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Bank segment (Tables) | 9 Months Ended
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Sep. 30, 2015
Bank subsidiary |
Schedule of statements of income data | Selected financial information American Savings Bank, F.S.B. Statements of Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 46,413 |  |  | $ | 45,532 |  |  | $ | 137,646 |  |  | $ | 133,065 |
Interest and dividends on investment securities |  | 4,213 |  |  | 2,773 |  |  | 10,570 |  |  | 8,758 |
Total interest and dividend income |  | 50,626 |  |  | 48,305 |  |  | 148,216 |  |  | 141,823 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,355 |  |  | 1,312 |  |  | 3,881 |  |  | 3,774 |
Interest on other borrowings |  | 1,515 |  |  | 1,438 |  |  | 4,468 |  |  | 4,263 |
Total interest expense |  | 2,870 |  |  | 2,750 |  |  | 8,349 |  |  | 8,037 |
Net interest income |  | 47,756 |  |  | 45,555 |  |  | 139,867 |  |  | 133,786 |
Provision for loan losses |  | 2,997 |  |  | 1,550 |  |  | 5,436 |  |  | 3,566 |
Net interest income after provision for loan losses |  | 44,759 |  |  | 44,005 |  |  | 134,431 |  |  | 130,220 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,639 |  |  | 5,642 |  |  | 16,544 |  |  | 15,987 |
Fee income on deposit liabilities |  | 5,883 |  |  | 5,109 |  |  | 16,622 |  |  | 14,175 |
Fee income on other financial products |  | 2,096 |  |  | 1,971 |  |  | 6,088 |  |  | 6,325 |
Bank-owned life insurance |  | 1,021 |  |  | 1,000 |  |  | 3,062 |  |  | 2,945 |
Mortgage banking income |  | 1,437 |  |  | 875 |  |  | 5,327 |  |  | 1,749 |
Gains on sale of investment securities |  | — |  |  | — |  |  | — |  |  | 2,847 |
Other income, net |  | 2,389 |  |  | 634 |  |  | 3,363 |  |  | 1,920 |
Total noninterest income |  | 18,465 |  |  | 15,231 |  |  | 51,006 |  |  | 45,948 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 22,728 |  |  | 19,892 |  |  | 66,813 |  |  | 60,050 |
Occupancy |  | 4,128 |  |  | 4,517 |  |  | 12,250 |  |  | 12,959 |
Data processing |  | 3,032 |  |  | 2,684 |  |  | 9,101 |  |  | 8,715 |
Services |  | 2,556 |  |  | 2,580 |  |  | 7,730 |  |  | 7,708 |
Equipment |  | 1,608 |  |  | 1,672 |  |  | 4,999 |  |  | 4,926 |
Office supplies, printing and postage |  | 1,511 |  |  | 1,415 |  |  | 4,297 |  |  | 4,487 |
Marketing |  | 934 |  |  | 948 |  |  | 2,619 |  |  | 2,690 |
FDIC insurance |  | 809 |  |  | 840 |  |  | 2,393 |  |  | 2,441 |
Other expense |  | 5,116 |  |  | 4,182 |  |  | 14,076 |  |  | 11,198 |
Total noninterest expense |  | 42,422 |  |  | 38,730 |  |  | 124,278 |  |  | 115,174 |
Income before income taxes |  | 20,802 |  |  | 20,506 |  |  | 61,159 |  |  | 60,994 |
Income taxes |  | 7,351 |  |  | 7,253 |  |  | 21,382 |  |  | 21,806 |
Net income |  | $ | 13,451 |  |  | $ | 13,253 |  |  | $ | 39,777 |  |  | $ | 39,188 |
Schedule of statements of comprehensive income data | American Savings Bank, F.S.B. Statements of Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Net income |  | $ | 13,451 |  |  | $ | 13,253 |  |  | $ | 39,777 |  |  | $ | 39,188 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of (taxes) benefits of $(2,543), $1,094, $(2,382) and $(2,249) for the respective periods |  | 3,851 |  |  | (1,657 | ) |  | 3,608 |  |  | 3,406 |
Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $1,132 for the respective periods |  | — |  |  | — |  |  | — |  |  | (1,715 | )
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $249, $138, $763 and $424 for the respective periods |  | 376 |  |  | 208 |  |  | 1,155 |  |  | 642 |
Other comprehensive income (loss), net of taxes |  | 4,227 |  |  | (1,449 | ) |  | 4,763 |  |  | 2,333 |
Comprehensive income |  | $ | 17,678 |  |  | $ | 11,804 |  |  | $ | 44,540 |  |  | $ | 41,521 |
Schedule of balance sheets data | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | September 30, 2015 |  | December 31, 2014
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 103,934 |  |  |  |  |  | $ | 107,233 |
Interest-bearing deposits |  |  |  | 73,041 |  |  |  |  | 54,230 |
Available-for-sale investment securities, at fair value |  |  |  |  | 785,837 |  |  |  |  |  | 550,394 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 10,678 |  |  |  |  |  | 69,302 |
Loans receivable held for investment |  |  |  |  | 4,535,404 |  |  |  |  |  | 4,434,651 |
Allowance for loan losses |  |  |  |  | (48,274 | ) |  |  |  |  | (45,618 | )
Net loans |  |  |  |  | 4,487,130 |  |  |  |  |  | 4,389,033 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,598 |  |  |  |  |  | 8,424 |
Other |  |  |  |  | 307,089 |  |  |  |  |  | 305,416 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,855,497 |  |  |  |  |  | $ | 5,566,222 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,422,843 |  |  |  |  |  | $ | 1,342,794 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,403,111 |  |  |  |  |  | 3,280,621 |
Other borrowings |  |  |  |  | 368,593 |  |  |  |  |  | 290,656 |
Other |  |  |  |  | 103,553 |  |  |  |  |  | 118,363 |
Total liabilities |  |  |  |  | 5,298,100 |  |  |  |  |  | 5,032,434 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 339,980 |  |  |  |  | 338,411 |
Retained earnings |  |  |  |  | 229,211 |  |  |  |  |  | 211,934 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities |  | $ | 4,070 |  |  |  |  |  | $ | 462 |  |  |  |
Retirement benefit plans |  | (15,865 | ) |  | (11,795 | ) |  | (17,020 | ) |  | (16,558 | )
Total shareholder’s equity |  |  |  |  | 557,397 |  |  |  |  |  | 533,788 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,855,497 |  |  |  |  |  | $ | 5,566,222 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 136,969 |  |  |  |  |  | $ | 134,115 |
Premises and equipment, net |  |  |  |  | 87,432 |  |  |  |  |  | 92,407 |
Prepaid expenses |  |  |  |  | 3,879 |  |  |  |  |  | 3,196 |
Accrued interest receivable |  |  |  |  | 14,577 |  |  |  |  |  | 13,632 |
Mortgage-servicing rights |  |  |  |  | 12,258 |  |  |  |  |  | 11,540 |
Low-income housing equity investments |  |  |  | 34,323 |  |  |  |  | 33,438 |
Real estate acquired in settlement of loans, net |  |  |  |  | 247 |  |  |  |  |  | 891 |
Other |  |  |  |  | 17,404 |  |  |  |  |  | 16,197 |
|  |  |  |  | $ | 307,089 |  |  |  |  |  | $ | 305,416 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 28,952 |  |  |  |  |  | $ | 37,880 |
Federal and state income taxes payable |  |  |  |  | 21,565 |  |  |  |  |  | 28,642 |
Cashier’s checks |  |  |  |  | 25,852 |  |  |  |  |  | 20,509 |
Advance payments by borrowers |  |  |  |  | 5,389 |  |  |  |  |  | 9,652 |
Other |  |  |  |  | 21,795 |  |  |  |  |  | 21,680 |
|  |  |  |  | $ | 103,553 |  |  |  |  |  | $ | 118,363 |
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
(dollar in thousands) |  |  |  |  |  | Number of issues |  | Fair value |  | Amount |  | Number of issues |  | Fair value |  | Amount
September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 209,025 |  |  | $ | 2,435 |  |  | $ | (342 | ) |  | $ | 211,118 |  |  | 4 |  |  | $ | 24,676 |  |  | $ | (46 | ) |  | 3 |  |  | $ | 18,218 |  |  | $ | (296 | )
Mortgage-related securities- FNMA, FHLMC and GNMA |  | 570,055 |  |  | 6,884 |  |  | (2,220 | ) |  | 574,719 |  |  | 8 |  |  | 57,263 |  |  | (278 | ) |  | 25 |  |  | 132,874 |  |  | (1,942 | )
|  | $ | 779,080 |  |  | $ | 9,319 |  |  | $ | (2,562 | ) |  | $ | 785,837 |  |  | 12 |  |  | $ | 81,939 |  |  | $ | (324 | ) |  | 28 |  |  | $ | 151,092 |  |  | $ | (2,238 | )
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 119,507 |  |  | $ | 1,092 |  |  | $ | (1,039 | ) |  | $ | 119,560 |  |  | 6 |  |  | $ | 41,970 |  |  | $ | (361 | ) |  | 5 |  |  | $ | 29,168 |  |  | $ | (678 | )
Mortgage-related securities- FNMA, FHLMC and GNMA |  | 430,120 |  |  | 5,653 |  |  | (4,939 | ) |  | 430,834 |  |  | 6 |  |  | 47,029 |  |  | (164 | ) |  | 29 |  |  | 172,623 |  |  | (4,775 | )
|  | $ | 549,627 |  |  | $ | 6,745 |  |  | $ | (5,978 | ) |  | $ | 550,394 |  |  | 12 |  |  | $ | 88,999 |  |  | $ | (525 | ) |  | 34 |  |  | $ | 201,791 |  |  | $ | (5,453 | )
Schedule of contractual maturities of available-for-sale securities | The contractual maturities of available-for-sale investment securities were as follows:
September 30, 2015 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 75,332 |  |  | 76,786 |
Due after five years through ten years |  | 71,667 |  |  | 72,198 |
Due after ten years |  | 62,026 |  |  | 62,134 |
|  | 209,025 |  |  | 211,118 |
Mortgage-related securities-FNMA,FHLMC and GNMA |  | 570,055 |  |  | 574,719 |
Total available-for-sale securities |  | $ | 779,080 |  |  | $ | 785,837 |
Schedule of allowance for loan losses | The allowance for loan losses (balances and changes) and financing receivables 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 |  | Unallocated |  | Total
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,291 |  |  | $ | 10,420 |  |  | $ | 6,613 |  |  | $ | 2,103 |  |  | $ | 2,575 |  |  | $ | 18 |  |  | $ | 17,469 |  |  | $ | 2,876 |  |  | $ | — |  |  | $ | 46,365 |
Charge-offs |  | (138 | ) |  | — |  |  | (185 | ) |  | — |  |  | — |  |  | — |  |  | (126 | ) |  | (1,271 | ) |  | — |  |  | (1,720 | )
Recoveries |  | 45 |  |  | — |  |  | 33 |  |  | 34 |  |  | — |  |  | — |  |  | 279 |  |  | 241 |  |  | — |  |  | 632 |
Provision |  | 285 |  |  | 987 |  |  | 446 |  |  | (73 | ) |  | 944 |  |  | (5 | ) |  | (920 | ) |  | 1,333 |  |  | — |  |  | 2,997 |
Ending balance |  | $ | 4,483 |  |  | $ | 11,407 |  |  | $ | 6,907 |  |  | $ | 2,064 |  |  | $ | 3,519 |  |  | $ | 13 |  |  | $ | 16,702 |  |  | $ | 3,179 |  |  | $ | — |  |  | $ | 48,274 |
Three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,667 |  |  | $ | 7,230 |  |  | $ | 7,081 |  |  | $ | 1,837 |  |  | $ | 3,390 |  |  | $ | 26 |  |  | $ | 15,144 |  |  | $ | 1,997 |  |  | $ | — |  |  | $ | 42,372 |
Charge-offs |  | (632 | ) |  | — |  |  | (46 | ) |  | (28 | ) |  | — |  |  | — |  |  | (886 | ) |  | (592 | ) |  | — |  |  | (2,184 | )
Recoveries |  | 160 |  |  | — |  |  | 299 |  |  | 90 |  |  | — |  |  | — |  |  | 952 |  |  | 222 |  |  | — |  |  | 1,723 |
Provision |  | 670 |  |  | 3 |  |  | (119 | ) |  | (92 | ) |  | 1,724 |  |  | 3 |  |  | (1,130 | ) |  | 491 |  |  | — |  |  | 1,550 |
Ending balance |  | $ | 5,865 |  |  | $ | 7,233 |  |  | $ | 7,215 |  |  | $ | 1,807 |  |  | $ | 5,114 |  |  | $ | 29 |  |  | $ | 14,080 |  |  | $ | 2,118 |  |  | $ | — |  |  | $ | 43,461 |
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,662 |  |  | $ | 8,954 |  |  | $ | 6,982 |  |  | $ | 1,875 |  |  | $ | 5,471 |  |  | $ | 28 |  |  | $ | 14,017 |  |  | $ | 3,629 |  |  | $ | — |  |  | $ | 45,618 |
Charge-offs |  | (352 | ) |  | — |  |  | (205 | ) |  | — |  |  | — |  |  | — |  |  | (928 | ) |  | (3,196 | ) |  | — |  |  | (4,681 | )
Recoveries |  | 112 |  |  | — |  |  | 72 |  |  | 219 |  |  | — |  |  | — |  |  | 726 |  |  | 772 |  |  | — |  |  | 1,901 |
Provision |  | 61 |  |  | 2,453 |  |  | 58 |  |  | (30 | ) |  | (1,952 | ) |  | (15 | ) |  | 2,887 |  |  | 1,974 |  |  | — |  |  | 5,436 |
Ending balance |  | $ | 4,483 |  |  | $ | 11,407 |  |  | $ | 6,907 |  |  | $ | 2,064 |  |  | $ | 3,519 |  |  | $ | 13 |  |  | $ | 16,702 |  |  | $ | 3,179 |  |  | $ | — |  |  | $ | 48,274 |
Ending balance: individually evaluated for impairment |  | $ | 1,388 |  |  | $ | — |  |  | $ | 469 |  |  | $ | 919 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,084 |  |  | $ | 7 |  |  |  |  | $ | 5,867 |
Ending balance: collectively evaluated for impairment |  | $ | 3,095 |  |  | $ | 11,407 |  |  | $ | 6,438 |  |  | $ | 1,145 |  |  | $ | 3,519 |  |  | $ | 13 |  |  | $ | 13,618 |  |  | $ | 3,172 |  |  | $ | — |  |  | $ | 42,407 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,062,458 |  |  | $ | 618,113 |  |  | $ | 832,267 |  |  | $ | 17,369 |  |  | $ | 80,230 |  |  | $ | 14,318 |  |  | $ | 798,428 |  |  | $ | 118,450 |  |  |  |  | $ | 4,541,633 |
Ending balance: individually evaluated for impairment |  | $ | 22,560 |  |  | $ | — |  |  | $ | 2,909 |  |  | $ | 5,710 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,853 |  |  | $ | 14 |  |  |  |  | $ | 54,046 |
Ending balance: collectively evaluated for impairment |  | $ | 2,039,898 |  |  | $ | 618,113 |  |  | $ | 829,358 |  |  | $ | 11,659 |  |  | $ | 80,230 |  |  | $ | 14,318 |  |  | $ | 775,575 |  |  | $ | 118,436 |  |  |  |  | $ | 4,487,587 |
Nine months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,534 |  |  | $ | 5,059 |  |  | $ | 5,229 |  |  | $ | 1,817 |  |  | $ | 2,397 |  |  | $ | 19 |  |  | $ | 15,803 |  |  | $ | 2,367 |  |  | $ | 1,891 |  |  | $ | 40,116 |
Charge-offs |  | (992 | ) |  | — |  |  | (182 | ) |  | (81 | ) |  | — |  |  | — |  |  | (1,256 | ) |  | (1,614 | ) |  | — |  |  | (4,125 | )
Recoveries |  | 1,056 |  |  | — |  |  | 624 |  |  | 253 |  |  | — |  |  | — |  |  | 1,277 |  |  | 694 |  |  | — |  |  | 3,904 |
Provision |  | 267 |  |  | 2,174 |  |  | 1,544 |  |  | (182 | ) |  | 2,717 |  |  | 10 |  |  | (1,744 | ) |  | 671 |  |  | (1,891 | ) |  | 3,566 |
Ending balance |  | $ | 5,865 |  |  | $ | 7,233 |  |  | $ | 7,215 |  |  | $ | 1,807 |  |  | $ | 5,114 |  |  | $ | 29 |  |  | $ | 14,080 |  |  | $ | 2,118 |  |  | $ | — |  |  | $ | 43,461 |
Ending balance: individually evaluated for impairment |  | $ | 917 |  |  | $ | 4 |  |  | $ | 8 |  |  | $ | 1,171 |  |  | $ | — |  |  | $ | — |  |  | $ | 810 |  |  | $ | 5 |  |  |  |  | $ | 2,915 |
Ending balance: collectively evaluated for impairment |  | $ | 4,948 |  |  | $ | 7,229 |  |  | $ | 7,207 |  |  | $ | 636 |  |  | $ | 5,114 |  |  | $ | 29 |  |  | $ | 13,270 |  |  | $ | 2,113 |  |  | $ | — |  |  | $ | 40,546 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,030,337 |  |  | $ | 502,356 |  |  | $ | 808,991 |  |  | $ | 16,935 |  |  | $ | 87,461 |  |  | $ | 18,699 |  |  | $ | 770,079 |  |  | $ | 107,531 |  |  |  |  | $ | 4,342,389 |
Ending balance: individually evaluated for impairment |  | $ | 20,015 |  |  | $ | 754 |  |  | $ | 392 |  |  | $ | 8,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,058 |  |  | $ | 16 |  |  |  |  | $ | 45,107 |
Ending balance: collectively evaluated for impairment |  | $ | 2,010,322 |  |  | $ | 501,602 |  |  | $ | 808,599 |  |  | $ | 8,063 |  |  | $ | 87,461 |  |  | $ | 18,699 |  |  | $ | 755,021 |  |  | $ | 107,515 |  |  |  |  | $ | 4,297,282 |
Schedule of credit risk profile by internally assigned grade for loans | The credit risk profile by internally assigned grade for loans was as follows:
|  | September 30, 2015 |  | December 31, 2014
(in thousands) |  | Commercial real estate |  | Commercial construction |  | Commercial |  | Commercial real estate |  | Commercial construction |  | Commercial
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 563,734 |  |  | $ | 70,950 |  |  | $ | 745,624 |  |  | $ | 493,105 |  |  | $ | 79,312 |  |  | $ | 743,334 |
Special mention |  | 9,460 |  |  | 9,280 |  |  | 10,316 |  |  | 5,209 |  |  | — |  |  | 16,095 |
Substandard |  | 44,919 |  |  | — |  |  | 40,662 |  |  | 33,603 |  |  | 17,126 |  |  | 31,665 |
Doubtful |  | — |  |  | — |  |  | 1,826 |  |  | — |  |  | — |  |  | 663 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 618,113 |  |  | $ | 80,230 |  |  | $ | 798,428 |  |  | $ | 531,917 |  |  | $ | 96,438 |  |  | $ | 791,757 |
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
September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 6,354 |  |  | $ | 1,722 |  |  | $ | 11,852 |  |  | $ | 19,928 |  |  | $ | 2,042,530 |  |  | $ | 2,062,458 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 618,113 |  |  | 618,113 |  |  | — |
Home equity line of credit |  | 1,192 |  |  | 81 |  |  | 436 |  |  | 1,709 |  |  | 830,558 |  |  | 832,267 |  |  | — |
Residential land |  | 120 |  |  | — |  |  | 415 |  |  | 535 |  |  | 16,834 |  |  | 17,369 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 80,230 |  |  | 80,230 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,318 |  |  | 14,318 |  |  | — |
Commercial |  | 546 |  |  | 312 |  |  | 1,005 |  |  | 1,863 |  |  | 796,565 |  |  | 798,428 |  |  | — |
Consumer |  | 1,357 |  |  | 491 |  |  | 377 |  |  | 2,225 |  |  | 116,225 |  |  | 118,450 |  |  | — |
Total loans |  | $ | 9,569 |  |  | $ | 2,606 |  |  | $ | 14,085 |  |  | $ | 26,260 |  |  | $ | 4,515,373 |  |  | $ | 4,541,633 |  |  | $ | — |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 6,124 |  |  | $ | 1,732 |  |  | $ | 12,632 |  |  | $ | 20,488 |  |  | $ | 2,023,717 |  |  | $ | 2,044,205 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 531,917 |  |  | 531,917 |  |  | — |
Home equity line of credit |  | 1,341 |  |  | 501 |  |  | 194 |  |  | 2,036 |  |  | 816,779 |  |  | 818,815 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,240 |  |  | 16,240 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 96,438 |  |  | 96,438 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,961 |  |  | 18,961 |  |  | — |
Commercial |  | 699 |  |  | 145 |  |  | 569 |  |  | 1,413 |  |  | 790,344 |  |  | 791,757 |  |  | — |
Consumer |  | 829 |  |  | 333 |  |  | 403 |  |  | 1,565 |  |  | 121,091 |  |  | 122,656 |  |  | — |
Total loans |  | $ | 8,993 |  |  | $ | 2,711 |  |  | $ | 13,798 |  |  | $ | 25,502 |  |  | $ | 4,415,487 |  |  | $ | 4,440,989 |  |  | $ | — |
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, accruing loans 90 days or more past due and TDR loans was as follows:
(in thousands) |  | September 30, 2015 |  | December 31, 2014
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 19,987 |  |  | $ | 19,253 |
Commercial real estate |  | — |  |  | 5,112 |
Home equity line of credit |  | 1,982 |  |  | 1,087 |
Residential land |  | 975 |  |  | 720 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 21,767 |  |  | 10,053 |
Consumer |  | 645 |  |  | 661 |
Total nonaccrual loans |  | $ | 45,356 |  |  | $ | 36,886 |
Real estate: |  |  |  |
Residential 1-4 family |  | $ | — |  |  | $ | — |
Commercial real estate |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |
Residential land |  | — |  |  | — |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | — |  |  | — |
Consumer |  | — |  |  | — |
Total accruing loans 90 days or more past due |  | $ | — |  |  | $ | — |
Real estate: |  |  |  |
Residential 1-4 family |  | $ | 14,182 |  |  | $ | 13,525 |
Commercial real estate |  | — |  |  | — |
Home equity line of credit |  | 2,297 |  |  | 480 |
Residential land |  | 4,735 |  |  | 7,130 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 1,212 |  |  | 2,972 |
Consumer |  | — |  |  | — |
Total troubled debt restructured loans not included above |  | $ | 22,426 |  |  | $ | 24,107 |
Schedule of the carrying amount and the total unpaid principal balance of impaired loans, with and without recorded allowance for loans losses | The total carrying amount and the total unpaid principal balance of impaired loans were as follows:
|  | September 30, 2015 |  | Three months ended September 30, 2015 |  | Nine months ended September 30, 2015
(in thousands) |  | Recorded investment |  | Unpaid principal balance |  | Related Allowance |  | Average recorded investment |  | Interest income recognized* |  | Average recorded investment |  | Interest income recognized*
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 11,125 |  |  | $ | 12,476 |  |  | $ | — |  |  | $ | 11,159 |  |  | $ | 119 |  |  | $ | 11,301 |  |  | $ | 274 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | 362 |  |  | 74 |
Home equity line of credit |  | 507 |  |  | 744 |  |  | — |  |  | 498 |  |  | 1 |  |  | 444 |  |  | 3 |
Residential land |  | 1,652 |  |  | 2,421 |  |  | — |  |  | 2,280 |  |  | 29 |  |  | 2,647 |  |  | 125 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 3,152 |  |  | 4,765 |  |  | — |  |  | 4,250 |  |  | 3 |  |  | 5,659 |  |  | 144 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 16,436 |  |  | $ | 20,406 |  |  | $ | — |  |  | $ | 18,187 |  |  | $ | 226 |  |  | $ | 20,413 |  |  | $ | 620 |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 11,435 |  |  | $ | 11,488 |  |  | $ | 1,388 |  |  | $ | 11,451 |  |  | $ | 174 |  |  | $ | 11,585 |  |  | $ | 430 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,985 |  |  | — |
Home equity line of credit |  | 2,402 |  |  | 2,464 |  |  | 469 |  |  | 2,048 |  |  | 13 |  |  | 1,295 |  |  | 27 |
Residential land |  | 4,058 |  |  | 4,136 |  |  | 919 |  |  | 3,971 |  |  | 74 |  |  | 4,435 |  |  | 241 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 19,701 |  |  | 21,976 |  |  | 3,084 |  |  | 18,487 |  |  | 106 |  |  | 10,942 |  |  | 192 |
Consumer |  | 14 |  |  | 14 |  |  | 7 |  |  | 14 |  |  | — |  |  | 15 |  |  | — |
|  | $ | 37,610 |  |  | $ | 40,078 |  |  | $ | 5,867 |  |  | $ | 35,971 |  |  | $ | 367 |  |  | $ | 30,257 |  |  | $ | 890 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 22,560 |  |  | $ | 23,964 |  |  | $ | 1,388 |  |  | $ | 22,610 |  |  | $ | 293 |  |  | $ | 22,886 |  |  | $ | 704 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | 2,347 |  |  | 74 |
Home equity line of credit |  | 2,909 |  |  | 3,208 |  |  | 469 |  |  | 2,546 |  |  | 14 |  |  | 1,739 |  |  | 30 |
Residential land |  | 5,710 |  |  | 6,557 |  |  | 919 |  |  | 6,251 |  |  | 103 |  |  | 7,082 |  |  | 366 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 22,853 |  |  | 26,741 |  |  | 3,084 |  |  | 22,737 |  |  | 109 |  |  | 16,601 |  |  | 336 |
Consumer |  | 14 |  |  | 14 |  |  | 7 |  |  | 14 |  |  | — |  |  | 15 |  |  | — |
|  | $ | 54,046 |  |  | $ | 60,484 |  |  | $ | 5,867 |  |  | $ | 54,158 |  |  | $ | 593 |  |  | $ | 50,670 |  |  | $ | 1,510 |
|  | December 31, 2014 |  | Year ended December 31, 2014
(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 |  | $ | 11,654 |  |  | $ | 12,987 |  |  | $ | — |  |  | $ | 9,056 |  |  | $ | 227 |
Commercial real estate |  | 571 |  |  | 626 |  |  | — |  |  | 194 |  |  | — |
Home equity line of credit |  | 363 |  |  | 606 |  |  | — |  |  | 402 |  |  | 5 |
Residential land |  | 2,344 |  |  | 3,200 |  |  | — |  |  | 2,728 |  |  | 172 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 8,235 |  |  | 11,471 |  |  | — |  |  | 5,204 |  |  | 38 |
Consumer |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
|  | $ | 23,167 |  |  | $ | 28,890 |  |  | $ | — |  |  | $ | 17,592 |  |  | $ | 442 |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 11,327 |  |  | $ | 11,347 |  |  | $ | 951 |  |  | $ | 8,822 |  |  | $ | 419 |
Commercial real estate |  | 4,541 |  |  | 4,541 |  |  | 1,845 |  |  | 3,415 |  |  | 478 |
Home equity line of credit |  | 416 |  |  | 420 |  |  | 46 |  |  | 132 |  |  | 6 |
Residential land |  | 5,506 |  |  | 5,584 |  |  | 1,057 |  |  | 6,415 |  |  | 484 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 4,873 |  |  | 5,211 |  |  | 760 |  |  | 12,089 |  |  | 438 |
Consumer |  | 16 |  |  | 16 |  |  | 6 |  |  | 9 |  |  | — |
|  | $ | 26,679 |  |  | $ | 27,119 |  |  | $ | 4,665 |  |  | $ | 30,882 |  |  | $ | 1,825 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 22,981 |  |  | $ | 24,334 |  |  | $ | 951 |  |  | $ | 17,878 |  |  | $ | 646 |
Commercial real estate |  | 5,112 |  |  | 5,167 |  |  | 1,845 |  |  | 3,609 |  |  | 478 |
Home equity line of credit |  | 779 |  |  | 1,026 |  |  | 46 |  |  | 534 |  |  | 11 |
Residential land |  | 7,850 |  |  | 8,784 |  |  | 1,057 |  |  | 9,143 |  |  | 656 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 13,108 |  |  | 16,682 |  |  | 760 |  |  | 17,293 |  |  | 476 |
Consumer |  | 16 |  |  | 16 |  |  | 6 |  |  | 17 |  |  | — |
|  | $ | 49,846 |  |  | $ | 56,009 |  |  | $ | 4,665 |  |  | $ | 48,474 |  |  | $ | 2,267 |
* | Since loan was classified as impaired.
Schedule of loan modifications | Loans modified in TDRs that experienced a payment default of 90 days or more in for the indicated periods, and for which the payment of default occurred within one year of the modification, were as follows:
|  | Three months ended September 30, 2015 |  | Nine months ended September 30, 2015
(dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Troubled debt restructurings that subsequently defaulted |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | — |  | $ | — |  |  | — |  | $ | — |
Commercial real estate |  | — |  | — |  |  | — |  | — |
Home equity line of credit |  | 1 |  | 7 |  |  | 1 |  | 7 |
Residential land |  | — |  | — |  |  | — |  | — |
Commercial construction |  | — |  | — |  |  | — |  | — |
Residential construction |  | — |  | — |  |  | — |  | — |
Commercial loans |  | — |  | — |  |  | — |  | — |
Consumer loans |  | — |  | — |  |  | — |  | — |
|  | 1 |  | $ | 7 |  |  | 1 |  | $ | 7 |
|  | Three months ended September 30, 2014 |  | Nine months ended September 30, 2014
(dollars in thousands) |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Troubled debt restructurings that subsequently defaulted |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | — |  | $ | — |  |  | 1 |  | $ | 390 |
Commercial real estate |  | — |  | — |  |  | — |  | — |
Home equity line of credit |  | — |  | — |  |  | — |  | — |
Residential land |  | — |  | — |  |  | — |  | — |
Commercial construction |  | — |  | — |  |  | — |  | — |
Residential construction |  | — |  | — |  |  | — |  | — |
Commercial loans |  | — |  | — |  |  | — |  | — |
Consumer loans |  | — |  | — |  |  | — |  | — |
|  | — |  | $ | — |  |  | 1 |  | $ | 390 |
Loan modifications that occurred and the impact on the allowance for loan losses were as follows:
|  | Three months ended September 30, 2015 |  | Nine months ended September 30, 2015
|  | Number of contracts |  | Outstanding recorded investment 1 |  | Net increase in allowance |  | Number of contracts |  | Outstanding recorded investment 1 |  | Net increase in allowance
(dollars in thousands) |  |  | Pre-modification |  | Post-modification |  | (as of period end) |  |  | Pre-modification |  | Post-modification |  | (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 3 |  |  | $ | 860 |  |  | $ | 866 |  |  | $ | 1 |  |  | 10 |  |  | $ | 2,055 |  |  | $ | 2,079 |  |  | $ | 48 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 10 |  |  | 943 |  |  | 943 |  |  | 140 |  |  | 32 |  |  | 2,062 |  |  | 2,062 |  |  | 300 |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 2 |  |  | 1,208 |  |  | 1,208 |  |  | 16 |  |  | 6 |  |  | 1,461 |  |  | 1,461 |  |  | 94 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 15 |  |  | $ | 3,011 |  |  | $ | 3,017 |  |  | $ | 157 |  |  | 48 |  |  | $ | 5,578 |  |  | $ | 5,602 |  |  | $ | 442 |
|  | Three months ended September 30, 2014 |  | Nine months ended September 30, 2014
|  | Number of contracts |  | Outstanding recorded investment 1 |  | Net increase in allowance |  | Number of contracts |  | Outstanding recorded investment 1 |  | Net increase in allowance
(dollars in thousands) |  |  | Pre-modification |  | Post-modification |  | (as of period end) |  |  | Pre-modification |  | Post-modification |  | (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 6 |  |  | $ | 1,800 |  |  | $ | 1,825 |  |  | $ | 43 |  |  | 18 |  |  | $ | 4,915 |  |  | $ | 4,972 |  |  | $ | 294 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 1 |  |  | 91 |  |  | 91 |  |  | — |  |  | 1 |  |  | 91 |  |  | 91 |  |  | — |
Residential land |  | 2 |  |  | 256 |  |  | 256 |  |  | — |  |  | 18 |  |  | 4,304 |  |  | 4,304 |  |  | 400 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 2 |  |  | 2,600 |  |  | 2,600 |  |  | — |  |  | 7 |  |  | 3,827 |  |  | 3,827 |  |  | 14 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 11 |  |  | $ | 4,747 |  |  | $ | 4,772 |  |  | $ | 43 |  |  | 44 |  |  | $ | 13,137 |  |  | $ | 13,194 |  |  | $ | 708 |
1 | The reported balances include loans that became TDR during the period, and were fully paid-off, charged-off, or sold prior to period end.
Schedule of amortized intangible assets | The carrying values of mortgage servicing assets were as follows:
(in thousands) |  | Gross carrying amount |  | Accumulated amortization |  | Valuation allowance |  | Net carrying amount
September 30, 2015 |  | $ | 29,818 |  |  | $ | (17,560 | ) |  | $ | — |  |  | $ | 12,258 |
September 30, 2014 |  | 26,685 |  |  | (15,003 | ) |  | (158 | ) |  | 11,524 |
Changes related to mortgage servicing rights were as follows:
(in thousands) | 2015 |  |  | 2014 |
Mortgage servicing rights |  |  |
Balance, January 1 | $ | 11,749 |  |  | $ | 11,938 |
Amount capitalized | 2,636 |  |  | 1,098 |
Amortization | (2,123 | ) |  | (1,297 | )
Other-than-temporary impairment | (4 | ) |  | (57 | )
Carrying amount before valuation allowance, September 30 | 12,258 |  |  | 11,682 |
Valuation allowance for mortgage servicing rights |  |  |
Balance, January 1 | 209 |  |  | 251 |
Provision (recovery) | (205 | ) |  | (36 | )
Other-than-temporary impairment | (4 | ) |  | (57 | )
Balance, September 30 | — |  |  | 158 |
Net carrying value of mortgage servicing rights | $ | 12,258 |  |  | $ | 11,524 |
Schedule of key assumptions used in estimating fair value | Key assumptions used in estimating the fair value of the bank’s mortgage servicing rights were as follows:
(dollars in thousands) |  | September 30, 2015 |  |  | December 31, 2014 |
Unpaid principal balance |  | $ | 1,503,369 |  |  | $ | 1,391,030 |
Weighted average note rate |  | 4.01 | % |  | 4.07 | %
Weighted average discount rate |  | 9.5 | % |  | 9.6 | %
Weighted average prepayment speed |  | 9.9 | % |  | 9.5 | %
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
September 30, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 823 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 31-91% |  | 70%
Home equity lines of credit |  | 128 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  |  |  | 52%
Total loans |  | $ | 951 |  |  |  |  |  |  |  |  |
Real estate acquired in settlement of loans |  | $ | 70 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 100% |  | 100%
December 31, 2014 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 2,297 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 39-99% |  | 83%
Home equity lines of credit |  | 3 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  |  |  | 7%
Commercial loans |  | 145 |  |  | Fair value of property or collateral |  | Fair value of business assets |  |  |  | 91%
Total loans |  | $ | 2,445 |  |  |  |  |  |  |  |  |
Real estate acquired in settlement of loans |  | $ | 288 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling cost |  | 100% |  | 100%
1 Represent percent of outstanding principal balance.
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets | The sensitivity analysis of fair value of MSR to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions is as follows:
(dollars in thousands) |  | September 30, 2015 |  |  | December 31, 2014 |
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (832 | ) |  | $ | (757 | )
50 basis points adverse rate change |  | (1,643 | ) |  | (1,524 | )
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (148 | ) |  | (140 | )
50 basis points adverse rate change |  | (293 | ) |  | (278 | )
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 Sheet |  | Net amount of liabilities presented in the Balance Sheet
Repurchase agreements |  |  |  |  |  |
September 30, 2015 |  | $269 |  | $— |  | $269
December 31, 2014 |  | 191 |  | — |  | 191
|  | Gross amount not offset in the Balance Sheet
(in millions) |  | Net amount of liabilities presented in the Balance Sheet |  | Financial instruments |  | Cash collateral pledged |  | Net amount
September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Financial institution |  | $ | 50 |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |
Government entities |  | 66 |  |  | 66 |  |  | — |  |  | — |
Commercial account holders |  | 153 |  |  | 153 |  |  | — |  |  | — |
Total |  | $ | 269 |  |  | $ | 269 |  |  | $ | — |  |  | $ | — |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Financial institution |  | $ | 50 |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |
Government entities |  | 56 |  |  | 56 |  |  | — |  |  | — |
Commercial account holders |  | 85 |  |  | 85 |  |  | — |  |  | — |
Total |  | $ | 191 |  |  | $ | 191 |  |  | $ | — |  |  | $ | — |
Schedule of notional and fair value of derivatives | The notional amount and fair value of ASB’s derivative financial instruments were as follows:
|  | September 30, 2015 |  | December 31, 2014
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 27,587 |  |  | $ | 585 |  |  | $ | 29,330 |  |  | $ | 390 |
Forward commitments |  | 24,706 |  |  | (124 | ) |  | 32,833 |  |  | (106 | )
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 |  | September 30, 2015 |  | December 31, 2014
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 585 |  |  | $ | — |  |  | $ | 393 |  |  | $ | 3 |
Forward commitments |  | 1 |  |  | 125 |  |  | 5 |  |  | 111 |
|  | $ | 586 |  |  | $ | 125 |  |  | $ | 398 |  |  | $ | 114 |
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 the statements of income:
Derivative Financial Instruments Not Designated as Hedging Instruments | Location of net gains (losses) recognized in the Statement of Income |  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate lock commitments | Mortgage banking income |  | $ | 139 |  |  | $ | 215 |  |  | $ | 195 |  |  | $ | (249 | )
Forward commitments | Mortgage banking income |  | (117 | ) |  | (25 | ) |  | (18 | ) |  | (164 | )
|  |  | $ | 22 |  |  | $ | 190 |  |  | $ | 177 |  |  | $ | (413 | )

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