dividend income	$	242,266	$	244,663	$	266,554
Noninterest income	64,660		78,123		72,778
Less: Gain on sale of real estate	—		—		10,762
Less: Gain on sale of investment securities, net	528		9,275		653
*Revenues-Bank	306,398		313,511		327,917
Total interest expense	5,040		11,114		18,440
Provision for credit losses	(25,825)		50,811		23,480
Noninterest expense	197,152		191,590		185,378
Less: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add: Gain on sale of real estate	—		—		10,762
*Expenses-Bank	178,195		251,702		217,008
*Operating income-Bank	128,203		61,809		110,909
Add back: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add back: Gain on sale of investment securities, net	528		9,275		653
Income before income taxes	$	130,559	$	69,271	$	112,034

Schedule of statements of comprehensive income data

Statements of Income and Comprehensive Income Data

Years ended December 31	2021		2020		2019
(in thousands)
Interest and dividend income
Interest and fees on loans	$	198,802	$	214,134	$	233,632
Interest and dividends on investment securities	43,464		30,529		32,922
Total interest and dividend income	242,266		244,663		266,554
Interest expense
Interest on deposit liabilities	4,981		10,654		16,830
Interest on other borrowings	59		460		1,610
Total interest expense	5,040		11,114		18,440
Net interest income	237,226		233,549		248,114
Provision for credit losses	(25,825)		50,811		23,480
Net interest income after provision for credit losses	263,051		182,738		224,634
Noninterest income
Fees from other financial services	21,225		16,447		19,275
Fee income on deposit liabilities	16,663		16,059		20,877
Fee income on other financial products	8,770		6,381		6,507
Bank-owned life insurance	7,318		6,483		7,687
Mortgage banking income	9,305		23,734		4,943
Gain on sale of real estate	—		—		10,762
Gain on sale of investment securities, net	528		9,275		653
Other income, net	851		(256)		2,074
Total noninterest income	64,660		78,123		72,778
Noninterest expense
Compensation and employee benefits	113,970		104,443		103,009
Occupancy	20,584		21,573		21,272
Data processing	17,634		14,769		15,306
Services	10,327		11,121		10,239
Equipment	9,510		9,001		8,760
Office supplies, printing and postage	4,239		4,623		5,512
Marketing	3,870		3,435		4,490
FDIC insurance	3,235		2,342		1,204
Other expense1	13,783		20,283		15,586
Total noninterest expense	197,152		191,590		185,378
Income before income taxes	130,559		69,271		112,034
Income taxes	29,325		11,688		23,061
Net income	101,234		57,583		88,973
Other comprehensive income (loss), net of taxes	(52,728)		23,608		29,406
Comprehensive income	$	48,506	$	81,191	$	118,379

1 2021 and 2020 include approximately $0.6 million and $5.1 million of certain direct and incremental COVID-19 related costs, respectively. For 2020, these costs include $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs.

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2021		2020		2019
(in thousands)
Interest and dividend income	$	242,266	$	244,663	$	266,554
Noninterest income	64,660		78,123		72,778
Less: Gain on sale of real estate	—		—		10,762
Less: Gain on sale of investment securities, net	528		9,275		653
*Revenues-Bank	306,398		313,511		327,917
Total interest expense	5,040		11,114		18,440
Provision for credit losses	(25,825)		50,811		23,480
Noninterest expense	197,152		191,590		185,378
Less: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add: Gain on sale of real estate	—		—		10,762
*Expenses-Bank	178,195		251,702		217,008
*Operating income-Bank	128,203		61,809		110,909
Add back: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add back: Gain on sale of investment securities, net	528		9,275		653
Income before income taxes	$	130,559	$	69,271	$	112,034

Schedule of balance sheets data

Consolidating balance sheet

December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,737	5,606	3,594	—	—		$	51,937
Plant and equipment	5,097,033		1,390,361	1,248,589	—	—		7,735,983
Less accumulated depreciation	(1,757,096)		(619,991)	(563,430)	—	—		(2,940,517)
Construction in progress	159,854		17,129	27,586	—	—		204,569
Utility property, plant and equipment, net	3,542,528		793,105	716,339	—	—		5,051,972
Nonutility property, plant and equipment, less accumulated depreciation	5,302		115	1,532	—	—		6,949
Total property, plant and equipment, net	3,547,830		793,220	717,871	—	—		5,058,921
Investment in wholly-owned subsidiaries, at equity	676,237		—	—	—	(676,237)	[2]	—
Current assets
Cash and cash equivalents	23,344		5,326	23,422	77	—		52,169
Restricted cash	3,089		—	—	—	—		3,089
Advances to affiliates	1,000		—	—	—	(1,000)	[1]	—
Customer accounts receivable, net	135,949		28,469	22,441	—	—		186,859
Accrued unbilled revenues, net	92,469		19,529	17,157	—	—		129,155
Other accounts receivable, net	18,624		3,347	3,031	—	(17,735)	[1]	7,267
Fuel oil stock, at average cost	71,184		12,814	20,080	—	—		104,078
Materials and supplies, at average cost	42,006		9,727	20,144	—	—		71,877
Prepayments and other	32,140		6,052	7,114	—	725	[1]	46,031
Regulatory assets	58,695		3,051	4,918	—	—		66,664
Total current assets	478,500		88,315	118,307	77	(18,010)		667,189
Other long-term assets
Operating lease right-of-use assets	78,710		22,442	318	—	—		101,470
Regulatory assets	337,903		81,645	79,331	—	—		498,879
Other	130,546		17,124	18,510	—	(1,014)	[1]	165,166
Total other long-term assets	547,159		121,211	98,159	—	(1,014)		765,515
Total assets	$	5,249,726	1,002,746	934,337	77	(695,261)		$	6,491,625
Capitalization and liabilities
Capitalization
Common stock equity	$	2,261,899	332,900	343,260	77	(676,237)	[2]	$	2,261,899
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,136,620		234,390	253,417	—	—		1,624,427
Total capitalization	3,420,812		574,290	601,677	77	(676,237)		3,920,619
Current liabilities
Current portion of operating lease liabilities	45,955		3,378	35	—	—		49,368
Current portion of long-term debt, net	39,981		11,994	—	—	—		51,975
Short-term borrowings-affiliate	—		1,000	—	—	(1,000)	[1]	—
Accounts payable	111,024		26,139	22,844	—	—		160,007
Interest and preferred dividends payable	12,442		2,617	2,269	—	(3)	[1]	17,325
Taxes accrued, including revenue taxes	143,723		33,153	30,679	—	725	[1]	208,280
Regulatory liabilities	22,240		3,247	4,273	—	—		29,760
Other	56,752		14,158	18,540	—	(17,881)	[1]	71,569
Total current liabilities	432,117		95,686	78,640	—	(18,159)		588,284
Deferred credits and other liabilities
Operating lease liabilities	46,426		19,063	291	—	—		65,780
Deferred income taxes	291,027		53,298	64,309	—	—		408,634
Regulatory liabilities	695,152		179,267	92,589	—	—		967,008
Unamortized tax credits	76,201		14,212	13,532	—	—		103,945
Defined benefit pension and other postretirement benefit plans liability	220,480		48,900	53,257	—	(857)	[1]	321,780
Other	67,511		18,030	30,042	—	(8)		115,575
Total deferred credits and other liabilities	1,396,797		332,770	254,020	—	(865)		1,982,722
Total capitalization and liabilities	$	5,249,726	1,002,746	934,337	77	(695,261)		$	6,491,625

Consolidating balance sheet

December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating 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)	[2]	—
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)	[1]	—
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)	[1]	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]	$	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)	[1]	—
Accounts payable	97,102		19,570	17,177	—	—		133,849
Interest and preferred dividends payable	14,480		3,138	2,790	—	(58)	[1]	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)	[1]	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

December 31			2021				2020
(in thousands)
Assets
Cash and due from banks			$	100,051			$	178,422
Interest-bearing deposits			151,189				114,304
Cash and cash equivalents			251,240				292,726
Investment securities
Available-for-sale, at fair value			2,574,618				1,970,417
Held-to-maturity, at amortized cost (fair value of $510,474 and $229,963 at December 31, 2021 and 2020, respectively)			522,270				226,947
Stock in Federal Home Loan Bank, at cost			10,000				8,680
Loans held for investment			5,211,114				5,333,843
Allowance for credit losses			(71,130)				(101,201)
Net loans			5,139,984				5,232,642
Loans held for sale, at lower of cost or fair value			10,404				28,275
Other			590,897				554,656
Goodwill			82,190				82,190
Total assets			$	9,181,603			$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing			$	2,976,632			$	2,598,500
Deposit liabilities–interest-bearing			5,195,580				4,788,457
Other borrowings			88,305				89,670
Other			193,268				183,731
Total liabilities			8,453,785				7,660,358
Commitments and contingencies
Common stock			1				1
Additional paid in capital			353,895				351,758
Retained earnings			411,704				369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	$	(32,037)			$	19,986
Retirement benefit plans	(5,745)		(37,782)		(5,040)		14,946
Total shareholder’s equity			727,818				736,175
Total liabilities and shareholder’s equity			$	9,181,603			$	8,396,533

December 31	2021		2020
(in thousands)
Other assets
Bank-owned life insurance	$	177,566	$	163,265
Premises and equipment, net	202,299		206,134
Accrued interest receivable	20,854		24,616
Mortgage servicing rights	9,950		10,020
Low-income housing investments	110,989		83,435
Other	69,239		67,186
	$	590,897	$	554,656
Other liabilities
Accrued expenses	$	87,905	$	62,694
Federal and state income taxes payable	—		6,582
Cashier’s checks	33,675		38,011
Advance payments by borrowers	9,994		10,207
Other	61,694		66,237
	$	193,268	$	183,731

Schedule of the book value and aggregate fair value by major security type

The major components of investment securities were as follows:

									Gross unrealized losses
			Gross unrealized gains		Gross unrealized losses		Estimated fair value		Less than 12 months					12 months or longer
(dollars in thousands)	Amortized cost								Number of issues	Fair value		Amount		Number of issues	Fair value		Amount
December 31, 2021
Available-for-sale
U.S. Treasury and federal agency obligations	$	89,714	$	803	$	(427)	$	90,090	4	$	44,827	$	(427)	—	$	—	$	—
Mortgage-backed securities*	2,482,618		6,511		(51,206)		2,437,923		120	1,845,243		(38,321)		18	271,012		(12,885)
Corporate bonds	30,625		655		(102)		31,178		1	12,780		(102)		—	—		—
Mortgage revenue bonds	15,427		—		—		15,427		—	—		—		—	—		—
	$	2,618,384	$	7,969	$	(51,735)	$	2,574,618	125	$	1,902,850	$	(38,850)	18	$	271,012	$	(12,885)
Held-to-maturity
US Treasury and Federal agency obligations	$	59,871	$	168	$	(170)	$	59,869	2	$	39,594	$	(170)	—	$	—	$	—
Mortgage-backed securities*	462,399		1,480		(13,274)		450,605		22	290,883		(7,665)		7	106,483		(5,609)
	$	522,270	$	1,648	$	(13,444)	$	510,474	24	$	330,477	$	(7,835)	7	$	106,483	$	(5,609)
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:

	Amortized		Fair
December 31, 2021	Cost		value
(in thousands)
Available-for-sale
Due in one year or less	$	15,055	$	15,298
Due after one year through five years	62,461		63,256
Due after five years through ten years	58,250		58,141
Due after ten years	—		—
	135,766		136,695
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,482,618		2,437,923
Total available-for-sale securities	$	2,618,384	$	2,574,618
Held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	59,871		59,869
Due after ten years	—		—
	59,871		59,869
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	462,399		450,605
Total held-to-maturity securities	$	522,270	$	510,474

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

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

Years ended December 31	2021		2020		2019
(in thousands)
Proceeds	$	197,354	$	169,157	$	19,810
Gross gains	975		9,275		653
Gross losses	(447)		—		—

Schedule of interest income from available for sale investment securities

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

Years ended December 31	2021		2020		2019
(in thousands)
Taxable	$	42,534	$	29,760	$	31,848
Non-taxable	930		769		1,074
	$	43,464	$	30,529	$	32,922

Schedule of loans receivable

The components of loans were summarized as follows:

December 31	2021		2020
(in thousands)
Real estate:
Residential 1-4 family	$	2,299,212	$	2,144,239
Commercial real estate	1,056,982		983,865
Home equity line of credit	835,663		963,578
Residential land	19,859		15,617
Commercial construction	91,080		121,424
Residential construction	11,138		11,022
Total real estate	4,313,934		4,239,745
Commercial	793,304		936,748
Consumer	113,966		168,733
Total loans	5,221,204		5,345,226
Less: Deferred fees and discounts	(10,090)		(11,383)
Allowance for credit losses	(71,130)		(101,201)
Total loans, net	$	5,139,984	$	5,232,642

Schedule of allowance for loan losses

The allowance for credit losses (balances and changes) and financing receivables by portfolio segment were as follows:

(in thousands)	Residential 1-4 family			Commercial real estate			Home equity line of credit			Residential land			Commercial construction			Residential construction			Commercial			Consumer			Total
December 31, 2021
Allowance for credit losses:
Beginning balance	$	4,600		$	35,607		$	6,813		$	609		$	4,149		$	11		$	25,462		$	23,950		$	101,201
Charge-offs	(67)			—			(45)			—			—			—			(1,561)			(8,027)			(9,700)
Recoveries	92			—			113			61			—			—			1,468			4,320			6,054
Net (charge-offs) recoveries	25			—			68			61			—			—			(93)			(3,707)			(3,646)
Provision	1,920			(10,911)			(1,224)			(24)			(1,963)			7			(9,571)			(4,659)			(26,425)
Ending balance	$	6,545		$	24,696		$	5,657		$	646		$	2,186		$	18		$	15,798		$	15,584		$	71,130
Average loans outstanding	$	2,155,322		$	1,046,276		$	885,759		$	18,227		$	111,711		$	11,361		$	856,226		$	135,609		$	5,220,491
Net charge-offs (recoveries) to average loans	—		%	—		%	(0.01		%)	(0.33		%)	—		%	—		%	0.01		%	2.73		%	0.07		%
December 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	(7)			—			(77)			(351)			—			—			(5,819)			(19,900)			(26,154)
Recoveries	394			—			63			38			—			—			872			3,381			4,748
Net (charge-offs) recoveries	387			—			(14)			(313)			—			—			(4,947)			(16,519)			(21,406)
Provision	(317)			20,346			446			537			1,763			(6)			19,242			7,800			49,811
Ending balance	$	4,600		$	35,607		$	6,813		$	609		$	4,149		$	11		$	25,462		$	23,950		$	101,201
Average loans outstanding	$	2,148,848		$	861,096		$	1,060,444		$	13,799		$	93,740		$	10,703		$	935,663		$	215,994		$	5,340,287
Net charge-offs (recoveries) to average loans	(0.02)		%	—		%	—		%	2.27		%	—		%	—		%	0.53		%	7.65		%	0.40		%
December 31, 2019
Allowance for credit losses:
Beginning balance	$	1,976		$	14,505		$	6,371		$	479		$	2,790		$	4		$	9,225		$	16,769		$	52,119
Charge-offs	(26)			—			(144)			(4)			—			—			(6,811)			(21,677)			(28,662)
Recoveries	854			—			17			229			—			—			2,351			2,967			6,418
Net (charge-offs) recoveries	828			—			(127)			225			—			—			(4,460)			(18,710)			(22,244)
Provision	(424)			548			678			(255)			(693)			(1)			5,480			18,147			23,480
Ending balance	$	2,380		$	15,053		$	6,922		$	449		$	2,097		$	3		$	10,245		$	16,206		$	53,355
Average loans outstanding	$	2,164,759		$	781,531		$	1,043,479		$	14,065		$	81,937		$	10,513		$	620,206		$	270,340		$	4,986,830
Net charge-offs (recoveries) to average loans	(0.04)		%	—		%	0.01		%	(1.60		%)	—		%	—		%	0.72		%	6.92		%	0.45		%
Ending balance: individually evaluated for impairment	$	898		$	2		$	322		$	—		$	—		$	—		$	1,015		$	454		$	2,691
Ending balance: collectively evaluated for impairment	$	1,482		$	15,051		$	6,600		$	449		$	2,097		$	3		$	9,230		$	15,752		$	50,664
Financing Receivables:
Ending balance	$	2,178,135		$	824,830		$	1,092,125		$	14,704		$	70,605		$	11,670		$	670,674		$	257,921		$	5,120,664
Ending balance: individually evaluated for impairment	$	15,600		$	1,048		$	12,073		$	3,091		$	—		$	—		$	8,418		$	507		$	40,737
Ending balance: collectively evaluated for impairment	$	2,162,535		$	823,782		$	1,080,052		$	11,613		$	70,605		$	11,670		$	662,256		$	257,414		$	5,079,927

Schedule of allowance for loan commitments

The allowance for loan commitments by portfolio segment were as follows:

(in thousands)	Home equity  line of credit		Commercial construction		Commercial loans		Total
Year ended December 31, 2021
Allowance for loan commitments:
Beginning balance	$	300	$	3,000	$	1,000	$	4,300
Provision	100		700		(200)		600
Ending balance	$	400	$	3,700	$	800	$	4,900
Year ended December 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	—		324		676		1,000
Ending balance	$	300	$	3,000	$	1,000	$	4,300

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 loans		Converted to term loans		Total
December 31, 2021
Residential 1-4 family
Current	$	791,758	$	461,683	$	133,345	$	64,421	$	124,994	$	712,452	$	—	$	—	$	2,288,653
30-59 days past due	—		—		—		809		—		2,210		—		—		3,019
60-89 days past due	—		—		—		—		—		1,468		—		—		1,468
Greater than 89 days past due	—		—		2,987		—		—		3,085		—		—		6,072
	791,758		461,683		136,332		65,230		124,994		719,215		—		—		2,299,212
Home equity line of credit
Current	—		—		—		—		—		—		794,518		39,116		833,634
30-59 days past due	—		—		—		—		—		—		296		313		609
60-89 days past due	—		—		—		—		—		—		16		70		86
Greater than 89 days past due	—		—		—		—		—		—		838		496		1,334
	—		—		—		—		—		—		795,668		39,995		835,663
Residential land
Current	10,572		6,794		1,116		532		267		181		—		—		19,462
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		397		—		—		397
	10,572		6,794		1,116		532		267		578		—		—		19,859
Residential construction
Current	7,856		3,019		—		—		263		—		—		—		11,138
30-59 days past due	—		—		—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—		—		—
Greater than 89 days past due	—		—		—		—		—		—		—		—		—
	7,856		3,019		—		—		263		—		—		—		11,138
Consumer
Current	37,563		15,488		29,383		10,897		302		238		12,740		4,157		110,768
30-59 days past due	202		181		517		234		15		—		156		70		1,375
60-89 days past due	59		127		392		183		8		—		7		106		882
Greater than 89 days past due	14		93		387		192		27		—		141		87		941
	37,838		15,889		30,679		11,506		352		238		13,044		4,420		113,966
Commercial real estate
Pass	173,794		275,242		49,317		56,490		33,581		259,583		11,602		—		859,609
Special Mention	19,600		3,529		42,935		30,870		20,788		32,824		—		—		150,546
Substandard	—		684		13,936		1,859		1,805		28,543		—		—		46,827
Doubtful	—		—		—		—		—		—		—		—		—
	193,394		279,455		106,188		89,219		56,174		320,950		11,602		—		1,056,982
Commercial construction
Pass	17,140		43,261		—		11,342		—		—		19,337		—		91,080
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
	17,140		43,261		—		11,342		—		—		19,337		—		91,080
Commercial
Pass	266,087		96,963		79,329		56,497		31,019		66,570		96,673		15,510		708,648
Special Mention	40		27,336		10,071		202		439		8,966		15,303		18		62,375
Substandard	427		184		3,737		1,777		4,457		2,961		7,083		1,655		22,281
Doubtful	—		—		—		—		—		—		—		—		—
	266,554		124,483		93,137		58,476		35,915		78,497		119,059		17,183		793,304
Total loans	$	1,325,112	$	934,584	$	367,452	$	236,305	$	217,965	$	1,119,478	$	958,710	$	61,598	$	5,221,204

	Term Loans by Origination Year												Revolving Loans
(in thousands)	2020		2019		2018		2017		2016		Prior		Revolving loans		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		Recorded investment> 90 days and accruing
December 31, 2021
Real estate:
Residential 1-4 family	$	3,019	$	1,468	$	6,072	$	10,559	$	2,288,653	$	2,299,212	$	—
Commercial real estate	—		—		—		—		1,056,982		1,056,982		—
Home equity line of credit	609		86		1,334		2,029		833,634		835,663		—
Residential land	—		—		397		397		19,462		19,859		—
Commercial construction	—		—		—		—		91,080		91,080		—
Residential construction	—		—		—		—		11,138		11,138		—
Commercial	700		313		48		1,061		792,243		793,304		—
Consumer	1,375		882		941		3,198		110,768		113,966		—
Total loans	$	5,703	$	2,749	$	8,792	$	17,244	$	5,203,960	$	5,221,204	$	—
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:

	December 31, 2021						December 31, 2020
(in thousands)	With a Related ACL		Without a Related ACL		Total		With a Related ACL		Without a Related ACL		Total
Real estate:
Residential 1-4 family	$	16,045	$	3,703	$	19,748	$	8,991	$	2,835	$	11,826
Commercial real estate	14,104		1,221		15,325		15,847		2,875		18,722
Home equity line of credit	4,227		1,294		5,521		5,791		1,567		7,358
Residential land	97		300		397		108		300		408
Commercial construction	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Commercial	1,446		692		2,138		1,819		3,328		5,147
Consumer	1,845		—		1,845		3,935		—		3,935
Total	$	37,764	$	7,210	$	44,974	$	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)	December 31, 2021		December 31, 2020
Real estate:
Residential 1-4 family	$	6,949	$	7,932
Commercial real estate	3,055		3,281
Home equity line of credit	6,021		8,148
Residential land	980		1,555
Commercial construction	—		—
Residential construction	—		—
Commercial	7,860		6,108
Consumer	52		54
Total troubled debt restructured loans accruing interest	$	24,917	$	27,078

Schedule of loan modifications

Loan modifications that occurred during 2021, 2020, and 2019 were as follows:

(dollars in thousands)	Number of contracts	Outstanding recorded  investment  (as of period end)1		Related allowance (as of period end)
Year ended December 31, 2021
Real estate:
Residential 1-4 family	14	$	8,379	$	442
Commercial real estate	—	—		—
Home equity line of credit	—	—		—
Residential land	3	799		38
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	7	2,931		205
Consumer	—	—		—
	24	$	12,109	$	685
Year ended December 31, 2020
Real estate:
Residential 1-4 family	1	$	144	$	6
Commercial real estate	6	20,714		4,439
Home equity line of credit	3	85		11
Residential land	4	668		54
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	54	5,380		869
Consumer	—	—		—
	68	$	26,991	$	5,379
Year ended December 31, 2019
Real estate:
Residential 1-4 family	11	$	1,770	$	190
Commercial real estate	—	—		—
Home equity line of credit	3	442		73
Residential land	3	1,086		—
Commercial construction	—	—		—
Residential construction	—	—		—
Commercial	8	5,523		417
Consumer	—	—		—
	25	$	8,821	$	680

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

Schedule of loans modified in TDRS that experienced a payment default of 90 days or more, and for which payment default occurred within one year of the modification

Loans modified in TDRs that experienced a payment default of 90 days or more in 2021, 2020, and 2019 and for which the payment default occurred within one year of the modification, were as follows:

Years ended December 31	2021			2020			2019
(dollars in thousands)	Number of  contracts	Recorded investment		Number of  contracts	Recorded investment		Number of  contracts	Recorded  investment
Troubled debt restructurings that subsequently defaulted
Real estate:
Residential 1-4 family	1	$	474	—	$	—	—	$	—
Commercial real estate	—	—		—	—		—	—
Home equity line of credit	—	—		—	—		—	—
Residential land	—	—		—	—		—	—
Commercial construction	—	—		—	—		—	—
Residential construction	—	—		—	—		—	—
Commercial	1	9		—	—		—	—
Consumer	—	—		—	—		—	—
	2	$	483	—	$	—	—	$	—

Schedule of collateral-dependent loans and carrying amount and the total unpaid principal balance of impaired loans

Loans considered collateral-dependent were as follows:

	December 31, 2021			December 31, 2020
	Amortized cost		Collateral type	Amortized cost		Collateral type
(in thousands)
Real estate:
Residential 1-4 family	$	3,493	Residential real estate property	$	2,541	Residential real estate property
Commercial real estate	1,221		Commercial real estate property	2,875		Commercial real estate property
Home equity line of credit	1,294		Residential real estate property	1,567		Residential real estate property
Residential land	300		Residential real estate property	300		Residential real estate property
Total real estate	6,308			7,283
Commercial	692		Business assets	934		Business assets
Total	$	7,000		$	8,217

The total carrying amount and the total unpaid principal balance of impaired loans and ASB’s average recorded investment of, and interest income recognized from, impaired loans were as follows:

December 31	2019						2019
(in thousands)	Recorded investment		Unpaid principal balance		Related allowance		Average recorded investment		Interest income recognized*
With no related allowance recorded
Real estate:
Residential 1-4 family	$	6,817	$	7,207	$	—	$	8,169	$	907
Commercial real estate	195		200		—		16		—
Home equity line of credit	1,984		2,135		—		2,020		84
Residential land	3,091		3,294		—		2,662		129
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	1,948		2,285		—		4,534		276
Consumer	2		2		—		21		4
	14,037		15,123		—		17,422		1,400
With an allowance recorded
Real estate:
Residential 1-4 family	8,783		8,835		898		8,390		359
Commercial real estate	853		853		2		886		37
Home equity line of credit	10,089		10,099		322		11,319		567
Residential land	—		—		—		27		—
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	6,470		6,470		1,015		6,990		132
Consumer	505		505		454		360		24
	26,700		26,762		2,691		27,972		1,119
Total
Real estate:
Residential 1-4 family	15,600		16,042		898		16,559		1,266
Commercial real estate	1,048		1,053		2		902		37
Home equity line of credit	12,073		12,234		322		13,339		651
Residential land	3,091		3,294		—		2,689		129
Commercial construction	—		—		—		—		—
Residential construction	—		—		—		—		—
Commercial	8,418		8,755		1,015		11,524		408
Consumer	507		507		454		381		28
	$	40,737	$	41,885	$	2,691	$	45,394	$	2,519

* Since loan was classified as impaired.

Schedule of amortized intangible assets

Changes in the carrying value of MSRs were as follows:

(in thousands)	Gross carrying amount1		Accumulated amortization1		Valuation allowance		Net carrying amount
December 31, 2021	$	18,674	$	(8,724)	$	—	$	9,950
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:

(in thousands)	2021		2020		2019
Mortgage servicing rights
Balance, January 1	$	10,280	$	9,101	$	8,062
Amount capitalized	3,404		5,096		2,987
Amortization	(3,734)		(3,917)		(1,948)
Sale of mortgage servicing rights	—		—		—
Other-than-temporary impairment	—		—		—
Carrying amount before valuation allowance, December 31	9,950		10,280		9,101
Valuation allowance for mortgage servicing rights
Balance, January 1	260		—		—
Provision	(260)		260		—
Other-than-temporary impairment	—		—		—
Balance, December 31	—		260		—
Net carrying value of mortgage servicing rights	$	9,950	$	10,020	$	9,101

Schedule of key assumptions used in estimating fair value

Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:

December 31	2021			2020
(dollars in thousands)
Unpaid principal balance	$	1,481,899		$	1,450,312
Weighted average note rate	3.38		%	3.68		%
Weighted average discount rate	9.25		%	9.25		%
Weighted average prepayment speed	9.77		%	17.70		%

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)
(dollars in thousands)	Fair value		Valuation technique	Significant unobservable input	Range	Weighted Average
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 of MSR to hypothetical adverse changes

The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows:

December 31	2021		2020
(in thousands)
Prepayment rate:
25 basis points adverse rate change	$	(714)	$	(738)
50 basis points adverse rate change	(1,608)		(1,445)
Discount rate:
25 basis points adverse rate change	(129)		(68)
50 basis points adverse rate change	(256)		(135)

Schedule of deposit liabilities

The summarized components of deposit liabilities were as follows:

December 31	2021				2020
(dollars in thousands)	Weighted-average stated rate		Amount		Weighted-average stated rate		Amount
Savings	0.03	%	$	3,234,646	0.03	%	$	2,873,727
Checking
Interest-bearing	0.02		1,344,049		0.02		1,196,675
Noninterest-bearing	—		1,472,727		—		1,329,264
Commercial checking	—		1,503,905		—		1,269,236
Money market	0.06		192,909		0.09		169,225
Time certificates	0.67		423,976		0.99		548,830
	0.05	%	$	8,172,212	0.09	%	$	7,386,957

Schedule of maturities of term certificates

The approximate scheduled maturities of time certificates outstanding at December 31, 2021 were as follows:

(in thousands)
2022	$	275,702
2023	60,049
2024	47,248
2025	24,278
2026	13,736
Thereafter	2,963
	$	423,976

Schedule of interest expense on deposit liabilities by type

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

Years ended December 31	2021		2020		2019
(in thousands)
Time certificates	$	3,805	$	7,944	$	12,675
Savings	802		1,774		1,904
Money market	132		465		953
Interest-bearing checking	242		471		1,298
	$	4,981	$	10,654	$	16,830

Schedule of securities sold under agreements to repurchase, which provided for repurchase of identical securities

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

(dollars in thousands)	2021			2020			2019
Amount outstanding as of December 31	$	88,305		$	89,670		$	115,110
Average amount outstanding during the year	88,405			73,738			79,598
Maximum amount outstanding as of any month-end	129,665			100,580			115,110
Weighted-average interest rate as of December 31	0.02		%	0.02		%	0.98		%
Weighted-average interest rate during the year	0.02		%	0.42		%	0.96		%
Weighted-average remaining days to maturity as of December 31	1			1			1

Schedule of securities sold under agreements to repurchase

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

(in millions)	Gross amount of recognized liabilities		Gross amount  offset in the  Balance Sheets		Net amount of  liabilities presented in the Balance Sheets
Repurchase agreements
December 31, 2021	$	88	$	—	$	88
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
December 31, 2021	$	88	$	161	$	—
December 31, 2020	90		92		—

Securities sold under agreements to repurchase were summarized as follows:

December 31	2021						2020
Maturity	Repurchase liability		Weighted-average interest rate		Collateralized by  mortgage-backed securities and federal agency obligations at fair value plus  accrued interest		Repurchase liability		Weighted-average interest rate		Collateralized by  mortgage-backed securities and federal agency obligations at fair value plus  accrued interest
(dollars in thousands)
Overnight	$	88,305	0.02	%	$	160,847	$	89,670	0.02	%	$	92,478
1 to 29 days	—		—	%	—		—		—	%	—
30 to 90 days	—		—	%	—		—		—	%	—
Over 90 days	—		—	%	—		—		—	%	—
	$	88,305	0.02	%	$	160,847	$	89,670	0.02	%	$	92,478

Schedule of actual and minimum required capital amounts and ratios

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

	Actual				Minimum required				Required to be well capitalized
(dollars in thousands)	Capital		Ratio		Capital		Ratio		Capital		Ratio
December 31, 2021
Tier 1 leverage	$	714,789	7.86	%	$	363,630	4.00	%	$	454,538	5.00	%
Common equity tier 1	714,789		13.29	%	242,072		4.50	%	349,659		6.50	%
Tier 1 capital	714,789		13.29	%	322,762		6.00	%	430,350		8.00	%
Total capital	769,836		14.31	%	430,350		8.00	%	537,937		10.00	%
December 31, 2020
Tier 1 leverage	677,786		8.38	%	323,700		4.00	%	404,625		5.00	%

Schedule of notional amounts and fair value of derivatives

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

December 31	2021				2020
(in thousands)	Notional amount		Fair value		Notional amount		Fair value
Interest rate lock commitments	$	39,377	$	638	$	120,980	$	4,536
Forward commitments	38,000		(11)		100,500		(500)

Schedule of derivative financial instruments, fair values, and balance sheet location

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

Derivative Financial Instruments Not Designated
as Hedging Instruments 1
December 31	2021				2020
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	638	$	—	$	4,536	$	—
Forward commitments	—		11		—		500
	$	638	$	11	$	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 amount and location of net gains or losses

The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in ASB’s statements of income:

Derivative Financial Instruments Not Designated	Location of net gains
as Hedging Instruments	(losses) recognized in	Years ended December 31
(in thousands)	the Statements of Income	2021		2020		2019
Interest rate lock commitments	Mortgage banking income	$	(3,898)	$	4,239	$	206
Forward commitments	Mortgage banking income	489		(458)		1
		$	(3,409)	$	3,781	$	207

Schedule of off balance sheet arrangements

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

December 31	2021		2020
(in thousands)
Unfunded commitments to extend credit:
Home equity line of credit	$	1,181,496	$	1,248,773
Commercial and commercial real estate	612,158		574,281
Consumer	62,090		69,168
Residential 1-4 family	44,262		57,862
Commercial and financial standby letters of credit	11,723		13,718
Total	$	1,911,729	$	1,963,802