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Bank segment (Tables) | 3 Months Ended
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Mar. 31, 2021
Bank Subsidiary [Abstract] |
Schedule of statements of income data | Condensed Consolidating Statement of Income Three months ended March 31, 2021
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 400,554 |  |  | 85,149 |  |  | 79,181 |  |  | — |  |  | (20) |  |  | $ | 564,864 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 88,728 |  |  | 16,485 |  |  | 22,214 |  |  | — |  |  | — |  |  | 127,427 |
Purchased power |  | 108,604 |  |  | 21,597 |  |  | 12,095 |  |  | — |  |  | — |  |  | 142,296 |
Other operation and maintenance |  | 77,335 |  |  | 17,912 |  |  | 19,323 |  |  | — |  |  | — |  |  | 114,570 |
Depreciation |  | 38,914 |  |  | 10,048 |  |  | 8,393 |  |  | — |  |  | — |  |  | 57,355 |
Taxes, other than income taxes |  | 38,627 |  |  | 7,993 |  |  | 7,482 |  |  | — |  |  | — |  |  | 54,102 |
Total expenses |  | 352,208 |  |  | 74,035 |  |  | 69,507 |  |  | — |  |  | — |  |  | 495,750 |
Operating income |  | 48,346 |  |  | 11,114 |  |  | 9,674 |  |  | — |  |  | (20) |  |  | 69,114 |
Allowance for equity funds used during construction |  | 1,748 |  |  | 132 |  |  | 311 |  |  | — |  |  | — |  |  | 2,191 |
Equity in earnings of subsidiaries |  | 12,510 |  |  | — |  |  | — |  |  | — |  |  | (12,510) |  |  | — |
Retirement defined benefits expense—other than service costs |  | 886 |  |  | 168 |  |  | (33) |  |  | — |  |  | — |  |  | 1,021 |
Interest expense and other charges, net |  | (12,832) |  |  | (2,581) |  |  | (2,590) |  |  | — |  |  | 20 |  |  | (17,983) |
Allowance for borrowed funds used during construction |  | 591 |  |  | 44 |  |  | 112 |  |  | — |  |  | — |  |  | 747 |
Income before income taxes |  | 51,249 |  |  | 8,877 |  |  | 7,474 |  |  | — |  |  | (12,510) |  |  | 55,090 |
Income taxes |  | 7,621 |  |  | 2,051 |  |  | 1,561 |  |  | — |  |  | — |  |  | 11,233 |
Net income |  | 43,628 |  |  | 6,826 |  |  | 5,913 |  |  | — |  |  | (12,510) |  |  | 43,857 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 43,628 |  |  | 6,692 |  |  | 5,818 |  |  | — |  |  | (12,510) |  |  | 43,628 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 43,358 |  |  | 6,692 |  |  | 5,818 |  |  | — |  |  | (12,510) |  |  | $ | 43,358 |
Condensed Consolidating Statement of Income Three months ended March 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 421,166 |  |  | 89,293 |  |  | 87,198 |  |  | — |  |  | (215) |  |  | $ | 597,442 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 120,535 |  |  | 22,432 |  |  | 30,254 |  |  | — |  |  | — |  |  | 173,221 |
Purchased power |  | 107,951 |  |  | 19,521 |  |  | 12,344 |  |  | — |  |  | — |  |  | 139,816 |
Other operation and maintenance |  | 85,637 |  |  | 19,104 |  |  | 22,806 |  |  | — |  |  | — |  |  | 127,547 |
Depreciation |  | 38,011 |  |  | 9,760 |  |  | 8,079 |  |  | — |  |  | — |  |  | 55,850 |
Taxes, other than income taxes |  | 40,501 |  |  | 8,342 |  |  | 8,207 |  |  | — |  |  | — |  |  | 57,050 |
Total expenses |  | 392,635 |  |  | 79,159 |  |  | 81,690 |  |  | — |  |  | — |  |  | 553,484 |
Operating income |  | 28,531 |  |  | 10,134 |  |  | 5,508 |  |  | — |  |  | (215) |  |  | 43,958 |
Allowance for equity funds used during construction |  | 1,743 |  |  | 119 |  |  | 153 |  |  | — |  |  | — |  |  | 2,015 |
Equity in earnings of subsidiaries |  | 8,804 |  |  | — |  |  | — |  |  | — |  |  | (8,804) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (546) |  |  | 194 |  |  | (29) |  |  | — |  |  | — |  |  | (381) |
Interest expense and other charges, net |  | (12,002) |  |  | (2,484) |  |  | (2,323) |  |  | — |  |  | 215 |  |  | (16,594) |
Allowance for borrowed funds used during construction |  | 602 |  |  | 36 |  |  | 50 |  |  | — |  |  | — |  |  | 688 |
Income before income taxes |  | 27,132 |  |  | 7,999 |  |  | 3,359 |  |  | — |  |  | (8,804) |  |  | 29,686 |
Income taxes |  | 2,957 |  |  | 1,798 |  |  | 527 |  |  |  |  |  |  | 5,282 |
Net income |  | 24,175 |  |  | 6,201 |  |  | 2,832 |  |  | — |  |  | (8,804) |  |  | 24,404 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 24,175 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | 24,175 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 23,905 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | $ | 23,905 |
Statements of Income and Comprehensive Income Data
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  |  |  |  |  | $ | 49,947 |  |  | $ | 55,545 |
Interest and dividends on investment securities |  |  |  |  |  | 8,673 |  |  | 9,430 |
Total interest and dividend income |  |  |  |  |  | 58,620 |  |  | 64,975 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  |  |  |  |  | 1,462 |  |  | 3,587 |
Interest on other borrowings |  |  |  |  |  | 27 |  |  | 313 |
Total interest expense |  |  |  |  |  | 1,489 |  |  | 3,900 |
Net interest income |  |  |  |  |  | 57,131 |  |  | 61,075 |
Provision for credit losses |  |  |  |  |  | (8,435) |  |  | 10,401 |
Net interest income after provision for credit losses |  |  |  |  |  | 65,566 |  |  | 50,674 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  |  |  |  |  | 5,073 |  |  | 4,571 |
Fee income on deposit liabilities |  |  |  |  |  | 3,863 |  |  | 5,113 |
Fee income on other financial products |  |  |  |  |  | 2,442 |  |  | 1,872 |
Bank-owned life insurance |  |  |  |  |  | 2,561 |  |  | 794 |
Mortgage banking income |  |  |  |  |  | 4,300 |  |  | 2,000 |
Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
Other income, net |  |  |  |  |  | 272 |  |  | 413 |
Total noninterest income |  |  |  |  |  | 19,039 |  |  | 14,763 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  |  |  |  | 28,037 |  |  | 25,777 |
Occupancy |  |  |  |  |  | 4,969 |  |  | 5,267 |
Data processing |  |  |  |  |  | 4,351 |  |  | 3,837 |
Services |  |  |  |  |  | 2,862 |  |  | 2,809 |
Equipment |  |  |  |  |  | 2,222 |  |  | 2,339 |
Office supplies, printing and postage |  |  |  |  |  | 1,044 |  |  | 1,341 |
Marketing |  |  |  |  |  | 648 |  |  | 802 |
FDIC insurance |  |  |  |  |  | 816 |  |  | 102 |
Other expense |  |  |  |  |  | 2,554 |  |  | 4,194 |
Total noninterest expense |  |  |  |  |  | 47,503 |  |  | 46,468 |
Income before income taxes |  |  |  |  |  | 37,102 |  |  | 18,969 |
Income taxes |  |  |  |  |  | 7,546 |  |  | 3,208 |
Net income |  |  |  |  |  | 29,556 |  |  | 15,761 |
Other comprehensive income (loss), net of taxes |  |  |  |  |  | (45,754) |  |  | 19,847 |
Comprehensive income (loss) |  |  |  |  |  | $ | (16,198) |  |  | $ | 35,608 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  | $ | 58,620 |  |  | $ | 64,975 |
Noninterest income |  |  |  |  |  | 19,039 |  |  | 14,763 |
Less: Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
*Revenues-Bank |  |  |  |  |  | 77,131 |  |  | 79,738 |
Total interest expense |  |  |  |  |  | 1,489 |  |  | 3,900 |
Provision for credit losses |  |  |  |  |  | (8,435) |  |  | 10,401 |
Noninterest expense |  |  |  |  |  | 47,503 |  |  | 46,468 |
Less: Retirement defined benefits expense (credit)—other than service costs |  |  |  |  |  | (1,278) |  |  | 434 |
*Expenses-Bank |  |  |  |  |  | 41,835 |  |  | 60,335 |
*Operating income-Bank |  |  |  |  |  | 35,296 |  |  | 19,403 |
Add back: Retirement defined benefits expense (credit)—other than service costs |  |  |  |  |  | (1,278) |  |  | 434 |
Add back: Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
Income before income taxes |  |  |  |  |  | $ | 37,102 |  |  | $ | 18,969 |
Schedule of statements of comprehensive income data | Statements of Income and Comprehensive Income Data
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  |  |  |  |  | $ | 49,947 |  |  | $ | 55,545 |
Interest and dividends on investment securities |  |  |  |  |  | 8,673 |  |  | 9,430 |
Total interest and dividend income |  |  |  |  |  | 58,620 |  |  | 64,975 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  |  |  |  |  | 1,462 |  |  | 3,587 |
Interest on other borrowings |  |  |  |  |  | 27 |  |  | 313 |
Total interest expense |  |  |  |  |  | 1,489 |  |  | 3,900 |
Net interest income |  |  |  |  |  | 57,131 |  |  | 61,075 |
Provision for credit losses |  |  |  |  |  | (8,435) |  |  | 10,401 |
Net interest income after provision for credit losses |  |  |  |  |  | 65,566 |  |  | 50,674 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  |  |  |  |  | 5,073 |  |  | 4,571 |
Fee income on deposit liabilities |  |  |  |  |  | 3,863 |  |  | 5,113 |
Fee income on other financial products |  |  |  |  |  | 2,442 |  |  | 1,872 |
Bank-owned life insurance |  |  |  |  |  | 2,561 |  |  | 794 |
Mortgage banking income |  |  |  |  |  | 4,300 |  |  | 2,000 |
Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
Other income, net |  |  |  |  |  | 272 |  |  | 413 |
Total noninterest income |  |  |  |  |  | 19,039 |  |  | 14,763 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  |  |  |  | 28,037 |  |  | 25,777 |
Occupancy |  |  |  |  |  | 4,969 |  |  | 5,267 |
Data processing |  |  |  |  |  | 4,351 |  |  | 3,837 |
Services |  |  |  |  |  | 2,862 |  |  | 2,809 |
Equipment |  |  |  |  |  | 2,222 |  |  | 2,339 |
Office supplies, printing and postage |  |  |  |  |  | 1,044 |  |  | 1,341 |
Marketing |  |  |  |  |  | 648 |  |  | 802 |
FDIC insurance |  |  |  |  |  | 816 |  |  | 102 |
Other expense |  |  |  |  |  | 2,554 |  |  | 4,194 |
Total noninterest expense |  |  |  |  |  | 47,503 |  |  | 46,468 |
Income before income taxes |  |  |  |  |  | 37,102 |  |  | 18,969 |
Income taxes |  |  |  |  |  | 7,546 |  |  | 3,208 |
Net income |  |  |  |  |  | 29,556 |  |  | 15,761 |
Other comprehensive income (loss), net of taxes |  |  |  |  |  | (45,754) |  |  | 19,847 |
Comprehensive income (loss) |  |  |  |  |  | $ | (16,198) |  |  | $ | 35,608 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  | $ | 58,620 |  |  | $ | 64,975 |
Noninterest income |  |  |  |  |  | 19,039 |  |  | 14,763 |
Less: Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
*Revenues-Bank |  |  |  |  |  | 77,131 |  |  | 79,738 |
Total interest expense |  |  |  |  |  | 1,489 |  |  | 3,900 |
Provision for credit losses |  |  |  |  |  | (8,435) |  |  | 10,401 |
Noninterest expense |  |  |  |  |  | 47,503 |  |  | 46,468 |
Less: Retirement defined benefits expense (credit)—other than service costs |  |  |  |  |  | (1,278) |  |  | 434 |
*Expenses-Bank |  |  |  |  |  | 41,835 |  |  | 60,335 |
*Operating income-Bank |  |  |  |  |  | 35,296 |  |  | 19,403 |
Add back: Retirement defined benefits expense (credit)—other than service costs |  |  |  |  |  | (1,278) |  |  | 434 |
Add back: Gain on sale of investment securities, net |  |  |  |  |  | 528 |  |  | — |
Income before income taxes |  |  |  |  |  | $ | 37,102 |  |  | $ | 18,969 |
Schedule of balance sheets data | Condensed Consolidating Balance Sheet March 31, 2021
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,411 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 51,611 |
Plant and equipment |  | 4,986,417 |  |  | 1,358,367 |  |  | 1,207,095 |  |  | — |  |  | — |  |  | 7,551,879 |
Less accumulated depreciation |  | (1,706,529) |  |  | (604,021) |  |  | (549,169) |  |  | — |  |  | — |  |  | (2,859,719) |
Construction in progress |  | 160,331 |  |  | 13,927 |  |  | 29,730 |  |  | — |  |  | — |  |  | 203,988 |
Utility property, plant and equipment, net |  | 3,482,630 |  |  | 773,879 |  |  | 691,250 |  |  | — |  |  | — |  |  | 4,947,759 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,305 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,952 |
Total property, plant and equipment, net |  | 3,487,935 |  |  | 773,994 |  |  | 692,782 |  |  | — |  |  | — |  |  | 4,954,711 |
Investment in wholly owned subsidiaries, at equity |  | 631,976 |  |  | — |  |  | — |  |  | — |  |  | (631,976) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 29,727 |  |  | 7,730 |  |  | 14,209 |  |  | 77 |  |  | — |  |  | 51,743 |
Restricted cash |  | 11,506 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,506 |
Customer accounts receivable, net |  | 101,605 |  |  | 21,358 |  |  | 18,686 |  |  | — |  |  | — |  |  | 141,649 |
Accrued unbilled revenues, net |  | 72,784 |  |  | 14,911 |  |  | 14,118 |  |  | — |  |  | — |  |  | 101,813 |
Other accounts receivable, net |  | 12,967 |  |  | 3,006 |  |  | 3,570 |  |  | — |  |  | (14,470) |  |  | 5,073 |
Fuel oil stock, at average cost |  | 51,894 |  |  | 9,981 |  |  | 12,813 |  |  | — |  |  | — |  |  | 74,688 |
Materials and supplies, at average cost |  | 40,395 |  |  | 9,873 |  |  | 19,458 |  |  | — |  |  | — |  |  | 69,726 |
Prepayments and other |  | 29,769 |  |  | 3,534 |  |  | 3,791 |  |  | — |  |  | (675) |  |  | 36,419 |
Regulatory assets |  | 42,852 |  |  | 2,840 |  |  | 8,630 |  |  | — |  |  | — |  |  | 54,322 |
Total current assets |  | 393,499 |  |  | 73,233 |  |  | 95,275 |  |  | 77 |  |  | (15,145) |  |  | 546,939 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 123,992 |  |  | 14,198 |  |  | 344 |  |  | — |  |  | — |  |  | 138,534 |
Regulatory assets |  | 501,393 |  |  | 111,700 |  |  | 106,011 |  |  | — |  |  | — |  |  | 719,104 |
Other |  | 102,767 |  |  | 18,591 |  |  | 20,424 |  |  | — |  |  | (6,162) |  |  | 135,620 |
Total other long-term assets |  | 728,152 |  |  | 144,489 |  |  | 126,779 |  |  | — |  |  | (6,162) |  |  | 993,258 |
Total assets |  | $ | 5,241,562 |  |  | 991,716 |  |  | 914,836 |  |  | 77 |  |  | (653,283) |  |  | $ | 6,494,908 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,157,385 |  |  | 320,494 |  |  | 311,405 |  |  | 77 |  |  | (631,976) |  |  | $ | 2,157,385 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,176,229 |  |  | 246,310 |  |  | 253,324 |  |  | — |  |  | — |  |  | 1,675,863 |
Total capitalization |  | 3,355,907 |  |  | 573,804 |  |  | 569,729 |  |  | 77 |  |  | (631,976) |  |  | 3,867,541 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 64,423 |  |  | 1,844 |  |  | 34 |  |  | — |  |  | — |  |  | 66,301 |
Accounts payable |  | 87,437 |  |  | 16,037 |  |  | 19,725 |  |  | — |  |  | — |  |  | 123,199 |
Interest and preferred dividends payable |  | 20,075 |  |  | 3,698 |  |  | 4,400 |  |  | — |  |  | (1) |  |  | 28,172 |
Taxes accrued, including revenue taxes |  | 107,552 |  |  | 25,372 |  |  | 22,876 |  |  | — |  |  | (675) |  |  | 155,125 |
Regulatory liabilities |  | 17,000 |  |  | 5,901 |  |  | 7,469 |  |  | — |  |  | — |  |  | 30,370 |
Other |  | 55,478 |  |  | 11,951 |  |  | 17,189 |  |  | — |  |  | (14,618) |  |  | 70,000 |
Total current liabilities |  | 351,965 |  |  | 64,803 |  |  | 71,693 |  |  | — |  |  | (15,294) |  |  | 473,167 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 71,431 |  |  | 12,353 |  |  | 318 |  |  | — |  |  | — |  |  | 84,102 |
Deferred income taxes |  | 282,513 |  |  | 53,582 |  |  | 60,663 |  |  | — |  |  | — |  |  | 396,758 |
Regulatory liabilities |  | 658,584 |  |  | 174,820 |  |  | 92,365 |  |  | — |  |  | — |  |  | 925,769 |
Unamortized tax credits |  | 81,297 |  |  | 15,126 |  |  | 13,758 |  |  | — |  |  | — |  |  | 110,181 |
Defined benefit pension and other postretirement benefit plans liability |  | 373,376 |  |  | 76,357 |  |  | 78,566 |  |  | — |  |  | (6,013) |  |  | 522,286 |
Other |  | 66,489 |  |  | 20,871 |  |  | 27,744 |  |  | — |  |  | — |  |  | 115,104 |
Total deferred credits and other liabilities |  | 1,533,690 |  |  | 353,109 |  |  | 273,414 |  |  | — |  |  | (6,013) |  |  | 2,154,200 |
Total capitalization and liabilities |  | $ | 5,241,562 |  |  | 991,716 |  |  | 914,836 |  |  | 77 |  |  | (653,283) |  |  | $ | 6,494,908 |
Condensed Consolidating Balance Sheet December 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,411 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 51,611 |
Plant and equipment |  | 4,960,470 |  |  | 1,352,885 |  |  | 1,195,988 |  |  | — |  |  | — |  |  | 7,509,343 |
Less accumulated depreciation |  | (1,677,256) |  |  | (597,606) |  |  | (544,217) |  |  | — |  |  | — |  |  | (2,819,079) |
Construction in progress |  | 143,616 |  |  | 13,043 |  |  | 31,683 |  |  | — |  |  | — |  |  | 188,342 |
Utility property, plant and equipment, net |  | 3,469,241 |  |  | 773,928 |  |  | 687,048 |  |  | — |  |  | — |  |  | 4,930,217 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,306 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,953 |
Total property, plant and equipment, net |  | 3,474,547 |  |  | 774,043 |  |  | 688,580 |  |  | — |  |  | — |  |  | 4,937,170 |
Investment in wholly owned subsidiaries, at equity |  | 626,890 |  |  | — |  |  | — |  |  | — |  |  | (626,890) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 42,205 |  |  | 3,046 |  |  | 2,032 |  |  | 77 |  |  | — |  |  | 47,360 |
Restricted cash |  | 15,966 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,966 |
Advances to affiliates |  | 26,700 |  |  | — |  |  | — |  |  | — |  |  | (26,700) |  |  | — |
Customer accounts receivable, net |  | 102,736 |  |  | 23,989 |  |  | 21,107 |  |  | — |  |  | — |  |  | 147,832 |
Accrued unbilled revenues, net |  | 73,628 |  |  | 13,631 |  |  | 13,777 |  |  | — |  |  | — |  |  | 101,036 |
Other accounts receivable, net |  | 17,984 |  |  | 3,028 |  |  | 2,856 |  |  | — |  |  | (16,195) |  |  | 7,673 |
Fuel oil stock, at average cost |  | 38,777 |  |  | 8,471 |  |  | 10,990 |  |  | — |  |  | — |  |  | 58,238 |
Materials and supplies, at average cost |  | 38,786 |  |  | 9,896 |  |  | 18,662 |  |  | — |  |  | — |  |  | 67,344 |
Prepayments and other |  | 34,306 |  |  | 5,197 |  |  | 4,580 |  |  | — |  |  | — |  |  | 44,083 |
Regulatory assets |  | 22,095 |  |  | 1,954 |  |  | 6,386 |  |  | — |  |  | — |  |  | 30,435 |
Total current assets |  | 413,183 |  |  | 69,212 |  |  | 80,390 |  |  | 77 |  |  | (42,895) |  |  | 519,967 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 125,858 |  |  | 1,443 |  |  | 353 |  |  | — |  |  | — |  |  | 127,654 |
Regulatory assets |  | 513,192 |  |  | 114,461 |  |  | 108,620 |  |  | — |  |  | — |  |  | 736,273 |
Other |  | 98,307 |  |  | 17,992 |  |  | 20,010 |  |  | — |  |  | — |  |  | 136,309 |
Total other long-term assets |  | 737,357 |  |  | 133,896 |  |  | 128,983 |  |  | — |  |  | — |  |  | 1,000,236 |
Total assets |  | $ | 5,251,977 |  |  | 977,151 |  |  | 897,953 |  |  | 77 |  |  | (669,785) |  |  | $ | 6,457,373 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,141,918 |  |  | 317,451 |  |  | 309,363 |  |  | 77 |  |  | (626,891) |  |  | $ | 2,141,918 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,116,426 |  |  | 216,447 |  |  | 228,429 |  |  | — |  |  | — |  |  | 1,561,302 |
Total capitalization |  | 3,280,637 |  |  | 540,898 |  |  | 542,792 |  |  | 77 |  |  | (626,891) |  |  | 3,737,513 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 64,599 |  |  | 98 |  |  | 33 |  |  | — |  |  | — |  |  | 64,730 |
Short-term borrowings-non-affiliate |  | 49,979 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,979 |
Short-term borrowings-affiliate |  | — |  |  | 18,800 |  |  | 7,900 |  |  | — |  |  | (26,700) |  |  | — |
Accounts payable |  | 97,102 |  |  | 19,570 |  |  | 17,177 |  |  | — |  |  | — |  |  | 133,849 |
Interest and preferred dividends payable |  | 14,480 |  |  | 3,138 |  |  | 2,790 |  |  | — |  |  | (58) |  |  | 20,350 |
Taxes accrued, including revenue taxes |  | 135,018 |  |  | 29,869 |  |  | 27,637 |  |  | — |  |  | — |  |  | 192,524 |
Regulatory liabilities |  | 20,224 |  |  | 8,785 |  |  | 8,292 |  |  | — |  |  | — |  |  | 37,301 |
Other |  | 57,926 |  |  | 13,851 |  |  | 18,621 |  |  | — |  |  | (16,136) |  |  | 74,262 |
Total current liabilities |  | 439,328 |  |  | 94,111 |  |  | 82,450 |  |  | — |  |  | (42,894) |  |  | 572,995 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 67,824 |  |  | 1,344 |  |  | 326 |  |  | — |  |  | — |  |  | 69,494 |
Deferred income taxes |  | 282,685 |  |  | 54,108 |  |  | 61,005 |  |  | — |  |  | — |  |  | 397,798 |
Regulatory liabilities |  | 656,270 |  |  | 173,938 |  |  | 92,277 |  |  | — |  |  | — |  |  | 922,485 |
Unamortized tax credits |  | 82,563 |  |  | 15,363 |  |  | 13,989 |  |  | — |  |  | — |  |  | 111,915 |
Defined benefit pension and other postretirement benefit plans liability |  | 373,112 |  |  | 77,679 |  |  | 79,741 |  |  | — |  |  | — |  |  | 530,532 |
Other |  | 69,558 |  |  | 19,710 |  |  | 25,373 |  |  | — |  |  | — |  |  | 114,641 |
Total deferred credits and other liabilities |  | 1,532,012 |  |  | 342,142 |  |  | 272,711 |  |  | — |  |  | — |  |  | 2,146,865 |
Total capitalization and liabilities |  | $ | 5,251,977 |  |  | 977,151 |  |  | 897,953 |  |  | 77 |  |  | (669,785) |  |  | $ | 6,457,373 |
Balance Sheets Data
(in thousands) |  | March 31, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 113,698 |  |  |  |  | $ | 178,422 |
Interest-bearing deposits |  |  |  | 110,365 |  |  |  |  | 114,304 |
Cash and cash equivalents |  |  |  | 224,063 |  |  |  |  | 292,726 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 2,305,257 |  |  |  |  | 1,970,417 |
Held-to-maturity, at amortized cost (fair value of $285,599 and $229,963, respectively) |  |  |  | 295,046 |  |  |  |  | 226,947 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 10,000 |  |  |  |  | 8,680 |
Loans held for investment |  |  |  | 5,310,081 |  |  |  |  | 5,333,843 |
Allowance for credit losses |  |  |  | (91,793) |  |  |  |  | (101,201) |
Net loans |  |  |  | 5,218,288 |  |  |  |  | 5,232,642 |
Loans held for sale, at lower of cost or fair value |  |  |  | 23,637 |  |  |  |  | 28,275 |
Other |  |  |  | 559,543 |  |  |  |  | 554,656 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 8,718,024 |  |  |  |  | $ | 8,396,533 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,833,844 |  |  |  |  | $ | 2,598,500 |
Deposit liabilities—interest-bearing |  |  |  | 4,911,450 |  |  |  |  | 4,788,457 |
Other borrowings |  |  |  | 102,685 |  |  |  |  | 89,670 |
Other |  |  |  | 154,418 |  |  |  |  | 183,731 |
Total liabilities |  |  |  | 8,002,397 |  |  |  |  | 7,660,358 |
Commitments and contingencies |  |  |  |  |  |  |  |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 352,408 |  |  |  |  | 351,758 |
Retained earnings |  |  |  | 394,026 |  |  |  |  | 369,470 |
Accumulated other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities |  | $ | (25,791) |  |  |  |  | $ | 19,986 |  |  |
Retirement benefit plans |  | (5,017) |  |  | (30,808) |  |  | (5,040) |  |  | 14,946 |
Total shareholder’s equity |  |  |  | 715,627 |  |  |  |  | 736,175 |
Total liabilities and shareholder’s equity |  |  |  | $ | 8,718,024 |  |  |  |  | 8,396,533 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 162,821 |  |  |  |  | $ | 163,265 |
Premises and equipment, net |  |  |  | 206,247 |  |  |  |  | 206,134 |
Accrued interest receivable |  |  |  | 24,381 |  |  |  |  | 24,616 |
Mortgage-servicing rights |  |  |  | 10,685 |  |  |  |  | 10,020 |
Low-income housing investments |  |  |  | 80,791 |  |  |  |  | 83,435 |
Other |  |  |  | 74,618 |  |  |  |  | 67,186 |
|  |  |  | $ | 559,543 |  |  |  |  | $ | 554,656 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 55,073 |  |  |  |  | $ | 62,694 |
Federal and state income taxes payable |  |  |  | 1,709 |  |  |  |  | 6,582 |
Cashier’s checks |  |  |  | 29,363 |  |  |  |  | 38,011 |
Advance payments by borrowers |  |  |  | 5,863 |  |  |  |  | 10,207 |
Other |  |  |  | 62,410 |  |  |  |  | 66,237 |
|  |  |  | $ | 154,418 |  |  |  |  | $ | 183,731 |
Schedule of the book value and aggregate fair value by major security type | The major components of investment securities were as follows:
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses
|  |  |  |  |  | Less than 12 months |  | 12 months or longer
(dollars in thousands) |  |  |  |  |  | Number of issues |  | Fair value |  | Amount |  | Number of issues |  | Fair value |  | Amount
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 55,969 |  |  | $ | 1,719 |  |  | $ | (41) |  |  | $ | 57,647 |  |  | 1 |  |  | $ | 4,908 |  |  | $ | (41) |  |  | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities* |  | 2,239,311 |  |  | 15,404 |  |  | (53,363) |  |  | 2,201,352 |  |  | 92 |  |  | 1,613,008 |  |  | (53,344) |  |  | 1 |  |  | 958 |  |  | (19) |
Corporate bonds |  | 29,781 |  |  | 1,050 |  |  | — |  |  | 30,831 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage revenue bonds |  | 15,427 |  |  | — |  |  | — |  |  | 15,427 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 2,340,488 |  |  | $ | 18,173 |  |  | $ | (53,404) |  |  | $ | 2,305,257 |  |  | 93 |  |  | $ | 1,617,916 |  |  | $ | (53,385) |  |  | 1 |  |  | $ | 958 |  |  | $ | (19) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities* |  | $ | 295,046 |  |  | $ | 2,812 |  |  | $ | (12,259) |  |  | $ | 285,599 |  |  | 16 |  |  | $ | 220,908 |  |  | $ | (12,259) |  |  | — |  |  | $ | — |  |  | $ | — |
|  | $ | 295,046 |  |  | $ | 2,812 |  |  | $ | (12,259) |  |  | $ | 285,599 |  |  | 16 |  |  | $ | 220,908 |  |  | $ | (12,259) |  |  | — |  |  | $ | — |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 60,260 |  |  | $ | 2,062 |  |  | $ | — |  |  | $ | 62,322 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities* |  | 1,825,893 |  |  | 26,817 |  |  | (3,151) |  |  | 1,849,559 |  |  | 22 |  |  | 373,924 |  |  | (3,151) |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | 29,776 |  |  | 1,575 |  |  | — |  |  | 31,351 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage revenue bonds |  | 27,185 |  |  | — |  |  | — |  |  | 27,185 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,943,114 |  |  | $ | 30,454 |  |  | $ | (3,151) |  |  | $ | 1,970,417 |  |  | 22 |  |  | $ | 373,924 |  |  | $ | (3,151) |  |  | — |  |  | $ | — |  |  | $ | — |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities* |  | $ | 226,947 |  |  | $ | 3,846 |  |  | $ | (830) |  |  | $ | 229,963 |  |  | 7 |  |  | $ | 114,152 |  |  | $ | (830) |  |  | — |  |  | $ | — |  |  | $ | — |
|  | $ | 226,947 |  |  | $ | 3,846 |  |  | $ | (830) |  |  | $ | 229,963 |  |  | 7 |  |  | $ | 114,152 |  |  | $ | (830) |  |  | — |  |  | $ | — |  |  | $ | — |
* Issued or guaranteed by U.S. Government agencies or sponsored agencies
Schedule of contractual maturities of available-for-sale securities | The contractual maturities of investment securities were as follows:
March 31, 2021 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | 11,996 |  |  | $ | 12,011 |
Due after one year through five years |  | 43,530 |  |  | 45,180 |
Due after five years through ten years |  | 30,224 |  |  | 31,287 |
Due after ten years |  | 15,427 |  |  | 15,427 |
|  | 101,177 |  |  | 103,905 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 2,239,311 |  |  | 2,201,352 |
Total available-for-sale securities |  | $ | 2,340,488 |  |  | $ | 2,305,257 |
Held-to-maturity |  |  |  |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | $ | 295,046 |  |  | $ | 285,599 |
Total held-to-maturity securities |  | $ | 295,046 |  |  | $ | 285,599 |
Schedule of components of loans receivable | The components of loans were summarized as follows:
| March 31, 2021 |  | December 31, 2020
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,107,537 |  |  | $ | 2,144,239 |
Commercial real estate | 1,012,968 |  |  | 983,865 |
Home equity line of credit | 901,462 |  |  | 963,578 |
Residential land | 17,468 |  |  | 15,617 |
Commercial construction | 114,455 |  |  | 121,424 |
Residential construction | 13,365 |  |  | 11,022 |
Total real estate | 4,167,255 |  |  | 4,239,745 |
Commercial | 1,010,004 |  |  | 936,748 |
Consumer | 148,511 |  |  | 168,733 |
Total loans | 5,325,770 |  |  | 5,345,226 |
Deferred fees and discounts | (15,689) |  |  | (11,383) |
Allowance for credit losses | (91,793) |  |  | (101,201) |
Total loans, net | $ | 5,218,288 |  |  | $ | 5,232,642 |
Schedule of allowance for credit losses | The allowance for credit losses (balances and changes) by portfolio segment were as follows:
(in thousands) |  | Residential 1-4 family |  | Commercial real estate |  | Home equity line of credit |  | Residential land |  | Commercial construction |  | Residential construction |  | Commercial loans |  | Consumer loans |  |  |  | Total
Three months ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,600 |  |  | $ | 35,607 |  |  | $ | 6,813 |  |  | $ | 609 |  |  | $ | 4,149 |  |  | $ | 11 |  |  | $ | 25,462 |  |  | $ | 23,950 |  |  |  |  | $ | 101,201 |
Charge-offs |  | — |  |  | — |  |  | (50) |  |  | — |  |  | — |  |  | — |  |  | (771) |  |  | (2,860) |  |  |  |  | (3,681) |
Recoveries |  | 3 |  |  | — |  |  | 15 |  |  | 10 |  |  | — |  |  | — |  |  | 273 |  |  | 1,007 |  |  |  |  | 1,308 |
Provision |  | 658 |  |  | (1,262) |  |  | (877) |  |  | (46) |  |  | (2,696) |  |  | 5 |  |  | (460) |  |  | (2,357) |  |  |  |  | (7,035) |
Ending balance |  | $ | 5,261 |  |  | $ | 34,345 |  |  | $ | 5,901 |  |  | $ | 573 |  |  | $ | 1,453 |  |  | $ | 16 |  |  | $ | 24,504 |  |  | $ | 19,740 |  |  |  |  | $ | 91,793 |
Three months ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 |  | $ | 2,380 |  |  | $ | 15,053 |  |  | $ | 6,922 |  |  | $ | 449 |  |  | $ | 2,097 |  |  | $ | 3 |  |  | $ | 10,245 |  |  | $ | 16,206 |  |  |  |  | $ | 53,355 |
Impact of adopting ASU No. 2016-13 |  | 2,150 |  |  | 208 |  |  | (541) |  |  | (64) |  |  | 289 |  |  | 14 |  |  | 922 |  |  | 16,463 |  |  |  |  | 19,441 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | (8) |  |  | — |  |  | — |  |  | (369) |  |  | (6,254) |  |  |  |  | (6,631) |
Recoveries |  | 53 |  |  | — |  |  | 6 |  |  | 9 |  |  | — |  |  | — |  |  | 186 |  |  | 764 |  |  |  |  | 1,018 |
Provision |  | (107) |  |  | 1,326 |  |  | (162) |  |  | (34) |  |  | 1,060 |  |  | (3) |  |  | 1,993 |  |  | 5,828 |  |  |  |  | 9,901 |
Ending balance |  | $ | 4,476 |  |  | $ | 16,587 |  |  | $ | 6,225 |  |  | $ | 352 |  |  | $ | 3,446 |  |  | $ | 14 |  |  | $ | 12,977 |  |  | $ | 33,007 |  |  |  |  | $ | 77,084 |
Schedule of allowance for loan commitments | Allowance for loan commitments. The allowance for loan commitments by portfolio segment were as follows:
(in thousands) |  | Home equity line of credit |  | Commercial construction |  | Commercial loans |  | Total |
Three months ended March 31, 2021 |  |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 300 |  |  | $ | 3,000 |  |  | $ | 1,000 |  |  | $ | 4,300 |  |
Provision |  | 100 |  |  | (1,700) |  |  | 200 |  |  | (1,400) |  |
Ending balance |  | $ | 400 |  |  | $ | 1,300 |  |  | $ | 1,200 |  |  | $ | 2,900 |  |
Three months ended March 31, 2020 |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 |  | $ | 392 |  |  | $ | 931 |  |  | $ | 418 |  |  | $ | 1,741 |  |
Impact of adopting ASU No. 2016-13 |  | (92) |  |  | 1,745 |  |  | (94) |  |  | 1,559 |  |
Provision |  | — |  |  | 515 |  |  | (15) |  |  | 500 |  |
Ending balance |  | $ | 300 |  |  | $ | 3,191 |  |  | $ | 309 |  |  | $ | 3,800 |  |
Schedule of credit risk profile by internally assigned grade for loans | The credit risk profile by vintage date based on payment activity or internally assigned grade for loans was as follows:
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 150,713 |  |  | $ | 549,327 |  |  | $ | 184,339 |  |  | $ | 97,560 |  |  | $ | 179,131 |  |  | $ | 934,471 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,095,541 |
30-59 days past due |  | — |  |  | 280 |  |  | — |  |  | — |  |  | — |  |  | 2,081 |  |  | — |  |  | — |  |  | 2,361 |
60-89 days past due |  | — |  |  | — |  |  | 3,018 |  |  | 431 |  |  | — |  |  | 1,954 |  |  | — |  |  | — |  |  | 5,403 |
Greater than 89 days past due |  | — |  |  | — |  |  | 942 |  |  | — |  |  | — |  |  | 3,290 |  |  | — |  |  | — |  |  | 4,232 |
|  | 150,713 |  |  | 549,607 |  |  | 188,299 |  |  | 97,991 |  |  | 179,131 |  |  | 941,796 |  |  | — |  |  | — |  |  | 2,107,537 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 861,116 |  |  | 36,792 |  |  | 897,908 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 659 |  |  | 473 |  |  | 1,132 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 261 |  |  | 73 |  |  | 334 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,243 |  |  | 845 |  |  | 2,088 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 863,279 |  |  | 38,183 |  |  | 901,462 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 2,794 |  |  | 8,354 |  |  | 2,884 |  |  | 1,290 |  |  | 855 |  |  | 292 |  |  | — |  |  | — |  |  | 16,469 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 699 |  |  | — |  |  | — |  |  | 699 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
|  | 2,794 |  |  | 8,354 |  |  | 2,884 |  |  | 1,290 |  |  | 855 |  |  | 1,291 |  |  | — |  |  | — |  |  | 17,468 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,114 |  |  | 7,865 |  |  | 3,344 |  |  | 383 |  |  | 659 |  |  | — |  |  | — |  |  | — |  |  | 13,365 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,114 |  |  | 7,865 |  |  | 3,344 |  |  | 383 |  |  | 659 |  |  | — |  |  | — |  |  | — |  |  | 13,365 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 6,658 |  |  | 25,307 |  |  | 57,781 |  |  | 29,734 |  |  | 4,219 |  |  | 475 |  |  | 16,332 |  |  | 3,729 |  |  | 144,235 |
30-59 days past due |  | 125 |  |  | 164 |  |  | 577 |  |  | 452 |  |  | 90 |  |  | 1 |  |  | 106 |  |  | 125 |  |  | 1,640 |
60-89 days past due |  | — |  |  | 149 |  |  | 623 |  |  | 372 |  |  | 119 |  |  | 1 |  |  | 80 |  |  | 92 |  |  | 1,436 |
Greater than 89 days past due |  | — |  |  | 218 |  |  | 356 |  |  | 280 |  |  | 56 |  |  | 1 |  |  | 199 |  |  | 90 |  |  | 1,200 |
|  | 6,783 |  |  | 25,838 |  |  | 59,337 |  |  | 30,838 |  |  | 4,484 |  |  | 478 |  |  | 16,717 |  |  | 4,036 |  |  | 148,511 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 23,091 |  |  | 274,952 |  |  | 69,384 |  |  | 60,627 |  |  | 28,174 |  |  | 222,617 |  |  | 11,000 |  |  | — |  |  | 689,845 |
Special Mention |  | — |  |  | 4,914 |  |  | 29,597 |  |  | 57,489 |  |  | 51,586 |  |  | 97,247 |  |  | — |  |  | — |  |  | 240,833 |
Substandard |  | — |  |  | — |  |  | 14,647 |  |  | 4,170 |  |  | 1,877 |  |  | 61,596 |  |  | — |  |  | — |  |  | 82,290 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 23,091 |  |  | 279,866 |  |  | 113,628 |  |  | 122,286 |  |  | 81,637 |  |  | 381,460 |  |  | 11,000 |  |  | — |  |  | 1,012,968 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | 21,414 |  |  | 39,513 |  |  | 26,990 |  |  | — |  |  | 2,917 |  |  | 20,972 |  |  | — |  |  | 111,806 |
Special Mention |  | 245 |  |  | 2,404 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,649 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 245 |  |  | 23,818 |  |  | 39,513 |  |  | 26,990 |  |  | — |  |  | 2,917 |  |  | 20,972 |  |  | — |  |  | 114,455 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 169,095 |  |  | 337,753 |  |  | 96,251 |  |  | 60,462 |  |  | 28,545 |  |  | 51,072 |  |  | 91,178 |  |  | 19,666 |  |  | 854,022 |
Special Mention |  | 65 |  |  | 38,316 |  |  | 15,024 |  |  | 1,820 |  |  | 6,725 |  |  | 33,990 |  |  | 26,301 |  |  | 26 |  |  | 122,267 |
Substandard |  | — |  |  | 275 |  |  | 7,921 |  |  | 2,004 |  |  | 3,765 |  |  | 11,276 |  |  | 6,665 |  |  | 1,809 |  |  | 33,715 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 169,160 |  |  | 376,344 |  |  | 119,196 |  |  | 64,286 |  |  | 39,035 |  |  | 96,338 |  |  | 124,144 |  |  | 21,501 |  |  | 1,010,004 |
Total loans |  | $ | 353,900 |  |  | $ | 1,271,692 |  |  | $ | 526,201 |  |  | $ | 344,064 |  |  | $ | 305,801 |  |  | $ | 1,424,280 |  |  | $ | 1,036,112 |  |  | $ | 63,720 |  |  | $ | 5,325,770 |
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 567,282 |  |  | $ | 218,988 |  |  | $ | 111,243 |  |  | $ | 203,916 |  |  | $ | 184,888 |  |  | $ | 849,788 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,136,105 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,629 |  |  | — |  |  | — |  |  | 2,629 |
60-89 days past due |  | — |  |  | 476 |  |  | — |  |  | — |  |  | — |  |  | 2,314 |  |  | — |  |  | — |  |  | 2,790 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | 353 |  |  | — |  |  | 2,362 |  |  | — |  |  | — |  |  | 2,715 |
|  | 567,282 |  |  | 219,464 |  |  | 111,243 |  |  | 204,269 |  |  | 184,888 |  |  | 857,093 |  |  | — |  |  | — |  |  | 2,144,239 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 927,106 |  |  | 33,228 |  |  | 960,334 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 552 |  |  | 298 |  |  | 850 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |  |  | 75 |  |  | 342 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,463 |  |  | 589 |  |  | 2,052 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 929,388 |  |  | 34,190 |  |  | 963,578 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 8,357 |  |  | 3,427 |  |  | 1,598 |  |  | 939 |  |  | 22 |  |  | 272 |  |  | — |  |  | — |  |  | 14,615 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 702 |  |  | — |  |  | — |  |  | 702 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
|  | 8,357 |  |  | 3,427 |  |  | 1,598 |  |  | 939 |  |  | 22 |  |  | 1,274 |  |  | — |  |  | — |  |  | 15,617 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 6,919 |  |  | 3,093 |  |  | 385 |  |  | 625 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,022 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 6,919 |  |  | 3,093 |  |  | 385 |  |  | 625 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,022 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 28,818 |  |  | 67,159 |  |  | 37,072 |  |  | 7,207 |  |  | 293 |  |  | 348 |  |  | 18,351 |  |  | 3,758 |  |  | 163,006 |
30-59 days past due |  | 406 |  |  | 1,085 |  |  | 727 |  |  | 155 |  |  | 4 |  |  | — |  |  | 138 |  |  | 90 |  |  | 2,605 |
60-89 days past due |  | 191 |  |  | 549 |  |  | 427 |  |  | 165 |  |  | 3 |  |  | — |  |  | 97 |  |  | 59 |  |  | 1,491 |
Greater than 89 days past due |  | 131 |  |  | 532 |  |  | 409 |  |  | 119 |  |  | 7 |  |  | — |  |  | 262 |  |  | 171 |  |  | 1,631 |
|  | 29,546 |  |  | 69,325 |  |  | 38,635 |  |  | 7,646 |  |  | 307 |  |  | 348 |  |  | 18,848 |  |  | 4,078 |  |  | 168,733 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 270,603 |  |  | 63,301 |  |  | 62,168 |  |  | 28,432 |  |  | 55,089 |  |  | 155,654 |  |  | 11,000 |  |  | — |  |  | 646,247 |
Special Mention |  | 10,261 |  |  | 36,405 |  |  | 57,952 |  |  | 33,763 |  |  | 68,287 |  |  | 48,094 |  |  | — |  |  | — |  |  | 254,762 |
Substandard |  | — |  |  | 14,720 |  |  | 4,181 |  |  | 1,892 |  |  | 4,423 |  |  | 57,640 |  |  | — |  |  | — |  |  | 82,856 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 280,864 |  |  | 114,426 |  |  | 124,301 |  |  | 64,087 |  |  | 127,799 |  |  | 261,388 |  |  | 11,000 |  |  | — |  |  | 983,865 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 14,480 |  |  | 31,965 |  |  | 26,990 |  |  | — |  |  | 5,562 |  |  | — |  |  | 22,517 |  |  | — |  |  | 101,514 |
Special Mention |  | 1,910 |  |  | — |  |  | — |  |  | 18,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,910 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 16,390 |  |  | 31,965 |  |  | 26,990 |  |  | 18,000 |  |  | 5,562 |  |  | — |  |  | 22,517 |  |  | — |  |  | 121,424 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 392,088 |  |  | 117,791 |  |  | 75,533 |  |  | 29,211 |  |  | 12,520 |  |  | 35,770 |  |  | 74,520 |  |  | 11,004 |  |  | 748,437 |
Special Mention |  | 37,836 |  |  | 23,087 |  |  | 1,920 |  |  | 6,990 |  |  | 30,264 |  |  | 13,250 |  |  | 31,362 |  |  | 11,218 |  |  | 155,927 |
Substandard |  | 304 |  |  | 7,785 |  |  | 2,043 |  |  | 4,017 |  |  | 7,542 |  |  | 3,113 |  |  | 5,265 |  |  | 1,928 |  |  | 31,997 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 387 |  |  | — |  |  | 387 |
|  | 430,228 |  |  | 148,663 |  |  | 79,496 |  |  | 40,218 |  |  | 50,326 |  |  | 52,133 |  |  | 111,534 |  |  | 24,150 |  |  | 936,748 |
Total loans |  | $ | 1,339,586 |  |  | $ | 590,363 |  |  | $ | 382,648 |  |  | $ | 335,784 |  |  | $ | 368,904 |  |  | $ | 1,172,236 |  |  | $ | 1,093,287 |  |  | $ | 62,418 |  |  | $ | 5,345,226 |
Schedule of credit risk profile based on payment activity for loans | The credit risk profile based on payment activity for loans was as follows:
(in thousands) |  | 30-59 days past due |  | 60-89 days past due |  | Greater than 90 days |  | Total past due |  | Current |  | Total financing receivables |  | Amortized cost> 90 days and accruing
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,361 |  |  | $ | 5,403 |  |  | $ | 4,232 |  |  | $ | 11,996 |  |  | $ | 2,095,541 |  |  | $ | 2,107,537 |  |  | $ | — |
Commercial real estate |  | 1,681 |  |  | — |  |  | — |  |  | 1,681 |  |  | 1,011,287 |  |  | 1,012,968 |  |  | — |
Home equity line of credit |  | 1,132 |  |  | 334 |  |  | 2,088 |  |  | 3,554 |  |  | 897,908 |  |  | 901,462 |  |  | — |
Residential land |  | 699 |  |  | — |  |  | 300 |  |  | 999 |  |  | 16,469 |  |  | 17,468 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 114,455 |  |  | 114,455 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,365 |  |  | 13,365 |  |  | — |
Commercial |  | 146 |  |  | 47 |  |  | 73 |  |  | 266 |  |  | 1,009,738 |  |  | 1,010,004 |  |  | — |
Consumer |  | 1,640 |  |  | 1,436 |  |  | 1,200 |  |  | 4,276 |  |  | 144,235 |  |  | 148,511 |  |  | — |
Total loans |  | $ | 7,659 |  |  | $ | 7,220 |  |  | $ | 7,893 |  |  | $ | 22,772 |  |  | $ | 5,302,998 |  |  | $ | 5,325,770 |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,629 |  |  | $ | 2,790 |  |  | $ | 2,715 |  |  | $ | 8,134 |  |  | $ | 2,136,105 |  |  | $ | 2,144,239 |  |  | $ | — |
Commercial real estate |  | — |  |  | 488 |  |  | — |  |  | 488 |  |  | 983,377 |  |  | 983,865 |  |  | — |
Home equity line of credit |  | 850 |  |  | 342 |  |  | 2,052 |  |  | 3,244 |  |  | 960,334 |  |  | 963,578 |  |  | — |
Residential land |  | 702 |  |  | — |  |  | 300 |  |  | 1,002 |  |  | 14,615 |  |  | 15,617 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 121,424 |  |  | 121,424 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,022 |  |  | 11,022 |  |  | — |
Commercial |  | 608 |  |  | 300 |  |  | 132 |  |  | 1,040 |  |  | 935,708 |  |  | 936,748 |  |  | — |
Consumer |  | 2,605 |  |  | 1,491 |  |  | 1,631 |  |  | 5,727 |  |  | 163,006 |  |  | 168,733 |  |  | — |
Total loans |  | $ | 7,394 |  |  | $ | 5,411 |  |  | $ | 6,830 |  |  | $ | 19,635 |  |  | $ | 5,325,591 |  |  | $ | 5,345,226 |  |  | $ | — |
Schedule of credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due | The credit risk profile based on nonaccrual loans were as follows:
(in thousands) |  | March 31, 2021 |  | December 31, 2020
|  | With a Related ACL |  | Without a Related ACL |  | Total |  | With a Related ACL |  | Without a Related ACL |  | Total
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 16,945 |  |  | $ | 2,987 |  |  | $ | 19,932 |  |  | $ | 8,991 |  |  | $ | 2,835 |  |  | $ | 11,826 |
Commercial real estate |  | 15,634 |  |  | 2,828 |  |  | 18,462 |  |  | 15,847 |  |  | 2,875 |  |  | 18,722 |
Home equity line of credit |  | 5,075 |  |  | 1,587 |  |  | 6,662 |  |  | 5,791 |  |  | 1,567 |  |  | 7,358 |
Residential land |  | 107 |  |  | 300 |  |  | 407 |  |  | 108 |  |  | 300 |  |  | 408 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 1,763 |  |  | 2,918 |  |  | 4,681 |  |  | 1,819 |  |  | 3,328 |  |  | 5,147 |
Consumer |  | 3,192 |  |  | — |  |  | 3,192 |  |  | 3,935 |  |  | — |  |  | 3,935 |
Total |  | $ | 42,716 |  |  | $ | 10,620 |  |  | $ | 53,336 |  |  | $ | 36,491 |  |  | $ | 10,905 |  |  | $ | 47,396 |
The credit risk profile based on loans whose terms have been modified and accruing interest were as follows:
(in thousands) |  | March 31, 2021 |  | December 31, 2020
Real estate: |  |  |  |
Residential 1-4 family |  | $ | 7,453 |  |  | $ | 7,932 |
Commercial real estate |  | 3,254 |  |  | 3,281 |
Home equity line of credit |  | 7,727 |  |  | 8,148 |
Residential land |  | 1,738 |  |  | 1,555 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 5,737 |  |  | 6,108 |
Consumer |  | 54 |  |  | 54 |
Total troubled debt restructured loans accruing interest |  | $ | 25,963 |  |  | $ | 27,078 |
Schedule of loan modifications | Loan modifications that occurred during the first three months of 2021 and 2020 were as follows:
Loans modified as a TDR |  |  |  | Three months ended March 31, 2021
(dollars in thousands) |  |  |  |  |  |  |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  | 12 |  |  | $ | 8,283 |  |  | $ | 298 |
Commercial real estate |  |  |  |  |  |  |  | 1 |  |  | 482 |  |  | — |
Home equity line of credit |  |  |  |  |  |  |  | 1 |  |  | 170 |  |  | 21 |
Residential land |  |  |  |  |  |  |  | 1 |  |  | 271 |  |  | 11 |
Commercial construction |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Residential construction |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  | 2 |  |  | 59 |  |  | 19 |
Consumer |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  | 17 |  |  | $ | 9,265 |  |  | $ | 349 |
|  |  |  | Three months ended March 31, 2020
(dollars in thousands) |  |  |  |  |  |  |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  | 1 |  |  | $ | 148 |  |  | $ | 8 |
Commercial real estate |  |  |  |  |  |  |  | 2 |  |  | 16,584 |  |  | 4,281 |
Home equity line of credit |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Residential land |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Commercial construction |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Residential construction |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  | 4 |  |  | 756 |  |  | 278 |
Consumer |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  | 7 |  |  | $ | 17,488 |  |  | $ | 4,567 |
1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.
Schedule of collateral-dependent loans | Loans considered collateral-dependent were as follows:
|  | March 31, 2021 |  | December 31, 2020 |  |
(in thousands) |  | Amortized cost |  | Amortized cost |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,782 |  |  | $ | 2,541 |  |  | Residential real estate property
Commercial real estate |  | 2,828 |  |  | 2,875 |  |  | Commercial real estate property
Home equity line of credit |  | 1,587 |  |  | 1,567 |  |  | Residential real estate property
Residential land |  | 300 |  |  | 300 |  |  | Residential real estate property
Total real estate |  | 7,497 |  |  | 7,283 |  |  |
Commercial |  | 889 |  |  | 934 |  |  | Business assets
Total |  | $ | 8,386 |  |  | $ | 8,217 |  |  |
Schedule of amortized intangible assets | Changes in the carrying value of MSRs were as follows:
(in thousands) |  | Gross carrying amount 1 |  | Accumulated amortization |  | Valuation allowance |  | Net carrying amount
March 31, 2021 |  | $ | 20,830 |  |  | $ | (10,141) |  |  | $ | (4) |  |  | $ | 10,685 |
December 31, 2020 |  | 22,950 |  |  | (12,670) |  |  | (260) |  |  | 10,020 |
1 Reflects impact of loans paid in full Changes related to MSRs were as follows:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2021 |  | 2020
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  |  | $ | 10,280 |  |  | $ | 9,101 |
Amount capitalized |  |  |  |  |  | 1,547 |  |  | 636 |
Amortization |  |  |  |  |  | (1,138) |  |  | (617) |
Other-than-temporary impairment |  |  |  |  |  | — |  |  | — |
Carrying amount before valuation allowance |  |  |  |  |  | 10,689 |  |  | 9,120 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  |  | 260 |  |  | — |
Provision |  |  |  |  |  | (256) |  |  | — |
Other-than-temporary impairment |  |  |  |  |  | — |  |  | — |
Ending balance |  |  |  |  |  | 4 |  |  | — |
Net carrying value of mortgage servicing rights |  |  |  |  |  | $ | 10,685 |  |  | $ | 9,120 |
Schedule of key assumptions used in estimating fair value | Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:
(dollars in thousands) |  | March 31, 2021 |  | December 31, 2020
Unpaid principal balance |  | $ | 1,505,963 |  |  | $ | 1,450,312 |
Weighted average note rate |  | 3.57 | % |  | 3.68 | %
Weighted average discount rate |  | 9.25 | % |  | 9.25 | %
Weighted average prepayment speed |  | 12.0 | % |  | 17.7 | %
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:
|  |  |  |  |  |  |  | Significant unobservable input value (1)
($ in thousands) |  | Fair value |  | Valuation technique |  | Significant unobservable input |  | Range |  | Weighted Average
March 31, 2021 |  |  |  |  |  |  |  |  |  |
Home equity lines of credit |  | $ | 69 |  |  | Fair value of collateral |  | Appraised value less selling cost |  | N/A (2) |  | N/A (2)
Mortgage servicing rights |  | 61 |  |  | Discounted cash flow |  | Prepayment speed |  | 17% - 24% |  | 17 | %
|  |  |  |  |  | Discount rate |  |  |  | 9.3 | %
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Commercial loan |  | $ | 387 |  |  | Fair value of collateral |  | Appraised value less selling cost |  | N/A (2) |  | N/A (2)
Mortgage servicing rights |  | 3,001 |  |  | Discounted cash flow |  | Prepayment speed |  | 15% - 22% |  | 22 | %
|  |  |  |  |  | Discount rate |  |  |  | 9.3 | %
(1) Represents percent of outstanding principal balance. (2) N/A - Not applicable. There is one asset in each fair value measurement type.
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets | The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows:
(dollars in thousands) |  | March 31, 2021 |  | December 31, 2020
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (659) |  |  | $ | (738) |
50 basis points adverse rate change |  | (1,376) |  |  | (1,445) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (110) |  |  | (68) |
50 basis points adverse rate change |  | (218) |  |  | (135) |
Schedule of securities sold under agreements to repurchase | The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties:
(in millions) |  | Gross amount of recognized liabilities |  | Gross amount offset in the Balance Sheets |  | Net amount of liabilities presented in the Balance Sheets
Repurchase agreements |  |  |  |  |  |
March 31, 2021 |  | $ | 103 |  |  | $ | — |  |  | $ | 103 |
December 31, 2020 |  | 90 |  |  | — |  |  | 90 |
|  | Gross amount not offset in the Balance Sheets
(in millions) |  | Net amount of liabilities presented in the Balance Sheets |  | Financial instruments |  | Cash collateral pledged
Commercial account holders |  |  |  |  |  |
March 31, 2021 |  | $ | 103 |  |  | $ | 122 |  |  | $ | — |
December 31, 2020 |  | 90 |  |  | 92 |  |  | — |
Schedule of notional and fair value of derivatives | The notional amount and fair value of ASB’s derivative financial instruments were as follows:
|  | March 31, 2021 |  | December 31, 2020
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 49,316 |  |  | $ | 438 |  |  | $ | 120,980 |  |  | $ | 4,536 |
Forward commitments |  | 49,500 |  |  | 340 |  |  | 100,500 |  |  | (500) |
Schedule of derivative financial instruments | ASB’s derivative financial instruments, their fair values and balance sheet location were as follows:
Derivative Financial Instruments Not Designated as Hedging Instruments 1 |  | March 31, 2021 |  | December 31, 2020
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 456 |  |  | $ | (18) |  |  | $ | 4,536 |  |  | $ | — |
Forward commitments |  | 340 |  |  | — |  |  | — |  |  | 500 |
|  | $ | 796 |  |  | $ | (18) |  |  | $ | 4,536 |  |  | $ | 500 |
1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.
Schedule of derivative financial instruments and net gain or loss | The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in ASB’s statements of income:
Derivative Financial Instruments Not Designated as Hedging Instruments |  | Location of net gains (losses) recognized in the Statements of Income |  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  |  | 2021 |  | 2020
Interest rate lock commitments |  | Mortgage banking income |  |  |  |  |  | $ | (4,098) |  |  | $ | 1,555 |
Forward commitments |  | Mortgage banking income |  |  |  |  |  | 840 |  |  | (543) |
|  |  |  |  |  |  |  | $ | (3,258) |  |  | $ | 1,012 |

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