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Bank segment (Tables) | 9 Months Ended
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Sep. 30, 2021
Bank Subsidiary [Abstract] |
Schedule of statements of income data | Condensed Consolidating Statement of Income Three months ended September 30, 2021
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 478,046 |  |  | 100,313 |  |  | 101,141 |  |  | — |  |  | (1) |  |  | $ | 679,499 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 126,909 |  |  | 21,104 |  |  | 32,669 |  |  | — |  |  | — |  |  | 180,682 |
Purchased power |  | 136,688 |  |  | 31,159 |  |  | 17,912 |  |  | — |  |  | — |  |  | 185,759 |
Other operation and maintenance |  | 75,191 |  |  | 19,964 |  |  | 21,313 |  |  | — |  |  | — |  |  | 116,468 |
Depreciation |  | 38,912 |  |  | 10,050 |  |  | 8,424 |  |  | — |  |  | — |  |  | 57,386 |
Taxes, other than income taxes |  | 45,239 |  |  | 9,333 |  |  | 9,440 |  |  | — |  |  | — |  |  | 64,012 |
Total expenses |  | 422,939 |  |  | 91,610 |  |  | 89,758 |  |  | — |  |  | — |  |  | 604,307 |
Operating income |  | 55,107 |  |  | 8,703 |  |  | 11,383 |  |  | — |  |  | (1) |  |  | 75,192 |
Allowance for equity funds used during construction |  | 1,999 |  |  | 131 |  |  | 297 |  |  | — |  |  | — |  |  | 2,427 |
Equity in earnings of subsidiaries |  | 12,028 |  |  | — |  |  | — |  |  | — |  |  | (12,028) |  |  | — |
Retirement defined benefits expense—other than service costs |  | 741 |  |  | 166 |  |  | (30) |  |  | — |  |  | — |  |  | 877 |
Interest expense and other charges, net |  | (12,943) |  |  | (2,590) |  |  | (2,616) |  |  | — |  |  | 1 |  |  | (18,148) |
Allowance for borrowed funds used during construction |  | 676 |  |  | 44 |  |  | 107 |  |  | — |  |  | — |  |  | 827 |
Income before income taxes |  | 57,608 |  |  | 6,454 |  |  | 9,141 |  |  | — |  |  | (12,028) |  |  | 61,175 |
Income taxes |  | 6,996 |  |  | 1,433 |  |  | 1,906 |  |  | — |  |  | — |  |  | 10,335 |
Net income |  | 50,612 |  |  | 5,021 |  |  | 7,235 |  |  | — |  |  | (12,028) |  |  | 50,840 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 50,612 |  |  | 4,888 |  |  | 7,140 |  |  | — |  |  | (12,028) |  |  | 50,612 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 50,342 |  |  | 4,888 |  |  | 7,140 |  |  | — |  |  | (12,028) |  |  | $ | 50,342 |
Condensed Consolidating Statement of Income Three months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 398,877 |  |  | 82,172 |  |  | 81,629 |  |  | — |  |  | (110) |  |  | $ | 562,568 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 70,557 |  |  | 17,047 |  |  | 17,438 |  |  | — |  |  | — |  |  | 105,042 |
Purchased power |  | 116,249 |  |  | 17,665 |  |  | 15,111 |  |  | — |  |  | — |  |  | 149,025 |
Other operation and maintenance |  | 71,179 |  |  | 17,565 |  |  | 22,499 |  |  | — |  |  | — |  |  | 111,243 |
Depreciation |  | 37,853 |  |  | 9,760 |  |  | 8,076 |  |  | — |  |  | — |  |  | 55,689 |
Taxes, other than income taxes |  | 38,005 |  |  | 7,512 |  |  | 7,534 |  |  | — |  |  | — |  |  | 53,051 |
Total expenses |  | 333,843 |  |  | 69,549 |  |  | 70,658 |  |  | — |  |  | — |  |  | 474,050 |
Operating income |  | 65,034 |  |  | 12,623 |  |  | 10,971 |  |  | — |  |  | (110) |  |  | 88,518 |
Allowance for equity funds used during construction |  | 1,902 |  |  | 208 |  |  | 237 |  |  | — |  |  | — |  |  | 2,347 |
Equity in earnings of subsidiaries |  | 14,912 |  |  | — |  |  | — |  |  | — |  |  | (14,912) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (591) |  |  | 194 |  |  | (35) |  |  | — |  |  | — |  |  | (432) |
Interest expense and other charges, net |  | (11,970) |  |  | (2,519) |  |  | (2,457) |  |  | — |  |  | 110 |  |  | (16,836) |
Allowance for borrowed funds used during construction |  | 659 |  |  | 65 |  |  | 77 |  |  | — |  |  | — |  |  | 801 |
Income before income taxes |  | 69,946 |  |  | 10,571 |  |  | 8,793 |  |  | — |  |  | (14,912) |  |  | 74,398 |
Income taxes |  | 9,611 |  |  | 2,378 |  |  | 1,846 |  |  |  |  |  |  | 13,835 |
Net income |  | 60,335 |  |  | 8,193 |  |  | 6,947 |  |  | — |  |  | (14,912) |  |  | 60,563 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 60,335 |  |  | 8,060 |  |  | 6,852 |  |  | — |  |  | (14,912) |  |  | 60,335 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 60,065 |  |  | 8,060 |  |  | 6,852 |  |  | — |  |  | (14,912) |  |  | $ | 60,065 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2021
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,301,297 |  |  | 276,974 |  |  | 267,992 |  |  | — |  |  | (21) |  |  | $ | 1,846,242 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 306,982 |  |  | 57,175 |  |  | 83,088 |  |  | — |  |  | — |  |  | 447,245 |
Purchased power |  | 370,240 |  |  | 76,992 |  |  | 43,288 |  |  | — |  |  | — |  |  | 490,520 |
Other operation and maintenance |  | 230,429 |  |  | 57,350 |  |  | 61,401 |  |  | — |  |  | — |  |  | 349,180 |
Depreciation |  | 116,733 |  |  | 30,151 |  |  | 25,238 |  |  | — |  |  | — |  |  | 172,122 |
Taxes, other than income taxes |  | 124,167 |  |  | 25,865 |  |  | 25,153 |  |  | — |  |  | — |  |  | 175,185 |
Total expenses |  | 1,148,551 |  |  | 247,533 |  |  | 238,168 |  |  | — |  |  | — |  |  | 1,634,252 |
Operating income |  | 152,746 |  |  | 29,441 |  |  | 29,824 |  |  | — |  |  | (21) |  |  | 211,990 |
Allowance for equity funds used during construction |  | 5,677 |  |  | 403 |  |  | 915 |  |  | — |  |  | — |  |  | 6,995 |
Equity in earnings of subsidiaries |  | 35,282 |  |  | — |  |  | — |  |  | — |  |  | (35,282) |  |  | — |
Retirement defined benefits expense—other than service costs |  | 2,511 |  |  | 503 |  |  | (96) |  |  | — |  |  | — |  |  | 2,918 |
Interest expense and other charges, net |  | (38,604) |  |  | (7,744) |  |  | (7,799) |  |  | — |  |  | 21 |  |  | (54,126) |
Allowance for borrowed funds used during construction |  | 1,921 |  |  | 136 |  |  | 329 |  |  | — |  |  | — |  |  | 2,386 |
Income before income taxes |  | 159,533 |  |  | 22,739 |  |  | 23,173 |  |  | — |  |  | (35,282) |  |  | 170,163 |
Income taxes |  | 23,122 |  |  | 5,152 |  |  | 4,792 |  |  | — |  |  | — |  |  | 33,066 |
Net income |  | 136,411 |  |  | 17,587 |  |  | 18,381 |  |  | — |  |  | (35,282) |  |  | 137,097 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 136,411 |  |  | 17,187 |  |  | 18,095 |  |  | — |  |  | (35,282) |  |  | 136,411 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 135,601 |  |  | 17,187 |  |  | 18,095 |  |  | — |  |  | (35,282) |  |  | $ | 135,601 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,200,677 |  |  | 249,970 |  |  | 244,043 |  |  | — |  |  | (465) |  |  | $ | 1,694,225 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 268,382 |  |  | 55,733 |  |  | 66,599 |  |  | — |  |  | — |  |  | 390,714 |
Purchased power |  | 333,146 |  |  | 53,032 |  |  | 39,501 |  |  | — |  |  | — |  |  | 425,679 |
Other operation and maintenance |  | 231,090 |  |  | 54,250 |  |  | 63,491 |  |  | — |  |  | — |  |  | 348,831 |
Depreciation |  | 113,724 |  |  | 29,281 |  |  | 24,230 |  |  | — |  |  | — |  |  | 167,235 |
Taxes, other than income taxes |  | 115,179 |  |  | 23,324 |  |  | 22,986 |  |  | — |  |  | — |  |  | 161,489 |
Total expenses |  | 1,061,521 |  |  | 215,620 |  |  | 216,807 |  |  | — |  |  | — |  |  | 1,493,948 |
Operating income |  | 139,156 |  |  | 34,350 |  |  | 27,236 |  |  | — |  |  | (465) |  |  | 200,277 |
Allowance for equity funds used during construction |  | 5,452 |  |  | 520 |  |  | 584 |  |  | — |  |  | — |  |  | 6,556 |
Equity in earnings of subsidiaries |  | 37,492 |  |  | — |  |  | — |  |  | — |  |  | (37,492) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (1,683) |  |  | 581 |  |  | (93) |  |  | — |  |  | — |  |  | (1,195) |
Interest expense and other charges, net |  | (36,471) |  |  | (7,536) |  |  | (7,226) |  |  | — |  |  | 465 |  |  | (50,768) |
Allowance for borrowed funds used during construction |  | 1,887 |  |  | 163 |  |  | 191 |  |  | — |  |  | — |  |  | 2,241 |
Income before income taxes |  | 145,833 |  |  | 28,078 |  |  | 20,692 |  |  | — |  |  | (37,492) |  |  | 157,111 |
Income taxes |  | 18,724 |  |  | 6,372 |  |  | 4,220 |  |  | — |  |  | — |  |  | 29,316 |
Net income |  | 127,109 |  |  | 21,706 |  |  | 16,472 |  |  | — |  |  | (37,492) |  |  | 127,795 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 127,109 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | 127,109 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 126,299 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | $ | 126,299 |
Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 49,445 |  |  | $ | 52,419 |  |  | $ | 150,418 |  |  | $ | 161,505 |
Interest and dividends on investment securities |  | 11,996 |  |  | 7,221 |  |  | 31,709 |  |  | 22,939 |
Total interest and dividend income |  | 61,441 |  |  | 59,640 |  |  | 182,127 |  |  | 184,444 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,176 |  |  | 2,287 |  |  | 3,919 |  |  | 8,945 |
Interest on other borrowings |  | 5 |  |  | 61 |  |  | 55 |  |  | 449 |
Total interest expense |  | 1,181 |  |  | 2,348 |  |  | 3,974 |  |  | 9,394 |
Net interest income |  | 60,260 |  |  | 57,292 |  |  | 178,153 |  |  | 175,050 |
Provision for credit losses |  | (1,725) |  |  | 13,970 |  |  | (22,367) |  |  | 39,504 |
Net interest income after provision for credit losses |  | 61,985 |  |  | 43,322 |  |  | 200,520 |  |  | 135,546 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,800 |  |  | 4,233 |  |  | 15,337 |  |  | 11,906 |
Fee income on deposit liabilities |  | 4,262 |  |  | 3,832 |  |  | 12,029 |  |  | 11,842 |
Fee income on other financial products |  | 2,124 |  |  | 1,524 |  |  | 6,767 |  |  | 4,608 |
Bank-owned life insurance |  | 2,026 |  |  | 1,965 |  |  | 6,211 |  |  | 4,432 |
Mortgage banking income |  | 1,272 |  |  | 7,681 |  |  | 7,497 |  |  | 15,933 |
Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
Other income, net |  | 283 |  |  | (231) |  |  | 631 |  |  | (69) |
Total noninterest income |  | 14,767 |  |  | 19,004 |  |  | 49,000 |  |  | 57,927 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 30,888 |  |  | 26,431 |  |  | 86,595 |  |  | 77,287 |
Occupancy |  | 5,157 |  |  | 5,693 |  |  | 15,226 |  |  | 16,402 |
Data processing |  | 4,278 |  |  | 3,366 |  |  | 13,162 |  |  | 11,052 |
Services |  | 2,272 |  |  | 2,624 |  |  | 7,609 |  |  | 7,907 |
Equipment |  | 2,373 |  |  | 2,001 |  |  | 6,989 |  |  | 6,630 |
Office supplies, printing and postage |  | 1,072 |  |  | 1,187 |  |  | 3,094 |  |  | 3,577 |
Marketing |  | 995 |  |  | 727 |  |  | 2,308 |  |  | 1,908 |
FDIC insurance |  | 808 |  |  | 714 |  |  | 2,412 |  |  | 1,567 |
Other expense 1 |  | 3,668 |  |  | 4,556 |  |  | 9,790 |  |  | 15,813 |
Total noninterest expense |  | 51,511 |  |  | 47,299 |  |  | 147,185 |  |  | 142,143 |
Income before income taxes |  | 25,241 |  |  | 15,027 |  |  | 102,335 |  |  | 51,330 |
Income taxes |  | 5,976 |  |  | 2,877 |  |  | 23,230 |  |  | 9,405 |
Net income |  | 19,265 |  |  | 12,150 |  |  | 79,105 |  |  | 41,925 |
Other comprehensive income (loss), net of taxes |  | (11,684) |  |  | 1,393 |  |  | (40,439) |  |  | 20,960 |
Comprehensive income |  | $ | 7,581 |  |  | $ | 13,543 |  |  | $ | 38,666 |  |  | $ | 62,885 |
1 The three- and nine-month periods ended September 30, 2021 include approximately $0.1 million and $0.5 million, respectively, of certain direct and incremental COVID-19 related costs. The three and nine-month periods ended September 30, 2020 include approximately $0.7 million and $4.5 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first nine months of 2020, which have been recorded in Other expense, include $2.4 million of compensation expense and $1.7 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30, |  | Nine months ended September 30
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest and dividend income |  | $ | 61,441 |  |  | $ | 59,640 |  |  | $ | 182,127 |  |  | $ | 184,444 |
Noninterest income |  | 14,767 |  |  | 19,004 |  |  | 49,000 |  |  | 57,927 |
Less: Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
*Revenues-Bank |  | 76,208 |  |  | 78,644 |  |  | 230,599 |  |  | 233,096 |
Total interest expense |  | 1,181 |  |  | 2,348 |  |  | 3,974 |  |  | 9,394 |
Provision for credit losses |  | (1,725) |  |  | 13,970 |  |  | (22,367) |  |  | 39,504 |
Noninterest expense |  | 51,511 |  |  | 47,299 |  |  | 147,185 |  |  | 142,143 |
Less: Retirement defined benefits expense (credit)—other than service costs |  | (184) |  |  | 473 |  |  | (1,648) |  |  | 1,341 |
*Expenses-Bank |  | 51,151 |  |  | 63,144 |  |  | 130,440 |  |  | 189,700 |
*Operating income-Bank |  | 25,057 |  |  | 15,500 |  |  | 100,159 |  |  | 43,396 |
Add back: Retirement defined benefits expense (credit)—other than service costs |  | (184) |  |  | 473 |  |  | (1,648) |  |  | 1,341 |
Add back: Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
Income before income taxes |  | $ | 25,241 |  |  | $ | 15,027 |  |  | $ | 102,335 |  |  | $ | 51,330 |
Schedule of statements of comprehensive income data | Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 49,445 |  |  | $ | 52,419 |  |  | $ | 150,418 |  |  | $ | 161,505 |
Interest and dividends on investment securities |  | 11,996 |  |  | 7,221 |  |  | 31,709 |  |  | 22,939 |
Total interest and dividend income |  | 61,441 |  |  | 59,640 |  |  | 182,127 |  |  | 184,444 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,176 |  |  | 2,287 |  |  | 3,919 |  |  | 8,945 |
Interest on other borrowings |  | 5 |  |  | 61 |  |  | 55 |  |  | 449 |
Total interest expense |  | 1,181 |  |  | 2,348 |  |  | 3,974 |  |  | 9,394 |
Net interest income |  | 60,260 |  |  | 57,292 |  |  | 178,153 |  |  | 175,050 |
Provision for credit losses |  | (1,725) |  |  | 13,970 |  |  | (22,367) |  |  | 39,504 |
Net interest income after provision for credit losses |  | 61,985 |  |  | 43,322 |  |  | 200,520 |  |  | 135,546 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,800 |  |  | 4,233 |  |  | 15,337 |  |  | 11,906 |
Fee income on deposit liabilities |  | 4,262 |  |  | 3,832 |  |  | 12,029 |  |  | 11,842 |
Fee income on other financial products |  | 2,124 |  |  | 1,524 |  |  | 6,767 |  |  | 4,608 |
Bank-owned life insurance |  | 2,026 |  |  | 1,965 |  |  | 6,211 |  |  | 4,432 |
Mortgage banking income |  | 1,272 |  |  | 7,681 |  |  | 7,497 |  |  | 15,933 |
Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
Other income, net |  | 283 |  |  | (231) |  |  | 631 |  |  | (69) |
Total noninterest income |  | 14,767 |  |  | 19,004 |  |  | 49,000 |  |  | 57,927 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 30,888 |  |  | 26,431 |  |  | 86,595 |  |  | 77,287 |
Occupancy |  | 5,157 |  |  | 5,693 |  |  | 15,226 |  |  | 16,402 |
Data processing |  | 4,278 |  |  | 3,366 |  |  | 13,162 |  |  | 11,052 |
Services |  | 2,272 |  |  | 2,624 |  |  | 7,609 |  |  | 7,907 |
Equipment |  | 2,373 |  |  | 2,001 |  |  | 6,989 |  |  | 6,630 |
Office supplies, printing and postage |  | 1,072 |  |  | 1,187 |  |  | 3,094 |  |  | 3,577 |
Marketing |  | 995 |  |  | 727 |  |  | 2,308 |  |  | 1,908 |
FDIC insurance |  | 808 |  |  | 714 |  |  | 2,412 |  |  | 1,567 |
Other expense 1 |  | 3,668 |  |  | 4,556 |  |  | 9,790 |  |  | 15,813 |
Total noninterest expense |  | 51,511 |  |  | 47,299 |  |  | 147,185 |  |  | 142,143 |
Income before income taxes |  | 25,241 |  |  | 15,027 |  |  | 102,335 |  |  | 51,330 |
Income taxes |  | 5,976 |  |  | 2,877 |  |  | 23,230 |  |  | 9,405 |
Net income |  | 19,265 |  |  | 12,150 |  |  | 79,105 |  |  | 41,925 |
Other comprehensive income (loss), net of taxes |  | (11,684) |  |  | 1,393 |  |  | (40,439) |  |  | 20,960 |
Comprehensive income |  | $ | 7,581 |  |  | $ | 13,543 |  |  | $ | 38,666 |  |  | $ | 62,885 |
1 The three- and nine-month periods ended September 30, 2021 include approximately $0.1 million and $0.5 million, respectively, of certain direct and incremental COVID-19 related costs. The three and nine-month periods ended September 30, 2020 include approximately $0.7 million and $4.5 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first nine months of 2020, which have been recorded in Other expense, include $2.4 million of compensation expense and $1.7 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30, |  | Nine months ended September 30
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest and dividend income |  | $ | 61,441 |  |  | $ | 59,640 |  |  | $ | 182,127 |  |  | $ | 184,444 |
Noninterest income |  | 14,767 |  |  | 19,004 |  |  | 49,000 |  |  | 57,927 |
Less: Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
*Revenues-Bank |  | 76,208 |  |  | 78,644 |  |  | 230,599 |  |  | 233,096 |
Total interest expense |  | 1,181 |  |  | 2,348 |  |  | 3,974 |  |  | 9,394 |
Provision for credit losses |  | (1,725) |  |  | 13,970 |  |  | (22,367) |  |  | 39,504 |
Noninterest expense |  | 51,511 |  |  | 47,299 |  |  | 147,185 |  |  | 142,143 |
Less: Retirement defined benefits expense (credit)—other than service costs |  | (184) |  |  | 473 |  |  | (1,648) |  |  | 1,341 |
*Expenses-Bank |  | 51,151 |  |  | 63,144 |  |  | 130,440 |  |  | 189,700 |
*Operating income-Bank |  | 25,057 |  |  | 15,500 |  |  | 100,159 |  |  | 43,396 |
Add back: Retirement defined benefits expense (credit)—other than service costs |  | (184) |  |  | 473 |  |  | (1,648) |  |  | 1,341 |
Add back: Gain on sale of investment securities, net |  | — |  |  | — |  |  | 528 |  |  | 9,275 |
Income before income taxes |  | $ | 25,241 |  |  | $ | 15,027 |  |  | $ | 102,335 |  |  | $ | 51,330 |
Schedule of balance sheets data | Condensed Consolidating Balance Sheet September 30, 2021
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,410 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 51,610 |
Plant and equipment |  | 5,063,487 |  |  | 1,375,782 |  |  | 1,230,451 |  |  | — |  |  | — |  |  | 7,669,720 |
Less accumulated depreciation |  | (1,766,707) |  |  | (619,003) |  |  | (562,005) |  |  | — |  |  | — |  |  | (2,947,715) |
Construction in progress |  | 172,417 |  |  | 17,966 |  |  | 31,135 |  |  | — |  |  | — |  |  | 221,518 |
Utility property, plant and equipment, net |  | 3,511,607 |  |  | 780,351 |  |  | 703,175 |  |  | — |  |  | — |  |  | 4,995,133 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,303 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,950 |
Total property, plant and equipment, net |  | 3,516,910 |  |  | 780,466 |  |  | 704,707 |  |  | — |  |  | — |  |  | 5,002,083 |
Investment in wholly owned subsidiaries, at equity |  | 639,900 |  |  | — |  |  | — |  |  | — |  |  | (639,900) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 25,981 |  |  | 3,788 |  |  | 6,621 |  |  | 77 |  |  | — |  |  | 36,467 |
Restricted cash |  | 6,313 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,313 |
Advances to affiliates |  | 700 |  |  | — |  |  | — |  |  | — |  |  | (700) |  |  | — |
Customer accounts receivable, net |  | 118,776 |  |  | 29,371 |  |  | 26,090 |  |  | — |  |  | — |  |  | 174,237 |
Accrued unbilled revenues, net |  | 93,949 |  |  | 17,660 |  |  | 17,470 |  |  | — |  |  | — |  |  | 129,079 |
Other accounts receivable, net |  | 20,732 |  |  | 3,843 |  |  | 3,616 |  |  | — |  |  | (22,075) |  |  | 6,116 |
Fuel oil stock, at average cost |  | 71,072 |  |  | 13,079 |  |  | 16,650 |  |  | — |  |  | — |  |  | 100,801 |
Materials and supplies, at average cost |  | 43,094 |  |  | 10,107 |  |  | 19,796 |  |  | — |  |  | — |  |  | 72,997 |
Prepayments and other |  | 41,706 |  |  | 5,232 |  |  | 7,023 |  |  | — |  |  | — |  |  | 53,961 |
Regulatory assets |  | 47,004 |  |  | 2,966 |  |  | 6,254 |  |  | — |  |  | — |  |  | 56,224 |
Total current assets |  | 469,327 |  |  | 86,046 |  |  | 103,520 |  |  | 77 |  |  | (22,775) |  |  | 636,195 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 96,026 |  |  | 23,271 |  |  | 327 |  |  | — |  |  | — |  |  | 119,624 |
Regulatory assets |  | 489,746 |  |  | 108,093 |  |  | 103,141 |  |  | — |  |  | — |  |  | 700,980 |
Other |  | 112,298 |  |  | 19,008 |  |  | 18,448 |  |  | — |  |  | (5,728) |  |  | 144,026 |
Total other long-term assets |  | 698,070 |  |  | 150,372 |  |  | 121,916 |  |  | — |  |  | (5,728) |  |  | 964,630 |
Total assets |  | $ | 5,324,207 |  |  | 1,016,884 |  |  | 930,143 |  |  | 77 |  |  | (668,403) |  |  | $ | 6,602,908 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,193,919 |  |  | 323,691 |  |  | 316,132 |  |  | 77 |  |  | (639,900) |  |  | $ | 2,193,919 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,176,477 |  |  | 246,360 |  |  | 253,386 |  |  | — |  |  | — |  |  | 1,676,223 |
Total capitalization |  | 3,392,689 |  |  | 577,051 |  |  | 574,518 |  |  | 77 |  |  | (639,900) |  |  | 3,904,435 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 61,505 |  |  | 3,354 |  |  | 35 |  |  | — |  |  | — |  |  | 64,894 |
Short-term borrowings from affiliate |  | — |  |  | 700 |  |  | — |  |  | — |  |  | (700) |  |  | — |
Accounts payable |  | 101,685 |  |  | 24,640 |  |  | 20,550 |  |  | — |  |  | — |  |  | 146,875 |
Interest and preferred dividends payable |  | 20,390 |  |  | 3,750 |  |  | 4,471 |  |  | — |  |  | (1) |  |  | 28,610 |
Taxes accrued, including revenue taxes |  | 136,016 |  |  | 31,338 |  |  | 29,014 |  |  | — |  |  | — |  |  | 196,368 |
Regulatory liabilities |  | 21,257 |  |  | 4,164 |  |  | 6,840 |  |  | — |  |  | — |  |  | 32,261 |
Other |  | 71,738 |  |  | 14,488 |  |  | 20,503 |  |  | — |  |  | (22,223) |  |  | 84,506 |
Total current liabilities |  | 412,591 |  |  | 82,434 |  |  | 81,413 |  |  | — |  |  | (22,924) |  |  | 553,514 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 47,585 |  |  | 19,917 |  |  | 300 |  |  | — |  |  | — |  |  | 67,802 |
Deferred income taxes |  | 284,245 |  |  | 51,822 |  |  | 60,486 |  |  | — |  |  | — |  |  | 396,553 |
Regulatory liabilities |  | 672,712 |  |  | 177,877 |  |  | 92,662 |  |  | — |  |  | — |  |  | 943,251 |
Unamortized tax credits |  | 78,215 |  |  | 14,577 |  |  | 13,586 |  |  | — |  |  | — |  |  | 106,378 |
Defined benefit pension and other postretirement benefit plans liability |  | 364,749 |  |  | 74,183 |  |  | 76,619 |  |  | — |  |  | (5,579) |  |  | 509,972 |
Other |  | 71,421 |  |  | 19,023 |  |  | 30,559 |  |  | — |  |  | — |  |  | 121,003 |
Total deferred credits and other liabilities |  | 1,518,927 |  |  | 357,399 |  |  | 274,212 |  |  | — |  |  | (5,579) |  |  | 2,144,959 |
Total capitalization and liabilities |  | $ | 5,324,207 |  |  | 1,016,884 |  |  | 930,143 |  |  | 77 |  |  | (668,403) |  |  | $ | 6,602,908 |
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) |  | September 30, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 109,942 |  |  |  |  | $ | 178,422 |
Interest-bearing deposits |  |  |  | 80,007 |  |  |  |  | 114,304 |
Cash and cash equivalents |  |  |  | 189,949 |  |  |  |  | 292,726 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 2,580,830 |  |  |  |  | 1,970,417 |
Held-to-maturity, at amortized cost (fair value of $484,654 and $229,963, respectively) |  |  |  | 491,871 |  |  |  |  | 226,947 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 10,000 |  |  |  |  | 8,680 |
Loans held for investment |  |  |  | 5,122,124 |  |  |  |  | 5,333,843 |
Allowance for credit losses |  |  |  | (75,944) |  |  |  |  | (101,201) |
Net loans |  |  |  | 5,046,180 |  |  |  |  | 5,232,642 |
Loans held for sale, at lower of cost or fair value |  |  |  | 53,998 |  |  |  |  | 28,275 |
Other |  |  |  | 555,401 |  |  |  |  | 554,656 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,010,419 |  |  |  |  | $ | 8,396,533 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,931,394 |  |  |  |  | $ | 2,598,500 |
Deposit liabilities—interest-bearing |  |  |  | 5,045,144 |  |  |  |  | 4,788,457 |
Other borrowings |  |  |  | 129,305 |  |  |  |  | 89,670 |
Other |  |  |  | 168,064 |  |  |  |  | 183,731 |
Total liabilities |  |  |  | 8,273,907 |  |  |  |  | 7,660,358 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 353,429 |  |  |  |  | 351,758 |
Retained earnings |  |  |  | 408,575 |  |  |  |  | 369,470 |
Accumulated other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities |  | $ | (20,322) |  |  |  |  | $ | 19,986 |  |  |
Retirement benefit plans |  | (5,171) |  |  | (25,493) |  |  | (5,040) |  |  | 14,946 |
Total shareholder’s equity |  |  |  | 736,512 |  |  |  |  | 736,175 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,010,419 |  |  |  |  | $ | 8,396,533 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 166,486 |  |  |  |  | $ | 163,265 |
Premises and equipment, net |  |  |  | 205,624 |  |  |  |  | 206,134 |
Accrued interest receivable |  |  |  | 22,036 |  |  |  |  | 24,616 |
Mortgage-servicing rights |  |  |  | 10,272 |  |  |  |  | 10,020 |
Low-income housing investments |  |  |  | 84,728 |  |  |  |  | 83,435 |
Other |  |  |  | 66,255 |  |  |  |  | 67,186 |
|  |  |  | $ | 555,401 |  |  |  |  | $ | 554,656 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 59,270 |  |  |  |  | $ | 62,694 |
Federal and state income taxes payable |  |  |  | — |  |  |  |  | 6,582 |
Cashier’s checks |  |  |  | 37,451 |  |  |  |  | 38,011 |
Advance payments by borrowers |  |  |  | 5,129 |  |  |  |  | 10,207 |
Other |  |  |  | 66,214 |  |  |  |  | 66,237 |
|  |  |  | $ | 168,064 |  |  |  |  | $ | 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
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 90,831 |  |  | $ | 1,334 |  |  | $ | (90) |  |  | $ | 92,075 |  |  | 1 |  |  | $ | 19,851 |  |  | $ | (90) |  |  | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities* |  | 2,471,650 |  |  | 11,193 |  |  | (41,160) |  |  | 2,441,683 |  |  | 105 |  |  | 1,772,753 |  |  | (36,561) |  |  | 9 |  |  | 123,882 |  |  | (4,599) |
Corporate bonds |  | 30,684 |  |  | 961 |  |  | — |  |  | 31,645 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage revenue bonds |  | 15,427 |  |  | — |  |  | — |  |  | 15,427 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 2,608,592 |  |  | $ | 13,488 |  |  | $ | (41,250) |  |  | $ | 2,580,830 |  |  | 106 |  |  | $ | 1,792,604 |  |  | $ | (36,651) |  |  | 9 |  |  | $ | 123,882 |  |  | $ | (4,599) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Federal agency obligations |  | $ | 40,064 |  |  | $ | 100 |  |  | $ | (13) |  |  | $ | 40,151 |  |  | 1 |  |  | $ | 19,941 |  |  | $ | (13) |  |  | — |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities* |  | 451,807 |  |  | 2,387 |  |  | (9,691) |  |  | 444,503 |  |  | 23 |  |  | 325,907 |  |  | (8,278) |  |  | 2 |  |  | 23,860 |  |  | (1,413) |
|  | $ | 491,871 |  |  | $ | 2,487 |  |  | $ | (9,704) |  |  | $ | 484,654 |  |  | 24 |  |  | $ | 345,848 |  |  | $ | (8,291) |  |  | 2 |  |  | $ | 23,860 |  |  | $ | (1,413) |
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:
September 30, 2021 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 76,247 |  |  | 78,071 |
Due after five years through ten years |  | 45,268 |  |  | 45,649 |
Due after ten years |  | 15,427 |  |  | 15,427 |
|  | 136,942 |  |  | 139,147 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 2,471,650 |  |  | 2,441,683 |
Total available-for-sale securities |  | $ | 2,608,592 |  |  | $ | 2,580,830 |
Held-to-maturity |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | — |  |  | — |
Due after five years through ten years |  | 40,064 |  |  | 40,151 |
Due after ten years |  | — |  |  | — |
|  | 40,064 |  |  | 40,151 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 451,807 |  |  | 444,503 |
Total held-to-maturity securities |  | $ | 491,871 |  |  | $ | 484,654 |
Schedule of proceeds, gross gains and losses from sales of available-for-sale securities | The proceeds, gross gains and losses from sales of available-for-sale securities were as follows:
| Three months ended September 30 |  | Nine months ended September 30
| 2021 |  | 2020 |  | 2021 |  | 2020
(in thousands) |  |  |  |  |  |  |
Proceeds | $ | — |  |  | $ | — |  |  | $ | 197,354 |  |  | $ | 169,157 |
Gross gains | — |  |  | — |  |  | 975 |  |  | 9,312 |
Gross losses | — |  |  | — |  |  | 447 |  |  | 37 |
Tax expense on realized gains | — |  |  | — |  |  | 142 |  |  | 2,492 |
Schedule of components of loans receivable | The components of loans were summarized as follows:
| September 30, 2021 |  | December 31, 2020
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,172,073 |  |  | $ | 2,144,239 |
Commercial real estate | 1,090,816 |  |  | 983,865 |
Home equity line of credit | 851,416 |  |  | 963,578 |
Residential land | 19,399 |  |  | 15,617 |
Commercial construction | 109,716 |  |  | 121,424 |
Residential construction | 9,170 |  |  | 11,022 |
Total real estate | 4,252,590 |  |  | 4,239,745 |
Commercial | 758,338 |  |  | 936,748 |
Consumer | 122,656 |  |  | 168,733 |
Total loans | 5,133,584 |  |  | 5,345,226 |
Less: Deferred fees and discounts | (11,460) |  |  | (11,383) |
Allowance for credit losses | (75,944) |  |  | (101,201) |
Total loans, net | $ | 5,046,180 |  |  | $ | 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 September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 5,518 |  |  | $ | 28,708 |  |  | $ | 5,335 |  |  | $ | 618 |  |  | $ | 1,629 |  |  | $ | 16 |  |  | $ | 20,058 |  |  | $ | 16,370 |  |  | $ | 78,252 |
Charge-offs |  | (47) |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (266) |  |  | (1,597) |  |  | (1,915) |
Recoveries |  | 5 |  |  | — |  |  | 7 |  |  | 35 |  |  | — |  |  | — |  |  | 417 |  |  | 1,118 |  |  | 1,582 |
Provision |  | 522 |  |  | (2,750) |  |  | 441 |  |  | (19) |  |  | 104 |  |  | (3) |  |  | (758) |  |  | 488 |  |  | (1,975) |
Ending balance |  | $ | 5,998 |  |  | $ | 25,958 |  |  | $ | 5,778 |  |  | $ | 634 |  |  | $ | 1,733 |  |  | $ | 13 |  |  | $ | 19,451 |  |  | $ | 16,379 |  |  | $ | 75,944 |
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,911 |  |  | $ | 21,100 |  |  | $ | 6,214 |  |  | $ | 356 |  |  | $ | 4,757 |  |  | $ | 14 |  |  | $ | 13,868 |  |  | $ | 31,087 |  |  | $ | 81,307 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,727) |  |  | (3,881) |  |  | (5,608) |
Recoveries |  | 12 |  |  | — |  |  | 50 |  |  | 12 |  |  | — |  |  | — |  |  | 211 |  |  | 1,005 |  |  | 1,290 |
Provision |  | (286) |  |  | 11,049 |  |  | (390) |  |  | 178 |  |  | 1,282 |  |  | (3) |  |  | 5,840 |  |  | (3,200) |  |  | 14,470 |
Ending balance |  | $ | 3,637 |  |  | $ | 32,149 |  |  | $ | 5,874 |  |  | $ | 546 |  |  | $ | 6,039 |  |  | $ | 11 |  |  | $ | 18,192 |  |  | $ | 25,011 |  |  | $ | 91,459 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,600 |  |  | $ | 35,607 |  |  | $ | 6,813 |  |  | $ | 609 |  |  | $ | 4,149 |  |  | $ | 11 |  |  | $ | 25,462 |  |  | $ | 23,950 |  |  | $ | 101,201 |
Charge-offs |  | (67) |  |  | — |  |  | (45) |  |  | — |  |  | — |  |  | — |  |  | (1,356) |  |  | (6,388) |  |  | (7,856) |
Recoveries |  | 59 |  |  | — |  |  | 83 |  |  | 56 |  |  | — |  |  | — |  |  | 1,056 |  |  | 3,312 |  |  | 4,566 |
Provision |  | 1,406 |  |  | (9,649) |  |  | (1,073) |  |  | (31) |  |  | (2,416) |  |  | 2 |  |  | (5,711) |  |  | (4,495) |  |  | (21,967) |
Ending balance |  | $ | 5,998 |  |  | $ | 25,958 |  |  | $ | 5,778 |  |  | $ | 634 |  |  | $ | 1,733 |  |  | $ | 13 |  |  | $ | 19,451 |  |  | $ | 16,379 |  |  | $ | 75,944 |
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 |  | $ | 2,380 |  |  | $ | 15,053 |  |  | $ | 6,922 |  |  | $ | 449 |  |  | $ | 2,097 |  |  | $ | 3 |  |  | $ | 10,245 |  |  | $ | 16,206 |  |  | $ | 53,355 |
Impact of adopting ASU No. 2016-13 |  | 2,150 |  |  | 208 |  |  | (541) |  |  | (64) |  |  | 289 |  |  | 14 |  |  | 922 |  |  | 16,463 |  |  | 19,441 |
Charge-offs |  | (7) |  |  | — |  |  | — |  |  | (351) |  |  | — |  |  | — |  |  | (2,795) |  |  | (16,466) |  |  | (19,619) |
Recoveries |  | 67 |  |  | — |  |  | 56 |  |  | 26 |  |  | — |  |  | — |  |  | 503 |  |  | 2,426 |  |  | 3,078 |
Provision |  | (953) |  |  | 16,888 |  |  | (563) |  |  | 486 |  |  | 3,653 |  |  | (6) |  |  | 9,317 |  |  | 6,382 |  |  | 35,204 |
Ending balance |  | $ | 3,637 |  |  | $ | 32,149 |  |  | $ | 5,874 |  |  | $ | 546 |  |  | $ | 6,039 |  |  | $ | 11 |  |  | $ | 18,192 |  |  | $ | 25,011 |  |  | $ | 91,459 |
Schedule of allowance for loan commitments | The allowance for loan commitments by portfolio segment were as follows:
(in thousands) |  | Home equity line of credit |  | Commercial construction |  | Commercial loans |  | Total
Three months ended September 30, 2021 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 2,400 |  |  | $ | 850 |  |  | $ | 3,650 |
Provision |  | — |  |  | 300 |  |  | (50) |  |  | 250 |
Ending balance |  | $ | 400 |  |  | $ | 2,700 |  |  | $ | 800 |  |  | $ | 3,900 |
Three months ended September 30, 2020 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 300 |  |  | $ | 7,500 |  |  | $ | 300 |  |  | $ | 8,100 |
Provision |  | — |  |  | (800) |  |  | 300 |  |  | (500) |
Ending balance |  | $ | 300 |  |  | $ | 6,700 |  |  | $ | 600 |  |  | $ | 7,600 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 300 |  |  | $ | 3,000 |  |  | $ | 1,000 |  |  | $ | 4,300 |
Provision |  | 100 |  |  | (300) |  |  | (200) |  |  | (400) |
Ending balance |  | $ | 400 |  |  | $ | 2,700 |  |  | $ | 800 |  |  | $ | 3,900 |
Nine months ended September 30, 2020 |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 |  | $ | 392 |  |  | $ | 931 |  |  | $ | 418 |  |  | $ | 1,741 |
Impact of adopting ASU No. 2016-13 |  | (92) |  |  | 1,745 |  |  | (94) |  |  | 1,559 |
Provision |  | — |  |  | 4,024 |  |  | 276 |  |  | 4,300 |
Ending balance |  | $ | 300 |  |  | $ | 6,700 |  |  | $ | 600 |  |  | $ | 7,600 |
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
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 541,140 |  |  | $ | 471,759 |  |  | $ | 150,704 |  |  | $ | 75,827 |  |  | $ | 142,235 |  |  | $ | 778,048 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,159,713 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,224 |  |  | — |  |  | — |  |  | 2,224 |
60-89 days past due |  | — |  |  | 276 |  |  | — |  |  | — |  |  | — |  |  | 1,308 |  |  | — |  |  | — |  |  | 1,584 |
Greater than 89 days past due |  | — |  |  | — |  |  | 3,949 |  |  | 424 |  |  | — |  |  | 4,179 |  |  | — |  |  | — |  |  | 8,552 |
|  | 541,140 |  |  | 472,035 |  |  | 154,653 |  |  | 76,251 |  |  | 142,235 |  |  | 785,759 |  |  | — |  |  | — |  |  | 2,172,073 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 809,566 |  |  | 39,932 |  |  | 849,498 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 126 |  |  | 129 |  |  | 255 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 107 |  |  | 101 |  |  | 208 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,029 |  |  | 426 |  |  | 1,455 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810,828 |  |  | 40,588 |  |  | 851,416 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 8,905 |  |  | 7,341 |  |  | 1,659 |  |  | 647 |  |  | 268 |  |  | 182 |  |  | — |  |  | — |  |  | 19,002 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | — |  |  | 97 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
|  | 8,905 |  |  | 7,341 |  |  | 1,659 |  |  | 647 |  |  | 268 |  |  | 579 |  |  | — |  |  | — |  |  | 19,399 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 4,664 |  |  | 4,238 |  |  | — |  |  | — |  |  | 268 |  |  | — |  |  | — |  |  | — |  |  | 9,170 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 4,664 |  |  | 4,238 |  |  | — |  |  | — |  |  | 268 |  |  | — |  |  | — |  |  | — |  |  | 9,170 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 27,059 |  |  | 18,662 |  |  | 38,546 |  |  | 16,378 |  |  | 907 |  |  | 283 |  |  | 13,745 |  |  | 3,819 |  |  | 119,399 |
30-59 days past due |  | 206 |  |  | 152 |  |  | 523 |  |  | 282 |  |  | 21 |  |  | — |  |  | 126 |  |  | 117 |  |  | 1,427 |
60-89 days past due |  | 24 |  |  | 58 |  |  | 368 |  |  | 198 |  |  | 43 |  |  | — |  |  | 61 |  |  | 28 |  |  | 780 |
Greater than 89 days past due |  | 29 |  |  | 140 |  |  | 396 |  |  | 158 |  |  | 44 |  |  | — |  |  | 149 |  |  | 134 |  |  | 1,050 |
|  | 27,318 |  |  | 19,012 |  |  | 39,833 |  |  | 17,016 |  |  | 1,015 |  |  | 283 |  |  | 14,081 |  |  | 4,098 |  |  | 122,656 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 142,977 |  |  | 278,941 |  |  | 62,907 |  |  | 60,174 |  |  | 55,824 |  |  | 257,110 |  |  | 11,288 |  |  | — |  |  | 869,221 |
Special Mention |  | 1,360 |  |  | 4,237 |  |  | 34,617 |  |  | 46,447 |  |  | 23,027 |  |  | 42,850 |  |  | — |  |  | — |  |  | 152,538 |
Substandard |  | — |  |  | — |  |  | 14,021 |  |  | 1,872 |  |  | 1,838 |  |  | 51,326 |  |  | — |  |  | — |  |  | 69,057 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 144,337 |  |  | 283,178 |  |  | 111,545 |  |  | 108,493 |  |  | 80,689 |  |  | 351,286 |  |  | 11,288 |  |  | — |  |  | 1,090,816 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 11,225 |  |  | 39,137 |  |  | 25,913 |  |  | 11,342 |  |  | — |  |  | — |  |  | 22,099 |  |  | — |  |  | 109,716 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 11,225 |  |  | 39,137 |  |  | 25,913 |  |  | 11,342 |  |  | — |  |  | — |  |  | 22,099 |  |  | — |  |  | 109,716 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 218,541 |  |  | 112,545 |  |  | 78,076 |  |  | 53,829 |  |  | 19,043 |  |  | 60,661 |  |  | 93,979 |  |  | 16,334 |  |  | 653,008 |
Special Mention |  | 52 |  |  | 27,498 |  |  | 11,810 |  |  | 279 |  |  | 2,682 |  |  | 19,495 |  |  | 20,459 |  |  | 21 |  |  | 82,296 |
Substandard |  | 427 |  |  | 214 |  |  | 4,273 |  |  | 1,824 |  |  | 5,318 |  |  | 3,188 |  |  | 5,845 |  |  | 1,945 |  |  | 23,034 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 219,020 |  |  | 140,257 |  |  | 94,159 |  |  | 55,932 |  |  | 27,043 |  |  | 83,344 |  |  | 120,283 |  |  | 18,300 |  |  | 758,338 |
Total loans |  | $ | 956,609 |  |  | $ | 965,198 |  |  | $ | 427,762 |  |  | $ | 269,681 |  |  | $ | 251,518 |  |  | $ | 1,221,251 |  |  | $ | 978,579 |  |  | $ | 62,986 |  |  | $ | 5,133,584 |
|  | 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
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,224 |  |  | $ | 1,584 |  |  | $ | 8,552 |  |  | $ | 12,360 |  |  | $ | 2,159,713 |  |  | $ | 2,172,073 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,090,816 |  |  | 1,090,816 |  |  | — |
Home equity line of credit |  | 255 |  |  | 208 |  |  | 1,455 |  |  | 1,918 |  |  | 849,498 |  |  | 851,416 |  |  | — |
Residential land |  | 97 |  |  | — |  |  | 300 |  |  | 397 |  |  | 19,002 |  |  | 19,399 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 109,716 |  |  | 109,716 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,170 |  |  | 9,170 |  |  | — |
Commercial |  | 937 |  |  | 68 |  |  | 110 |  |  | 1,115 |  |  | 757,223 |  |  | 758,338 |  |  | — |
Consumer |  | 1,427 |  |  | 780 |  |  | 1,050 |  |  | 3,257 |  |  | 119,399 |  |  | 122,656 |  |  | — |
Total loans |  | $ | 4,940 |  |  | $ | 2,640 |  |  | $ | 11,467 |  |  | $ | 19,047 |  |  | $ | 5,114,537 |  |  | $ | 5,133,584 |  |  | $ | — |
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) |  | September 30, 2021 |  | December 31, 2020
|  | With a Related ACL |  | Without a Related ACL |  | Total |  | With a Related ACL |  | Without a Related ACL |  | Total
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 13,307 |  |  | $ | 7,997 |  |  | $ | 21,304 |  |  | $ | 8,991 |  |  | $ | 2,835 |  |  | $ | 11,826 |
Commercial real estate |  | 15,062 |  |  | 1,251 |  |  | 16,313 |  |  | 15,847 |  |  | 2,875 |  |  | 18,722 |
Home equity line of credit |  | 4,564 |  |  | 1,364 |  |  | 5,928 |  |  | 5,791 |  |  | 1,567 |  |  | 7,358 |
Residential land |  | 97 |  |  | 300 |  |  | 397 |  |  | 108 |  |  | 300 |  |  | 408 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 1,573 |  |  | 2,080 |  |  | 3,653 |  |  | 1,819 |  |  | 3,328 |  |  | 5,147 |
Consumer |  | 2,198 |  |  | — |  |  | 2,198 |  |  | 3,935 |  |  | — |  |  | 3,935 |
Total |  | $ | 36,801 |  |  | $ | 12,992 |  |  | $ | 49,793 |  |  | $ | 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) |  | September 30, 2021 |  | December 31, 2020
Real estate: |  |  |  |
Residential 1-4 family |  | $ | 7,545 |  |  | $ | 7,932 |
Commercial real estate |  | 3,136 |  |  | 3,281 |
Home equity line of credit |  | 6,986 |  |  | 8,148 |
Residential land |  | 985 |  |  | 1,555 |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | 7,251 |  |  | 6,108 |
Consumer |  | 52 |  |  | 54 |
Total troubled debt restructured loans accruing interest |  | $ | 25,955 |  |  | $ | 27,078 |
Schedule of loan modifications | Loan modifications that occurred during the three and nine months ended September 30, 2021 and 2020 were as follows:
Loans modified as a TDR |  | Three months ended September 30, 2021 |  | Nine months ended September 30, 2021
(dollars in thousands) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 1 |  |  | $ | 442 |  |  | $ | 81 |  |  | 16 |  |  | $ | 10,363 |  |  | $ | 309 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | 1 |  |  | 247 |  |  | 11 |  |  | 3 |  |  | 802 |  |  | 37 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 1 |  |  | 2,386 |  |  | 212 |  |  | 7 |  |  | 2,678 |  |  | 242 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3 |  |  | $ | 3,075 |  |  | $ | 304 |  |  | 26 |  |  | $ | 13,843 |  |  | $ | 588 |
|  | Three months ended September 30, 2020 |  | Nine months ended September 30, 2020
(dollars in thousands) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 146 |  |  | $ | 7 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 16,149 |  |  | 4,019 |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 22 |  |  | 1 |
Residential land |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 228 |  |  | 15 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 2 |  |  | 52 |  |  | 45 |  |  | 5 |  |  | 207 |  |  | 180 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 2 |  |  | $ | 52 |  |  | $ | 45 |  |  | 12 |  |  | $ | 16,752 |  |  | $ | 4,222 |
1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.
Schedule of collateral-dependent loans | Loans considered collateral-dependent were as follows:
|  | Amortized cost |  |
(in thousands) |  | September 30, 2021 |  | December 31, 2020 |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 5,268 |  |  | $ | 2,541 |  |  | Residential real estate property
Commercial real estate |  | 1,251 |  |  | 2,875 |  |  | Commercial real estate property
Home equity line of credit |  | 1,364 |  |  | 1,567 |  |  | Residential real estate property
Residential land |  | 300 |  |  | 300 |  |  | Residential real estate property
Total real estate |  | 8,183 |  |  | 7,283 |  |  |
Commercial |  | 780 |  |  | 934 |  |  | Business assets
Total |  | $ | 8,963 |  |  | $ | 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
September 30, 2021 |  | $ | 22,182 |  |  | $ | (11,910) |  |  | $ | — |  |  | $ | 10,272 |
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 September 30, |  | Nine months ended September 30
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | $ | 10,754 |  |  | $ | 9,911 |  |  | $ | 10,280 |  |  | $ | 9,101 |
Amount capitalized |  | 315 |  |  | 1,119 |  |  | 2,885 |  |  | 3,481 |
Amortization |  | (797) |  |  | (1,095) |  |  | (2,893) |  |  | (2,647) |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Carrying amount before valuation allowance |  | 10,272 |  |  | 9,935 |  |  | 10,272 |  |  | 9,935 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | — |  |  | 264 |  |  | 260 |  |  | — |
Provision |  | — |  |  | 118 |  |  | (260) |  |  | 382 |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | — |  |  | 382 |  |  | — |  |  | 382 |
Net carrying value of mortgage servicing rights |  | $ | 10,272 |  |  | $ | 9,553 |  |  | $ | 10,272 |  |  | $ | 9,553 |
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) |  | September 30, 2021 |  | December 31, 2020
Unpaid principal balance |  | $ | 1,521,966 |  |  | $ | 1,450,312 |
Weighted average note rate |  | 3.42 | % |  | 3.68 | %
Weighted average discount rate |  | 9.25 | % |  | 9.25 | %
Weighted average prepayment speed |  | 11.7 | % |  | 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
September 30, 2021 |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 125 |  |  | Fair value of property or collateral |  | Appraised value less selling cost |  | N/A (2) |  | N/A (2)
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Commercial loan |  | $ | 387 |  |  | Fair value of collateral |  | Appraised value less selling cost |  | N/A (2) |  | N/A (2)
Mortgage servicing rights |  | 3,001 |  |  | Discounted cash flow |  | Prepayment speed |  | 15% - 22% |  | 22 | %
|  |  |  |  |  | Discount rate |  |  |  | 9.3 | %
(1) Represents percent of outstanding principal balance. (2) N/A - Not applicable. There is one asset in each fair value measurement type.
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets | The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows:
(dollars in thousands) |  | September 30, 2021 |  | December 31, 2020
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (1,045) |  |  | $ | (738) |
50 basis points adverse rate change |  | (2,209) |  |  | (1,445) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (115) |  |  | (68) |
50 basis points adverse rate change |  | (229) |  |  | (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 |  |  |  |  |  |
September 30, 2021 |  | $ | 129 |  |  | $ | — |  |  | $ | 129 |
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 |  |  |  |  |  |
September 30, 2021 |  | $ | 129 |  |  | $ | 146 |  |  | $ | — |
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:
|  | September 30, 2021 |  | December 31, 2020
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 22,289 |  |  | $ | 308 |  |  | $ | 120,980 |  |  | $ | 4,536 |
Forward commitments |  | 21,750 |  |  | 109 |  |  | 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 |  | September 30, 2021 |  | December 31, 2020
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 308 |  |  | $ | — |  |  | $ | 4,536 |  |  | $ | — |
Forward commitments |  | 121 |  |  | 12 |  |  | — |  |  | 500 |
|  | $ | 429 |  |  | $ | 12 |  |  | $ | 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 September 30, |  | Nine months ended September 30
(in thousands) |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest rate lock commitments |  | Mortgage banking income |  | $ | (63) |  |  | $ | 2,930 |  |  | $ | (4,228) |  |  | $ | 4,974 |
Forward commitments |  | Mortgage banking income |  | 150 |  |  | 44 |  |  | 609 |  |  | (201) |
|  |  |  | $ | 87 |  |  | $ | 2,974 |  |  | $ | (3,619) |  |  | $ | 4,773 |

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