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Bank segment (Tables) | 6 Months Ended
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Jun. 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 June 30 |  | Six months ended June 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 46,035 |  |  | $ | 43,851 |  |  | $ | 91,233 |  |  | $ | 87,533 |
Interest and dividends on investment securities |  | 3,306 |  |  | 2,950 |  |  | 6,357 |  |  | 5,985 |
Total interest and dividend income |  | 49,341 |  |  | 46,801 |  |  | 97,590 |  |  | 93,518 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,266 |  |  | 1,237 |  |  | 2,526 |  |  | 2,462 |
Interest on other borrowings |  | 1,487 |  |  | 1,420 |  |  | 2,953 |  |  | 2,825 |
Total interest expense |  | 2,753 |  |  | 2,657 |  |  | 5,479 |  |  | 5,287 |
Net interest income |  | 46,588 |  |  | 44,144 |  |  | 92,111 |  |  | 88,231 |
Provision for loan losses |  | 1,825 |  |  | 1,021 |  |  | 2,439 |  |  | 2,016 |
Net interest income after provision for loan losses |  | 44,763 |  |  | 43,123 |  |  | 89,672 |  |  | 86,215 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,550 |  |  | 5,217 |  |  | 10,905 |  |  | 10,345 |
Fee income on deposit liabilities |  | 5,424 |  |  | 4,645 |  |  | 10,739 |  |  | 9,066 |
Fee income on other financial products |  | 2,103 |  |  | 2,064 |  |  | 3,992 |  |  | 4,354 |
Bank-owned life insurance |  | 1,058 |  |  | 982 |  |  | 2,041 |  |  | 1,945 |
Mortgage banking income |  | 2,068 |  |  | 246 |  |  | 3,890 |  |  | 874 |
Gains on sale of investment securities |  | — |  |  | — |  |  | — |  |  | 2,847 |
Other income, net |  | 239 |  |  | 661 |  |  | 974 |  |  | 1,286 |
Total noninterest income |  | 16,442 |  |  | 13,815 |  |  | 32,541 |  |  | 30,717 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 22,319 |  |  | 19,872 |  |  | 44,085 |  |  | 40,158 |
Occupancy |  | 4,009 |  |  | 4,489 |  |  | 8,122 |  |  | 8,442 |
Data processing |  | 2,953 |  |  | 2,971 |  |  | 6,069 |  |  | 6,031 |
Services |  | 2,833 |  |  | 2,855 |  |  | 5,174 |  |  | 5,128 |
Equipment |  | 1,690 |  |  | 1,609 |  |  | 3,391 |  |  | 3,254 |
Office supplies, printing and postage |  | 1,303 |  |  | 1,456 |  |  | 2,786 |  |  | 3,072 |
Marketing |  | 844 |  |  | 1,031 |  |  | 1,685 |  |  | 1,742 |
FDIC insurance |  | 773 |  |  | 805 |  |  | 1,584 |  |  | 1,601 |
Other expense |  | 4,755 |  |  | 3,894 |  |  | 8,960 |  |  | 7,016 |
Total noninterest expense |  | 41,479 |  |  | 38,982 |  |  | 81,856 |  |  | 76,444 |
Income before income taxes |  | 19,726 |  |  | 17,956 |  |  | 40,357 |  |  | 40,488 |
Income taxes |  | 6,875 |  |  | 6,420 |  |  | 14,031 |  |  | 14,553 |
Net income |  | $ | 12,851 |  |  | $ | 11,536 |  |  | $ | 26,326 |  |  | $ | 25,935 |
Schedule of statements of comprehensive income data | American Savings Bank, F.S.B. Statements of Comprehensive Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Net income |  | $ | 12,851 |  |  | $ | 11,536 |  |  | $ | 26,326 |  |  | $ | 25,935 |
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 $2,439, $(1,679), $161 and $(3,343) for the respective periods |  | (3,694 | ) |  | 2,543 |  |  | (243 | ) |  | 5,063 |
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 $255, $142, $514 and $286 for the respective periods |  | 387 |  |  | 215 |  |  | 779 |  |  | 434 |
Other comprehensive income (loss), net of taxes |  | (3,307 | ) |  | 2,758 |  |  | 536 |  |  | 3,782 |
Comprehensive income |  | $ | 9,544 |  |  | $ | 14,294 |  |  | $ | 26,862 |  |  | $ | 29,717 |
Schedule of balance sheets data | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | June 30, 2015 |  | December 31, 2014
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 106,914 |  |  |  |  |  | $ | 107,233 |
Interest-bearing deposits |  |  |  | 162,088 |  |  |  |  | 54,230 |
Available-for-sale investment securities, at fair value |  |  |  |  | 693,520 |  |  |  |  |  | 550,394 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 10,678 |  |  |  |  |  | 69,302 |
Loans receivable held for investment |  |  |  |  | 4,457,182 |  |  |  |  |  | 4,434,651 |
Allowance for loan losses |  |  |  |  | (46,365 | ) |  |  |  |  | (45,618 | )
Net loans |  |  |  |  | 4,410,817 |  |  |  |  |  | 4,389,033 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,581 |  |  |  |  |  | 8,424 |
Other |  |  |  |  | 305,310 |  |  |  |  |  | 305,416 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,777,098 |  |  |  |  |  | $ | 5,566,222 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,455,721 |  |  |  |  |  | $ | 1,342,794 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,347,550 |  |  |  |  |  | 3,280,621 |
Other borrowings |  |  |  |  | 314,157 |  |  |  |  |  | 290,656 |
Other |  |  |  |  | 113,015 |  |  |  |  |  | 118,363 |
Total liabilities |  |  |  |  | 5,230,443 |  |  |  |  |  | 5,032,434 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 339,416 |  |  |  |  | 338,411 |
Retained earnings |  |  |  |  | 223,260 |  |  |  |  |  | 211,934 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities |  | $ | 219 |  |  |  |  |  | $ | 462 |  |  |  |
Retirement benefit plans |  | (16,241 | ) |  | (16,022 | ) |  | (17,020 | ) |  | (16,558 | )
Total shareholder’s equity |  |  |  |  | 546,655 |  |  |  |  |  | 533,788 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,777,098 |  |  |  |  |  | $ | 5,566,222 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 136,062 |  |  |  |  |  | $ | 134,115 |
Premises and equipment, net |  |  |  |  | 85,976 |  |  |  |  |  | 92,407 |
Prepaid expenses |  |  |  |  | 3,728 |  |  |  |  |  | 3,196 |
Accrued interest receivable |  |  |  |  | 14,052 |  |  |  |  |  | 13,632 |
Mortgage-servicing rights |  |  |  |  | 12,265 |  |  |  |  |  | 11,540 |
Low-income housing equity investments |  |  |  | 30,974 |  |  |  |  | 33,438 |
Real estate acquired in settlement of loans, net |  |  |  |  | 318 |  |  |  |  |  | 891 |
Other |  |  |  |  | 21,935 |  |  |  |  |  | 16,197 |
|  |  |  |  | $ | 305,310 |  |  |  |  |  | $ | 305,416 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 26,915 |  |  |  |  |  | $ | 37,880 |
Federal and state income taxes payable |  |  |  |  | 26,502 |  |  |  |  |  | 28,642 |
Cashier’s checks |  |  |  |  | 27,670 |  |  |  |  |  | 20,509 |
Advance payments by borrowers |  |  |  |  | 10,093 |  |  |  |  |  | 9,652 |
Other |  |  |  |  | 21,835 |  |  |  |  |  | 21,680 |
|  |  |  |  | $ | 113,015 |  |  |  |  |  | $ | 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
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 168,143 |  |  | $ | 1,355 |  |  | $ | (1,039 | ) |  | $ | 168,459 |  |  | 12 |  |  | $ | 76,835 |  |  | $ | (477 | ) |  | 3 |  |  | $ | 18,332 |  |  | $ | (562 | )
Mortgage-related securities- FNMA, FHLMC and GNMA |  | 525,014 |  |  | 5,217 |  |  | (5,170 | ) |  | 525,061 |  |  | 20 |  |  | 170,965 |  |  | (1,622 | ) |  | 25 |  |  | 136,546 |  |  | (3,548 | )
|  | $ | 693,157 |  |  | $ | 6,572 |  |  | $ | (6,209 | ) |  | $ | 693,520 |  |  | 32 |  |  | $ | 247,800 |  |  | $ | (2,099 | ) |  | 28 |  |  | $ | 154,878 |  |  | $ | (4,110 | )
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:
June 30, 2015 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 37,272 |  |  | 37,631 |
Due after five years through ten years |  | 77,747 |  |  | 78,291 |
Due after ten years |  | 53,124 |  |  | 52,537 |
|  | 168,143 |  |  | 168,459 |
Mortgage-related securities-FNMA,FHLMC and GNMA |  | 525,014 |  |  | 525,061 |
Total available-for-sale securities |  | $ | 693,157 |  |  | $ | 693,520 |
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 June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,921 |  |  | $ | 11,228 |  |  | $ | 6,523 |  |  | $ | 2,286 |  |  | $ | 2,837 |  |  | $ | 21 |  |  | $ | 14,580 |  |  | $ | 3,399 |  |  | $ | — |  |  | $ | 45,795 |
Charge-offs |  | (58 | ) |  | — |  |  | (17 | ) |  | — |  |  | — |  |  | — |  |  | (756 | ) |  | (983 | ) |  | — |  |  | (1,814 | )
Recoveries |  | 55 |  |  | — |  |  | 8 |  |  | 136 |  |  | — |  |  | — |  |  | 106 |  |  | 254 |  |  | — |  |  | 559 |
Provision |  | (627 | ) |  | (808 | ) |  | 99 |  |  | (319 | ) |  | (262 | ) |  | (3 | ) |  | 3,539 |  |  | 206 |  |  | — |  |  | 1,825 |
Ending balance |  | $ | 4,291 |  |  | $ | 10,420 |  |  | $ | 6,613 |  |  | $ | 2,103 |  |  | $ | 2,575 |  |  | $ | 18 |  |  | $ | 17,469 |  |  | $ | 2,876 |  |  | $ | — |  |  | $ | 46,365 |
Three months ended June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,475 |  |  | $ | 5,715 |  |  | $ | 5,969 |  |  | $ | 1,575 |  |  | $ | 3,063 |  |  | $ | 24 |  |  | $ | 15,592 |  |  | $ | 2,316 |  |  | $ | 1,194 |  |  | $ | 40,923 |
Charge-offs |  | (94 | ) |  | — |  |  | (136 | ) |  | (47 | ) |  | — |  |  | — |  |  | (246 | ) |  | (461 | ) |  | — |  |  | (984 | )
Recoveries |  | 555 |  |  | — |  |  | 314 |  |  | 77 |  |  | — |  |  | — |  |  | 225 |  |  | 241 |  |  | — |  |  | 1,412 |
Provision |  | (269 | ) |  | 1,515 |  |  | 934 |  |  | 232 |  |  | 327 |  |  | 2 |  |  | (427 | ) |  | (99 | ) |  | (1,194 | ) |  | 1,021 |
Ending balance |  | $ | 5,667 |  |  | $ | 7,230 |  |  | $ | 7,081 |  |  | $ | 1,837 |  |  | $ | 3,390 |  |  | $ | 26 |  |  | $ | 15,144 |  |  | $ | 1,997 |  |  | $ | — |  |  | $ | 42,372 |
Six months ended June 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 |  | (214 | ) |  | — |  |  | (20 | ) |  | — |  |  | — |  |  | — |  |  | (802 | ) |  | (1,925 | ) |  | — |  |  | (2,961 | )
Recoveries |  | 67 |  |  | — |  |  | 39 |  |  | 185 |  |  | — |  |  | — |  |  | 447 |  |  | 531 |  |  | — |  |  | 1,269 |
Provision |  | (224 | ) |  | 1,466 |  |  | (388 | ) |  | 43 |  |  | (2,896 | ) |  | (10 | ) |  | 3,807 |  |  | 641 |  |  | — |  |  | 2,439 |
Ending balance |  | $ | 4,291 |  |  | $ | 10,420 |  |  | $ | 6,613 |  |  | $ | 2,103 |  |  | $ | 2,575 |  |  | $ | 18 |  |  | $ | 17,469 |  |  | $ | 2,876 |  |  | $ | — |  |  | $ | 46,365 |
Ending balance: individually evaluated for impairment |  | $ | 1,363 |  |  | $ | — |  |  | $ | 269 |  |  | $ | 1,048 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,702 |  |  | $ | 8 |  |  |  |  | $ | 5,390 |
Ending balance: collectively evaluated for impairment |  | $ | 2,928 |  |  | $ | 10,420 |  |  | $ | 6,344 |  |  | $ | 1,055 |  |  | $ | 2,575 |  |  | $ | 18 |  |  | $ | 14,767 |  |  | $ | 2,868 |  |  | $ | — |  |  | $ | 40,975 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,045,357 |  |  | $ | 561,262 |  |  | $ | 820,296 |  |  | $ | 17,273 |  |  | $ | 62,444 |  |  | $ | 19,984 |  |  | $ | 821,636 |  |  | $ | 115,167 |  |  |  |  | $ | 4,463,419 |
Ending balance: individually evaluated for impairment |  | $ | 22,720 |  |  | $ | 522 |  |  | $ | 1,899 |  |  | $ | 6,534 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,541 |  |  | $ | 15 |  |  |  |  | $ | 55,231 |
Ending balance: collectively evaluated for impairment |  | $ | 2,022,637 |  |  | $ | 560,740 |  |  | $ | 818,397 |  |  | $ | 10,739 |  |  | $ | 62,444 |  |  | $ | 19,984 |  |  | $ | 798,095 |  |  | $ | 115,152 |  |  |  |  | $ | 4,408,188 |
Six months ended June 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 |  | (360 | ) |  | — |  |  | (136 | ) |  | (53 | ) |  | — |  |  | — |  |  | (370 | ) |  | (1,022 | ) |  | — |  |  | (1,941 | )
Recoveries |  | 896 |  |  | — |  |  | 325 |  |  | 163 |  |  | — |  |  | — |  |  | 325 |  |  | 472 |  |  | — |  |  | 2,181 |
Provision |  | (403 | ) |  | 2,171 |  |  | 1,663 |  |  | (90 | ) |  | 993 |  |  | 7 |  |  | (614 | ) |  | 180 |  |  | (1,891 | ) |  | 2,016 |
Ending balance |  | $ | 5,667 |  |  | $ | 7,230 |  |  | $ | 7,081 |  |  | $ | 1,837 |  |  | $ | 3,390 |  |  | $ | 26 |  |  | $ | 15,144 |  |  | $ | 1,997 |  |  | $ | — |  |  | $ | 42,372 |
Ending balance: individually evaluated for impairment |  | $ | 969 |  |  | $ | 941 |  |  | $ | 14 |  |  | $ | 1,202 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,239 |  |  | $ | 5 |  |  |  |  | $ | 4,370 |
Ending balance: collectively evaluated for impairment |  | $ | 4,698 |  |  | $ | 6,289 |  |  | $ | 7,067 |  |  | $ | 635 |  |  | $ | 3,390 |  |  | $ | 26 |  |  | $ | 13,905 |  |  | $ | 1,992 |  |  | $ | — |  |  | $ | 38,002 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 2,019,092 |  |  | $ | 476,116 |  |  | $ | 790,837 |  |  | $ | 17,189 |  |  | $ | 80,312 |  |  | $ | 17,441 |  |  | $ | 782,804 |  |  | $ | 111,254 |  |  |  |  | $ | 4,295,045 |
Ending balance: individually evaluated for impairment |  | $ | 17,978 |  |  | $ | 4,512 |  |  | $ | 612 |  |  | $ | 9,320 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,042 |  |  | $ | 17 |  |  |  |  | $ | 50,481 |
Ending balance: collectively evaluated for impairment |  | $ | 2,001,114 |  |  | $ | 471,604 |  |  | $ | 790,225 |  |  | $ | 7,869 |  |  | $ | 80,312 |  |  | $ | 17,441 |  |  | $ | 764,762 |  |  | $ | 111,237 |  |  |  |  | $ | 4,244,564 |
Schedule of credit risk profile by internally assigned grade for loans | The credit risk profile by internally assigned grade for loans was as follows:
|  | June 30, 2015 |  | December 31, 2014
(in thousands) |  | Commercial real estate |  | Commercial construction |  | Commercial |  | Commercial real estate |  | Commercial construction |  | Commercial
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 507,904 |  |  | $ | 58,356 |  |  | $ | 763,238 |  |  | $ | 493,105 |  |  | $ | 79,312 |  |  | $ | 743,334 |
Special mention |  | 7,232 |  |  | 4,088 |  |  | 10,313 |  |  | 5,209 |  |  | — |  |  | 16,095 |
Substandard |  | 46,126 |  |  | — |  |  | 47,492 |  |  | 33,603 |  |  | 17,126 |  |  | 31,665 |
Doubtful |  | — |  |  | — |  |  | 593 |  |  | — |  |  | — |  |  | 663 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 561,262 |  |  | $ | 62,444 |  |  | $ | 821,636 |  |  | $ | 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
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 5,016 |  |  | $ | 1,900 |  |  | $ | 11,998 |  |  | $ | 18,914 |  |  | $ | 2,026,443 |  |  | $ | 2,045,357 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 561,262 |  |  | 561,262 |  |  | — |
Home equity line of credit |  | 923 |  |  | 284 |  |  | 389 |  |  | 1,596 |  |  | 818,700 |  |  | 820,296 |  |  | — |
Residential land |  | 420 |  |  | 267 |  |  | — |  |  | 687 |  |  | 16,586 |  |  | 17,273 |  |  |  |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 62,444 |  |  | 62,444 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,984 |  |  | 19,984 |  |  | — |
Commercial |  | 907 |  |  | 147 |  |  | 528 |  |  | 1,582 |  |  | 820,054 |  |  | 821,636 |  |  | — |
Consumer |  | 1,119 |  |  | 331 |  |  | 295 |  |  | 1,745 |  |  | 113,422 |  |  | 115,167 |  |  | — |
Total loans |  | $ | 8,385 |  |  | $ | 2,929 |  |  | $ | 13,210 |  |  | $ | 24,524 |  |  | $ | 4,438,895 |  |  | $ | 4,463,419 |  |  | $ | — |
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) |  | June 30, 2015 |  | December 31, 2014
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 18,172 |  |  | $ | 19,253 |
Commercial real estate |  | 522 |  |  | 5,112 |
Home equity line of credit |  | 1,962 |  |  | 1,087 |
Residential land |  | 712 |  |  | 720 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 9,225 |  |  | 10,053 |
Consumer |  | 543 |  |  | 661 |
Total nonaccrual loans |  | $ | 31,136 |  |  | $ | 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 |  | $ | 14,257 |  |  | $ | 13,525 |
Commercial real estate |  | — |  |  | — |
Home equity line of credit |  | 1,362 |  |  | 480 |
Residential land |  | 5,822 |  |  | 7,130 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 1,315 |  |  | 2,972 |
Consumer |  | — |  |  | — |
Total troubled debt restructured loans not included above |  | $ | 22,756 |  |  | $ | 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:
|  | June 30, 2015 |  | Three months ended June 30, 2015 |  | Six months ended June 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 |  | $ | 11,132 |  |  | $ | 12,417 |  |  | $ | — |  |  | $ | 11,193 |  |  | $ | 66 |  |  | $ | 11,373 |  |  | $ | 155 |
Commercial real estate |  | 522 |  |  | 593 |  |  | — |  |  | 530 |  |  | — |  |  | 543 |  |  | — |
Home equity line of credit |  | 376 |  |  | 583 |  |  | — |  |  | 433 |  |  | 1 |  |  | 417 |  |  | 2 |
Residential land |  | 2,597 |  |  | 3,366 |  |  | — |  |  | 3,026 |  |  | 44 |  |  | 2,831 |  |  | 96 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 5,221 |  |  | 7,119 |  |  | — |  |  | 5,432 |  |  | 139 |  |  | 6,363 |  |  | 141 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 19,848 |  |  | $ | 24,078 |  |  | $ | — |  |  | $ | 20,614 |  |  | $ | 250 |  |  | $ | 21,527 |  |  | $ | 394 |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 11,588 |  |  | $ | 11,641 |  |  | $ | 1,363 |  |  | $ | 11,794 |  |  | $ | 130 |  |  | $ | 11,651 |  |  | $ | 256 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | 1,474 |  |  | — |  |  | 2,978 |  |  | — |
Home equity line of credit |  | 1,523 |  |  | 1,585 |  |  | 269 |  |  | 1,212 |  |  | 8 |  |  | 919 |  |  | 14 |
Residential land |  | 3,937 |  |  | 4,015 |  |  | 1,048 |  |  | 4,142 |  |  | 84 |  |  | 4,666 |  |  | 167 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 18,320 |  |  | 20,161 |  |  | 2,702 |  |  | 9,358 |  |  | 36 |  |  | 7,170 |  |  | 86 |
Consumer |  | 15 |  |  | 15 |  |  | 8 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
|  | $ | 35,383 |  |  | $ | 37,417 |  |  | $ | 5,390 |  |  | $ | 27,995 |  |  | $ | 258 |  |  | $ | 27,399 |  |  | $ | 523 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 22,720 |  |  | $ | 24,058 |  |  | $ | 1,363 |  |  | $ | 22,987 |  |  | $ | 196 |  |  | $ | 23,024 |  |  | $ | 411 |
Commercial real estate |  | 522 |  |  | 593 |  |  | — |  |  | 2,004 |  |  | — |  |  | 3,521 |  |  | — |
Home equity line of credit |  | 1,899 |  |  | 2,168 |  |  | 269 |  |  | 1,645 |  |  | 9 |  |  | 1,336 |  |  | 16 |
Residential land |  | 6,534 |  |  | 7,381 |  |  | 1,048 |  |  | 7,168 |  |  | 128 |  |  | 7,497 |  |  | 263 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 23,541 |  |  | 27,280 |  |  | 2,702 |  |  | 14,790 |  |  | 175 |  |  | 13,533 |  |  | 227 |
Consumer |  | 15 |  |  | 15 |  |  | 8 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |
|  | $ | 55,231 |  |  | $ | 61,495 |  |  | $ | 5,390 |  |  | $ | 48,609 |  |  | $ | 508 |  |  | $ | 48,926 |  |  | $ | 917 |
|  | 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 June 30, 2014 |  | Six months ended June 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 |  |  | 1 |  | $ | 390 |
Commercial real estate |  | — |  | — |  |  | — |  | — |
Home equity line of credit |  | — |  | — |  |  | — |  | — |
Residential land |  | — |  | — |  |  | — |  | — |
Commercial construction |  | — |  | — |  |  | — |  | — |
Residential construction |  | — |  | — |  |  | — |  | — |
Commercial loans |  | — |  | — |  |  | — |  | — |
Consumer loans |  | — |  | — |  |  | — |  | — |
|  | 1 |  | $ | 390 |  |  | 1 |  | $ | 390 |
Loan modifications that occurred and the impact on the allowance for loan losses were as follows:
|  | Three months ended June 30, 2015 |  | Six months ended June 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 |  | 2 |  |  | $ | 318 |  |  | $ | 318 |  |  | $ | — |  |  | 7 |  |  | $ | 1,195 |  |  | $ | 1,213 |  |  | $ | 47 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 13 |  |  | 690 |  |  | 690 |  |  | 105 |  |  | 22 |  |  | 1,119 |  |  | 1,119 |  |  | 160 |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 3 |  |  | 161 |  |  | 161 |  |  | 78 |  |  | 4 |  |  | 253 |  |  | 253 |  |  | 78 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 18 |  |  | $ | 1,169 |  |  | $ | 1,169 |  |  | $ | 183 |  |  | 33 |  |  | $ | 2,567 |  |  | $ | 2,585 |  |  | $ | 285 |
|  | Three months ended June 30, 2014 |  | Six months ended June 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 |  | 7 |  |  | $ | 2,194 |  |  | $ | 2,212 |  |  | $ | 207 |  |  | 12 |  |  | $ | 3,115 |  |  | $ | 3,147 |  |  | $ | 251 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | 9 |  |  | 2,915 |  |  | 2,915 |  |  | 225 |  |  | 16 |  |  | 4,048 |  |  | 4,048 |  |  | 400 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 2 |  |  | 754 |  |  | 754 |  |  | — |  |  | 5 |  |  | 1,227 |  |  | 1,227 |  |  | 14 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 18 |  |  | $ | 5,863 |  |  | $ | 5,881 |  |  | $ | 432 |  |  | 33 |  |  | $ | 8,390 |  |  | $ | 8,422 |  |  | $ | 665 |
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
June 30, 2015 |  | $ | 29,182 |  |  | $ | (16,880 | ) |  | $ | (37 | ) |  | $ | 12,265 |
June 30, 2014 |  | 26,357 |  |  | (14,578 | ) |  | (174 | ) |  | 11,605 |
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 | 2,001 |  |  | 753 |
Amortization | (1,444 | ) |  | (872 | )
Other-than-temporary impairment | (4 | ) |  | (40 | )
Carrying amount before valuation allowance, June 30 | 12,302 |  |  | 11,779 |
Valuation allowance for mortgage servicing rights |  |  |
Balance, January 1 | 209 |  |  | 251 |
Provision (recovery) | (168 | ) |  | (37 | )
Other-than-temporary impairment | (4 | ) |  | (40 | )
Balance, June 30 | 37 |  |  | 174 |
Net carrying value of mortgage servicing rights | $ | 12,265 |  |  | $ | 11,605 |
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) |  | June 30, 2015 |  |  | December 31, 2014 |
Unpaid principal balance |  | $ | 1,467,492 |  |  | $ | 1,391,030 |
Weighted average note rate |  | 4.02 | % |  | 4.07 | %
Weighted average discount rate |  | 9.5 | % |  | 9.6 | %
Weighted average prepayment speed |  | 11.0 | % |  | 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
June 30, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 658 |  |  | Fair value of property or collateral |  | Appraised value less 7% selling costs |  | 31-91% |  | 66%
Total loans |  | $ | 658 |  |  |  |  |  |  |  |  |
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) |  | June 30, 2015 |  |  | December 31, 2014 |
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (814 | ) |  | $ | (757 | )
50 basis points adverse rate change |  | (1,537 | ) |  | (1,524 | )
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (132 | ) |  | (140 | )
50 basis points adverse rate change |  | (262 | ) |  | (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 |  |  |  |  |  |
June 30, 2015 |  | $214 |  | $— |  | $214
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
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Financial institution |  | $ | 50 |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |
Government entities |  | 66 |  |  | 66 |  |  | — |  |  | — |
Commercial account holders |  | 98 |  |  | 98 |  |  | — |  |  | — |
Total |  | $ | 214 |  |  | $ | 214 |  |  | $ | — |  |  | $ | — |
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:
|  | June 30, 2015 |  | December 31, 2014
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 33,178 |  |  | $ | 446 |  |  | $ | 29,330 |  |  | $ | 390 |
Forward commitments |  | 28,551 |  |  | (7 | ) |  | 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 |  | June 30, 2015 |  | December 31, 2014
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 448 |  |  | $ | 2 |  |  | $ | 393 |  |  | $ | 3 |
Forward commitments |  | 6 |  |  | 13 |  |  | 5 |  |  | 111 |
|  | $ | 454 |  |  | $ | 15 |  |  | $ | 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 June 30 |  | Six months ended June 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate lock commitments | Mortgage banking income |  | $ | (389 | ) |  | $ | (194 | ) |  | $ | 56 |  |  | $ | (464 | )
Forward commitments | Mortgage banking income |  | 258 |  |  | (33 | ) |  | 99 |  |  | (139 | )
|  |  | $ | (131 | ) |  | $ | (227 | ) |  | $ | 155 |  |  | $ | (603 | )

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