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Bank segment (Tables)

9 Months Ended

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 expense1						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 expense1						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 amount1						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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