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Bank segment (HEI only) (Tables) | 12 Months Ended
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Dec. 31, 2021
Bank Segment Disclosure [Abstract] |
Schedule of statements of income data | Consolidating statement of income Year ended December 31, 2021
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,793,372 |  |  | 381,033 |  |  | 365,256 |  |  |  |  | (25) |  | [1] |  | $ | 2,539,636 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 442,818 |  |  | 80,086 |  |  | 121,445 |  |  |  |  | — |  |  |  | 644,349 |
Purchased power | 508,642 |  |  | 108,997 |  |  | 52,855 |  |  |  |  | — |  |  |  | 670,494 |
Other operation and maintenance | 313,009 |  |  | 79,390 |  |  | 83,013 |  |  |  |  | — |  |  |  | 475,412 |
Depreciation | 155,607 |  |  | 40,201 |  |  | 33,661 |  |  |  |  | — |  |  |  | 229,469 |
Taxes, other than income taxes | 170,604 |  |  | 35,499 |  |  | 34,251 |  |  |  |  | — |  |  |  | 240,354 |
Total expenses | 1,590,680 |  |  | 344,173 |  |  | 325,225 |  |  |  |  | — |  |  |  | 2,260,078 |
Operating income | 202,692 |  |  | 36,860 |  |  | 40,031 |  |  |  |  | (25) |  |  |  | 279,558 |
Allowance for equity funds used during construction | 7,734 |  |  | 586 |  |  | 1,214 |  |  |  |  | — |  |  |  | 9,534 |
Equity in earnings of subsidiaries | 45,353 |  |  | — |  |  | — |  |  |  |  | (45,353) |  | [2] |  | — |
Retirement defined benefits credit (expense)—other than service costs | 3,348 |  |  | 670 |  |  | (128) |  |  |  |  | — |  |  |  | 3,890 |
Interest expense and other charges, net | (51,680) |  |  | (10,353) |  |  | (10,439) |  |  |  |  | 25 |  | [1] |  | (72,447) |
Allowance for borrowed funds used during construction | 2,617 |  |  | 197 |  |  | 436 |  |  |  |  | — |  |  |  | 3,250 |
Income before income taxes | 210,064 |  |  | 27,960 |  |  | 31,114 |  |  |  |  | (45,353) |  |  |  | 223,785 |
Income taxes | 31,342 |  |  | 6,246 |  |  | 6,560 |  |  |  |  | — |  |  |  | 44,148 |
Net income | 178,722 |  |  | 21,714 |  |  | 24,554 |  |  |  |  | (45,353) |  |  |  | 179,637 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 178,722 |  |  | 21,180 |  |  | 24,173 |  |  |  |  | (45,353) |  |  |  | 178,722 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 177,642 |  |  | 21,180 |  |  | 24,173 |  |  |  |  | (45,353) |  |  |  | $ | 177,642 |
Consolidating statement of income Year ended December 31, 2020
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,608,305 |  |  | 334,221 |  |  | 323,430 |  |  |  |  | (636) |  | [1] |  | $ | 2,265,320 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 354,087 |  |  | 72,202 |  |  | 88,985 |  |  |  |  | — |  |  |  | 515,274 |
Purchased power | 446,672 |  |  | 73,120 |  |  | 48,957 |  |  |  |  | — |  |  |  | 568,749 |
Other operation and maintenance | 311,781 |  |  | 73,746 |  |  | 88,665 |  |  |  |  | — |  |  |  | 474,192 |
Depreciation | 151,387 |  |  | 39,041 |  |  | 32,305 |  |  |  |  | — |  |  |  | 222,733 |
Taxes, other than income taxes | 154,191 |  |  | 31,181 |  |  | 30,450 |  |  |  |  | — |  |  |  | 215,822 |
Total expenses | 1,418,118 |  |  | 289,290 |  |  | 289,362 |  |  |  |  | — |  |  |  | 1,996,770 |
Operating income | 190,187 |  |  | 44,931 |  |  | 34,068 |  |  |  |  | (636) |  |  |  | 268,550 |
Allowance for equity funds used during construction | 7,335 |  |  | 543 |  |  | 890 |  |  |  |  | — |  |  |  | 8,768 |
Equity in earnings of subsidiaries | 47,504 |  |  | — |  |  | — |  |  |  |  | (47,504) |  | [2] |  | — |
Retirement defined benefits credit (expense)—other than service costs | (1,294) |  |  | 672 |  |  | (141) |  |  |  |  | — |  |  |  | (763) |
Interest expense and other charges, net | (48,775) |  |  | (10,004) |  |  | (9,651) |  |  |  |  | 636 |  | [1] |  | (67,794) |
Allowance for borrowed funds used during construction | 2,540 |  |  | 160 |  |  | 292 |  |  |  |  | — |  |  |  | 2,992 |
Income before income taxes | 197,497 |  |  | 36,302 |  |  | 25,458 |  |  |  |  | (47,504) |  |  |  | 211,753 |
Income taxes | 27,077 |  |  | 8,275 |  |  | 5,066 |  |  |  |  | — |  |  |  | 40,418 |
Net income | 170,420 |  |  | 28,027 |  |  | 20,392 |  |  |  |  | (47,504) |  |  |  | 171,335 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 170,420 |  |  | 27,493 |  |  | 20,011 |  |  |  |  | (47,504) |  |  |  | 170,420 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 169,340 |  |  | 27,493 |  |  | 20,011 |  |  |  |  | (47,504) |  |  |  | $ | 169,340 |
Consolidating statement of income Year ended December 31, 2019
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,803,698 |  |  | 364,590 |  |  | 378,202 |  |  |  |  | (548) |  | [1] |  | $ | 2,545,942 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 494,728 |  |  | 84,565 |  |  | 141,416 |  |  |  |  | — |  |  |  | 720,709 |
Purchased power | 494,215 |  |  | 90,989 |  |  | 48,052 |  |  |  |  | — |  |  |  | 633,256 |
Other operation and maintenance | 319,771 |  |  | 76,091 |  |  | 85,875 |  |  |  |  | — |  |  |  | 481,737 |
Depreciation | 143,470 |  |  | 41,812 |  |  | 30,449 |  |  |  |  | — |  |  |  | 215,731 |
Taxes, other than income taxes | 170,979 |  |  | 33,787 |  |  | 35,365 |  |  |  |  | — |  |  |  | 240,131 |
Total expenses | 1,623,163 |  |  | 327,244 |  |  | 341,157 |  |  |  |  | — |  |  |  | 2,291,564 |
Operating income | 180,535 |  |  | 37,346 |  |  | 37,045 |  |  |  |  | (548) |  |  |  | 254,378 |
Allowance for equity funds used during construction | 9,955 |  |  | 816 |  |  | 1,216 |  |  |  |  | — |  |  |  | 11,987 |
Equity in earnings of subsidiaries | 43,167 |  |  | — |  |  | — |  |  |  |  | (43,167) |  | [2] |  | — |
Retirement defined benefits expense—other than service costs | (2,287) |  |  | (422) |  |  | (127) |  |  |  |  | — |  |  |  | (2,836) |
Interest expense and other charges, net | (51,199) |  |  | (10,741) |  |  | (9,450) |  |  |  |  | 548 |  | [1] |  | (70,842) |
Allowance for borrowed funds used during construction | 3,666 |  |  | 342 |  |  | 445 |  |  |  |  | — |  |  |  | 4,453 |
Income before income taxes | 183,837 |  |  | 27,341 |  |  | 29,129 |  |  |  |  | (43,167) |  |  |  | 197,140 |
Income taxes | 25,917 |  |  | 5,990 |  |  | 6,398 |  |  |  |  | — |  |  |  | 38,305 |
Net income | 157,920 |  |  | 21,351 |  |  | 22,731 |  |  |  |  | (43,167) |  |  |  | 158,835 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 157,920 |  |  | 20,817 |  |  | 22,350 |  |  |  |  | (43,167) |  |  |  | 157,920 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 156,840 |  |  | 20,817 |  |  | 22,350 |  |  |  |  | (43,167) |  |  |  | $ | 156,840 |
Statements of Income and Comprehensive Income Data
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Interest and dividend income |  |  |  |  |
Interest and fees on loans | $ | 198,802 |  |  | $ | 214,134 |  |  | $ | 233,632 |
Interest and dividends on investment securities | 43,464 |  |  | 30,529 |  |  | 32,922 |
Total interest and dividend income | 242,266 |  |  | 244,663 |  |  | 266,554 |
Interest expense |  |  |  |  |
Interest on deposit liabilities | 4,981 |  |  | 10,654 |  |  | 16,830 |
Interest on other borrowings | 59 |  |  | 460 |  |  | 1,610 |
Total interest expense | 5,040 |  |  | 11,114 |  |  | 18,440 |
Net interest income | 237,226 |  |  | 233,549 |  |  | 248,114 |
Provision for credit losses | (25,825) |  |  | 50,811 |  |  | 23,480 |
Net interest income after provision for credit losses | 263,051 |  |  | 182,738 |  |  | 224,634 |
Noninterest income |  |  |  |  |
Fees from other financial services | 21,225 |  |  | 16,447 |  |  | 19,275 |
Fee income on deposit liabilities | 16,663 |  |  | 16,059 |  |  | 20,877 |
Fee income on other financial products | 8,770 |  |  | 6,381 |  |  | 6,507 |
Bank-owned life insurance | 7,318 |  |  | 6,483 |  |  | 7,687 |
Mortgage banking income | 9,305 |  |  | 23,734 |  |  | 4,943 |
Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
Other income, net | 851 |  |  | (256) |  |  | 2,074 |
Total noninterest income | 64,660 |  |  | 78,123 |  |  | 72,778 |
Noninterest expense |  |  |  |  |
Compensation and employee benefits | 113,970 |  |  | 104,443 |  |  | 103,009 |
Occupancy | 20,584 |  |  | 21,573 |  |  | 21,272 |
Data processing | 17,634 |  |  | 14,769 |  |  | 15,306 |
Services | 10,327 |  |  | 11,121 |  |  | 10,239 |
Equipment | 9,510 |  |  | 9,001 |  |  | 8,760 |
Office supplies, printing and postage | 4,239 |  |  | 4,623 |  |  | 5,512 |
Marketing | 3,870 |  |  | 3,435 |  |  | 4,490 |
FDIC insurance | 3,235 |  |  | 2,342 |  |  | 1,204 |
Other expense 1 | 13,783 |  |  | 20,283 |  |  | 15,586 |
Total noninterest expense | 197,152 |  |  | 191,590 |  |  | 185,378 |
Income before income taxes | 130,559 |  |  | 69,271 |  |  | 112,034 |
Income taxes | 29,325 |  |  | 11,688 |  |  | 23,061 |
Net income | 101,234 |  |  | 57,583 |  |  | 88,973 |
Other comprehensive income (loss), net of taxes | (52,728) |  |  | 23,608 |  |  | 29,406 |
Comprehensive income | $ | 48,506 |  |  | $ | 81,191 |  |  | $ | 118,379 |
1 2021 and 2020 include approximately $0.6 million and $5.1 million of certain direct and incremental COVID-19 related costs, respectively. For 2020, these costs include $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Consolidated Statements of Income*:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Interest and dividend income | $ | 242,266 |  |  | $ | 244,663 |  |  | $ | 266,554 |
Noninterest income | 64,660 |  |  | 78,123 |  |  | 72,778 |
Less: Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
Less: Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
*Revenues-Bank | 306,398 |  |  | 313,511 |  |  | 327,917 |
Total interest expense | 5,040 |  |  | 11,114 |  |  | 18,440 |
Provision for credit losses | (25,825) |  |  | 50,811 |  |  | 23,480 |
Noninterest expense | 197,152 |  |  | 191,590 |  |  | 185,378 |
Less: Retirement defined benefits expense (credit)—other than service costs | (1,828) |  |  | 1,813 |  |  | (472) |
Add: Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
*Expenses-Bank | 178,195 |  |  | 251,702 |  |  | 217,008 |
*Operating income-Bank | 128,203 |  |  | 61,809 |  |  | 110,909 |
Add back: Retirement defined benefits expense (credit)—other than service costs | (1,828) |  |  | 1,813 |  |  | (472) |
Add back: Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
Income before income taxes | $ | 130,559 |  |  | $ | 69,271 |  |  | $ | 112,034 |
Schedule of statements of comprehensive income data | Statements of Income and Comprehensive Income Data
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Interest and dividend income |  |  |  |  |
Interest and fees on loans | $ | 198,802 |  |  | $ | 214,134 |  |  | $ | 233,632 |
Interest and dividends on investment securities | 43,464 |  |  | 30,529 |  |  | 32,922 |
Total interest and dividend income | 242,266 |  |  | 244,663 |  |  | 266,554 |
Interest expense |  |  |  |  |
Interest on deposit liabilities | 4,981 |  |  | 10,654 |  |  | 16,830 |
Interest on other borrowings | 59 |  |  | 460 |  |  | 1,610 |
Total interest expense | 5,040 |  |  | 11,114 |  |  | 18,440 |
Net interest income | 237,226 |  |  | 233,549 |  |  | 248,114 |
Provision for credit losses | (25,825) |  |  | 50,811 |  |  | 23,480 |
Net interest income after provision for credit losses | 263,051 |  |  | 182,738 |  |  | 224,634 |
Noninterest income |  |  |  |  |
Fees from other financial services | 21,225 |  |  | 16,447 |  |  | 19,275 |
Fee income on deposit liabilities | 16,663 |  |  | 16,059 |  |  | 20,877 |
Fee income on other financial products | 8,770 |  |  | 6,381 |  |  | 6,507 |
Bank-owned life insurance | 7,318 |  |  | 6,483 |  |  | 7,687 |
Mortgage banking income | 9,305 |  |  | 23,734 |  |  | 4,943 |
Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
Other income, net | 851 |  |  | (256) |  |  | 2,074 |
Total noninterest income | 64,660 |  |  | 78,123 |  |  | 72,778 |
Noninterest expense |  |  |  |  |
Compensation and employee benefits | 113,970 |  |  | 104,443 |  |  | 103,009 |
Occupancy | 20,584 |  |  | 21,573 |  |  | 21,272 |
Data processing | 17,634 |  |  | 14,769 |  |  | 15,306 |
Services | 10,327 |  |  | 11,121 |  |  | 10,239 |
Equipment | 9,510 |  |  | 9,001 |  |  | 8,760 |
Office supplies, printing and postage | 4,239 |  |  | 4,623 |  |  | 5,512 |
Marketing | 3,870 |  |  | 3,435 |  |  | 4,490 |
FDIC insurance | 3,235 |  |  | 2,342 |  |  | 1,204 |
Other expense 1 | 13,783 |  |  | 20,283 |  |  | 15,586 |
Total noninterest expense | 197,152 |  |  | 191,590 |  |  | 185,378 |
Income before income taxes | 130,559 |  |  | 69,271 |  |  | 112,034 |
Income taxes | 29,325 |  |  | 11,688 |  |  | 23,061 |
Net income | 101,234 |  |  | 57,583 |  |  | 88,973 |
Other comprehensive income (loss), net of taxes | (52,728) |  |  | 23,608 |  |  | 29,406 |
Comprehensive income | $ | 48,506 |  |  | $ | 81,191 |  |  | $ | 118,379 |
1 2021 and 2020 include approximately $0.6 million and $5.1 million of certain direct and incremental COVID-19 related costs, respectively. For 2020, these costs include $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Consolidated Statements of Income*:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Interest and dividend income | $ | 242,266 |  |  | $ | 244,663 |  |  | $ | 266,554 |
Noninterest income | 64,660 |  |  | 78,123 |  |  | 72,778 |
Less: Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
Less: Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
*Revenues-Bank | 306,398 |  |  | 313,511 |  |  | 327,917 |
Total interest expense | 5,040 |  |  | 11,114 |  |  | 18,440 |
Provision for credit losses | (25,825) |  |  | 50,811 |  |  | 23,480 |
Noninterest expense | 197,152 |  |  | 191,590 |  |  | 185,378 |
Less: Retirement defined benefits expense (credit)—other than service costs | (1,828) |  |  | 1,813 |  |  | (472) |
Add: Gain on sale of real estate | — |  |  | — |  |  | 10,762 |
*Expenses-Bank | 178,195 |  |  | 251,702 |  |  | 217,008 |
*Operating income-Bank | 128,203 |  |  | 61,809 |  |  | 110,909 |
Add back: Retirement defined benefits expense (credit)—other than service costs | (1,828) |  |  | 1,813 |  |  | (472) |
Add back: Gain on sale of investment securities, net | 528 |  |  | 9,275 |  |  | 653 |
Income before income taxes | $ | 130,559 |  |  | $ | 69,271 |  |  | $ | 112,034 |
Schedule of balance sheets data | Consolidating balance sheet December 31, 2021
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 42,737 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  |  | $ | 51,937 |
Plant and equipment | 5,097,033 |  |  | 1,390,361 |  |  | 1,248,589 |  |  | — |  |  | — |  |  |  | 7,735,983 |
Less accumulated depreciation | (1,757,096) |  |  | (619,991) |  |  | (563,430) |  |  | — |  |  | — |  |  |  | (2,940,517) |
Construction in progress | 159,854 |  |  | 17,129 |  |  | 27,586 |  |  | — |  |  | — |  |  |  | 204,569 |
Utility property, plant and equipment, net | 3,542,528 |  |  | 793,105 |  |  | 716,339 |  |  | — |  |  | — |  |  |  | 5,051,972 |
Nonutility property, plant and equipment, less accumulated depreciation | 5,302 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  |  | 6,949 |
Total property, plant and equipment, net | 3,547,830 |  |  | 793,220 |  |  | 717,871 |  |  | — |  |  | — |  |  |  | 5,058,921 |
Investment in wholly-owned subsidiaries, at equity | 676,237 |  |  | — |  |  | — |  |  | — |  |  | (676,237) |  | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 23,344 |  |  | 5,326 |  |  | 23,422 |  |  | 77 |  |  | — |  |  |  | 52,169 |
Restricted cash | 3,089 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 3,089 |
Advances to affiliates | 1,000 |  |  | — |  |  | — |  |  | — |  |  | (1,000) |  | [1] |  | — |
Customer accounts receivable, net | 135,949 |  |  | 28,469 |  |  | 22,441 |  |  | — |  |  | — |  |  |  | 186,859 |
Accrued unbilled revenues, net | 92,469 |  |  | 19,529 |  |  | 17,157 |  |  | — |  |  | — |  |  |  | 129,155 |
Other accounts receivable, net | 18,624 |  |  | 3,347 |  |  | 3,031 |  |  | — |  |  | (17,735) |  | [1] |  | 7,267 |
Fuel oil stock, at average cost | 71,184 |  |  | 12,814 |  |  | 20,080 |  |  | — |  |  | — |  |  |  | 104,078 |
Materials and supplies, at average cost | 42,006 |  |  | 9,727 |  |  | 20,144 |  |  | — |  |  | — |  |  |  | 71,877 |
Prepayments and other | 32,140 |  |  | 6,052 |  |  | 7,114 |  |  | — |  |  | 725 |  | [1] |  | 46,031 |
Regulatory assets | 58,695 |  |  | 3,051 |  |  | 4,918 |  |  | — |  |  | — |  |  |  | 66,664 |
Total current assets | 478,500 |  |  | 88,315 |  |  | 118,307 |  |  | 77 |  |  | (18,010) |  |  |  | 667,189 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 78,710 |  |  | 22,442 |  |  | 318 |  |  | — |  |  | — |  |  |  | 101,470 |
Regulatory assets | 337,903 |  |  | 81,645 |  |  | 79,331 |  |  | — |  |  | — |  |  |  | 498,879 |
Other | 130,546 |  |  | 17,124 |  |  | 18,510 |  |  | — |  |  | (1,014) |  | [1] |  | 165,166 |
Total other long-term assets | 547,159 |  |  | 121,211 |  |  | 98,159 |  |  | — |  |  | (1,014) |  |  |  | 765,515 |
Total assets | $ | 5,249,726 |  |  | 1,002,746 |  |  | 934,337 |  |  | 77 |  |  | (695,261) |  |  |  | $ | 6,491,625 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity | $ | 2,261,899 |  |  | 332,900 |  |  | 343,260 |  |  | 77 |  |  | (676,237) |  | [2] |  | $ | 2,261,899 |
Cumulative preferred stock–not subject to mandatory redemption | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  |  | 34,293 |
Long-term debt, net | 1,136,620 |  |  | 234,390 |  |  | 253,417 |  |  | — |  |  | — |  |  |  | 1,624,427 |
Total capitalization | 3,420,812 |  |  | 574,290 |  |  | 601,677 |  |  | 77 |  |  | (676,237) |  |  |  | 3,920,619 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities | 45,955 |  |  | 3,378 |  |  | 35 |  |  | — |  |  | — |  |  |  | 49,368 |
Current portion of long-term debt, net | 39,981 |  |  | 11,994 |  |  | — |  |  | — |  |  | — |  |  |  | 51,975 |
Short-term borrowings-affiliate | — |  |  | 1,000 |  |  | — |  |  | — |  |  | (1,000) |  | [1] |  | — |
Accounts payable | 111,024 |  |  | 26,139 |  |  | 22,844 |  |  | — |  |  | — |  |  |  | 160,007 |
Interest and preferred dividends payable | 12,442 |  |  | 2,617 |  |  | 2,269 |  |  | — |  |  | (3) |  | [1] |  | 17,325 |
Taxes accrued, including revenue taxes | 143,723 |  |  | 33,153 |  |  | 30,679 |  |  | — |  |  | 725 |  | [1] |  | 208,280 |
Regulatory liabilities | 22,240 |  |  | 3,247 |  |  | 4,273 |  |  | — |  |  | — |  |  |  | 29,760 |
Other | 56,752 |  |  | 14,158 |  |  | 18,540 |  |  | — |  |  | (17,881) |  | [1] |  | 71,569 |
Total current liabilities | 432,117 |  |  | 95,686 |  |  | 78,640 |  |  | — |  |  | (18,159) |  |  |  | 588,284 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities | 46,426 |  |  | 19,063 |  |  | 291 |  |  | — |  |  | — |  |  |  | 65,780 |
Deferred income taxes | 291,027 |  |  | 53,298 |  |  | 64,309 |  |  | — |  |  | — |  |  |  | 408,634 |
Regulatory liabilities | 695,152 |  |  | 179,267 |  |  | 92,589 |  |  | — |  |  | — |  |  |  | 967,008 |
Unamortized tax credits | 76,201 |  |  | 14,212 |  |  | 13,532 |  |  | — |  |  | — |  |  |  | 103,945 |
Defined benefit pension and other postretirement benefit plans liability | 220,480 |  |  | 48,900 |  |  | 53,257 |  |  | — |  |  | (857) |  | [1] |  | 321,780 |
Other | 67,511 |  |  | 18,030 |  |  | 30,042 |  |  | — |  |  | (8) |  |  |  | 115,575 |
Total deferred credits and other liabilities | 1,396,797 |  |  | 332,770 |  |  | 254,020 |  |  | — |  |  | (865) |  |  |  | 1,982,722 |
Total capitalization and liabilities | $ | 5,249,726 |  |  | 1,002,746 |  |  | 934,337 |  |  | 77 |  |  | (695,261) |  |  |  | $ | 6,491,625 |
Consolidating balance sheet December 31, 2020
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating 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) |  | [2] |  | — |
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) |  | [1] |  | — |
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) |  | [1] |  | 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] |  | $ | 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) |  | [1] |  | — |
Accounts payable | 97,102 |  |  | 19,570 |  |  | 17,177 |  |  | — |  |  | — |  |  |  | 133,849 |
Interest and preferred dividends payable | 14,480 |  |  | 3,138 |  |  | 2,790 |  |  | — |  |  | (58) |  | [1] |  | 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) |  | [1] |  | 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
December 31 |  | 2021 |  | 2020
(in thousands) |  |  |  |
Assets |  |  |  |
Cash and due from banks |  | $ | 100,051 |  |  | $ | 178,422 |
Interest-bearing deposits |  | 151,189 |  |  | 114,304 |
Cash and cash equivalents |  | 251,240 |  |  | 292,726 |
Investment securities |  |  |  |
Available-for-sale, at fair value |  | 2,574,618 |  |  | 1,970,417 |
Held-to-maturity, at amortized cost (fair value of $510,474 and $229,963 at December 31, 2021 and 2020, respectively) |  | 522,270 |  |  | 226,947 |
Stock in Federal Home Loan Bank, at cost |  | 10,000 |  |  | 8,680 |
Loans held for investment |  | 5,211,114 |  |  | 5,333,843 |
Allowance for credit losses |  | (71,130) |  |  | (101,201) |
Net loans |  | 5,139,984 |  |  | 5,232,642 |
Loans held for sale, at lower of cost or fair value |  | 10,404 |  |  | 28,275 |
Other |  | 590,897 |  |  | 554,656 |
Goodwill |  | 82,190 |  |  | 82,190 |
Total assets |  | $ | 9,181,603 |  |  | $ | 8,396,533 |
Liabilities and shareholder’s equity |  |  |  |
Deposit liabilities–noninterest-bearing |  | $ | 2,976,632 |  |  | $ | 2,598,500 |
Deposit liabilities–interest-bearing |  | 5,195,580 |  |  | 4,788,457 |
Other borrowings |  | 88,305 |  |  | 89,670 |
Other |  | 193,268 |  |  | 183,731 |
Total liabilities |  | 8,453,785 |  |  | 7,660,358 |
Commitments and contingencies |  |  |  |
Common stock |  | 1 |  |  | 1 |
Additional paid in capital |  | 353,895 |  |  | 351,758 |
Retained earnings |  | 411,704 |  |  | 369,470 |
Accumulated other comprehensive income (loss), net of taxes |  |  |  |
Net unrealized gains (losses) on securities | $ | (32,037) |  |  | $ | 19,986 |  |
Retirement benefit plans | (5,745) |  | (37,782) |  | (5,040) |  | 14,946 |
Total shareholder’s equity |  | 727,818 |  |  | 736,175 |
Total liabilities and shareholder’s equity |  | $ | 9,181,603 |  |  | $ | 8,396,533 |
December 31 |  | 2021 |  | 2020
(in thousands) |  |  |  |
Other assets |  |  |  |
Bank-owned life insurance |  | $ | 177,566 |  |  | $ | 163,265 |
Premises and equipment, net |  | 202,299 |  |  | 206,134 |
Accrued interest receivable |  | 20,854 |  |  | 24,616 |
Mortgage servicing rights |  | 9,950 |  |  | 10,020 |
Low-income housing investments |  | 110,989 |  |  | 83,435 |
Other |  | 69,239 |  |  | 67,186 |
|  | $ | 590,897 |  |  | $ | 554,656 |
Other liabilities |  |  |  |
Accrued expenses |  | $ | 87,905 |  |  | $ | 62,694 |
Federal and state income taxes payable |  | — |  |  | 6,582 |
Cashier’s checks |  | 33,675 |  |  | 38,011 |
Advance payments by borrowers |  | 9,994 |  |  | 10,207 |
Other |  | 61,694 |  |  | 66,237 |
|  | $ | 193,268 |  |  | $ | 183,731 |
Schedule of the book value and aggregate fair value by major security type | The major components of investment securities were as follows:
|  |  |  |  |  |  |  |  | Gross unrealized losses
|  |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Less than 12 months |  | 12 months or longer
(dollars in thousands) | Amortized cost |  |  |  |  | Number of issues |  | Fair value |  | Amount |  | Number of issues |  | Fair value |  | Amount
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations | $ | 89,714 |  |  | $ | 803 |  |  | $ | (427) |  |  | $ | 90,090 |  |  | 4 |  | $ | 44,827 |  |  | $ | (427) |  |  | — |  | $ | — |  |  | $ | — |
Mortgage-backed securities* | 2,482,618 |  |  | 6,511 |  |  | (51,206) |  |  | 2,437,923 |  |  | 120 |  | 1,845,243 |  |  | (38,321) |  |  | 18 |  | 271,012 |  |  | (12,885) |
Corporate bonds | 30,625 |  |  | 655 |  |  | (102) |  |  | 31,178 |  |  | 1 |  | 12,780 |  |  | (102) |  |  | — |  | — |  |  | — |
Mortgage revenue bonds | 15,427 |  |  | — |  |  | — |  |  | 15,427 |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
| $ | 2,618,384 |  |  | $ | 7,969 |  |  | $ | (51,735) |  |  | $ | 2,574,618 |  |  | 125 |  | $ | 1,902,850 |  |  | $ | (38,850) |  |  | 18 |  | $ | 271,012 |  |  | $ | (12,885) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury and Federal agency obligations | $ | 59,871 |  |  | $ | 168 |  |  | $ | (170) |  |  | $ | 59,869 |  |  | 2 |  | $ | 39,594 |  |  | $ | (170) |  |  | — |  | $ | — |  |  | $ | — |
Mortgage-backed securities* | 462,399 |  |  | 1,480 |  |  | (13,274) |  |  | 450,605 |  |  | 22 |  | 290,883 |  |  | (7,665) |  |  | 7 |  | 106,483 |  |  | (5,609) |
| $ | 522,270 |  |  | $ | 1,648 |  |  | $ | (13,444) |  |  | $ | 510,474 |  |  | 24 |  | $ | 330,477 |  |  | $ | (7,835) |  |  | 7 |  | $ | 106,483 |  |  | $ | (5,609) |
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:
| Amortized |  | Fair
December 31, 2021 | Cost |  | value
(in thousands) |  |  |
Available-for-sale |  |  |
Due in one year or less | $ | 15,055 |  |  | $ | 15,298 |
Due after one year through five years | 62,461 |  |  | 63,256 |
Due after five years through ten years | 58,250 |  |  | 58,141 |
Due after ten years | — |  |  | — |
| 135,766 |  |  | 136,695 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 2,482,618 |  |  | 2,437,923 |
Total available-for-sale securities | $ | 2,618,384 |  |  | $ | 2,574,618 |
Held-to-maturity |  |  |
Due in one year or less | $ | — |  |  | $ | — |
Due after one year through five years | — |  |  | — |
Due after five years through ten years | 59,871 |  |  | 59,869 |
Due after ten years | — |  |  | — |
| 59,871 |  |  | 59,869 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 462,399 |  |  | 450,605 |
Total held-to-maturity securities | $ | 522,270 |  |  | $ | 510,474 |
Schedule of proceeds, gains and losses from sales of available for sale investment securities | The proceeds, gross gains and losses from sales of available-for-sale securities were as follows:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Proceeds | $ | 197,354 |  |  | $ | 169,157 |  |  | $ | 19,810 |
Gross gains | 975 |  |  | 9,275 |  |  | 653 |
Gross losses | (447) |  |  | — |  |  | — |
Schedule of interest income from available for sale investment securities | Interest income from taxable and non-taxable investment securities were as follows:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Taxable | $ | 42,534 |  |  | $ | 29,760 |  |  | $ | 31,848 |
Non-taxable | 930 |  |  | 769 |  |  | 1,074 |
| $ | 43,464 |  |  | $ | 30,529 |  |  | $ | 32,922 |
Schedule of loans receivable | The components of loans were summarized as follows:
December 31 | 2021 |  | 2020
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,299,212 |  |  | $ | 2,144,239 |
Commercial real estate | 1,056,982 |  |  | 983,865 |
Home equity line of credit | 835,663 |  |  | 963,578 |
Residential land | 19,859 |  |  | 15,617 |
Commercial construction | 91,080 |  |  | 121,424 |
Residential construction | 11,138 |  |  | 11,022 |
Total real estate | 4,313,934 |  |  | 4,239,745 |
Commercial | 793,304 |  |  | 936,748 |
Consumer | 113,966 |  |  | 168,733 |
Total loans | 5,221,204 |  |  | 5,345,226 |
Less: Deferred fees and discounts | (10,090) |  |  | (11,383) |
Allowance for credit losses | (71,130) |  |  | (101,201) |
Total loans, net | $ | 5,139,984 |  |  | $ | 5,232,642 |
Schedule of allowance for loan losses | The allowance for credit losses (balances and changes) and financing receivables 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 |  | Consumer |  |  |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 4,600 |  |  | $ | 35,607 |  |  | $ | 6,813 |  |  | $ | 609 |  |  | $ | 4,149 |  |  | $ | 11 |  |  | $ | 25,462 |  |  | $ | 23,950 |  |  |  |  | $ | 101,201 |
Charge-offs | (67) |  |  | — |  |  | (45) |  |  | — |  |  | — |  |  | — |  |  | (1,561) |  |  | (8,027) |  |  |  |  | (9,700) |
Recoveries | 92 |  |  | — |  |  | 113 |  |  | 61 |  |  | — |  |  | — |  |  | 1,468 |  |  | 4,320 |  |  |  |  | 6,054 |
Net (charge-offs) recoveries | 25 |  |  | — |  |  | 68 |  |  | 61 |  |  | — |  |  | — |  |  | (93) |  |  | (3,707) |  |  |  |  | (3,646) |
Provision | 1,920 |  |  | (10,911) |  |  | (1,224) |  |  | (24) |  |  | (1,963) |  |  | 7 |  |  | (9,571) |  |  | (4,659) |  |  |  |  | (26,425) |
Ending balance | $ | 6,545 |  |  | $ | 24,696 |  |  | $ | 5,657 |  |  | $ | 646 |  |  | $ | 2,186 |  |  | $ | 18 |  |  | $ | 15,798 |  |  | $ | 15,584 |  |  |  |  | $ | 71,130 |
Average loans outstanding | $ | 2,155,322 |  |  | $ | 1,046,276 |  |  | $ | 885,759 |  |  | $ | 18,227 |  |  | $ | 111,711 |  |  | $ | 11,361 |  |  | $ | 856,226 |  |  | $ | 135,609 |  |  |  |  | $ | 5,220,491 |
Net charge-offs (recoveries) to average loans | — | % |  | — | % |  | (0.01 | %) |  | (0.33 | %) |  | — | % |  | — | % |  | 0.01 | % |  | 2.73 | % |  |  |  | 0.07 | %
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 | $ | 2,380 |  |  | $ | 15,053 |  |  | $ | 6,922 |  |  | $ | 449 |  |  | $ | 2,097 |  |  | $ | 3 |  |  | $ | 10,245 |  |  | $ | 16,206 |  |  |  |  | $ | 53,355 |
Impact of adopting ASU No. 2016-13 | 2,150 |  |  | 208 |  |  | (541) |  |  | (64) |  |  | 289 |  |  | 14 |  |  | 922 |  |  | 16,463 |  |  |  |  | 19,441 |
Charge-offs | (7) |  |  | — |  |  | (77) |  |  | (351) |  |  | — |  |  | — |  |  | (5,819) |  |  | (19,900) |  |  |  |  | (26,154) |
Recoveries | 394 |  |  | — |  |  | 63 |  |  | 38 |  |  | — |  |  | — |  |  | 872 |  |  | 3,381 |  |  |  |  | 4,748 |
Net (charge-offs) recoveries | 387 |  |  | — |  |  | (14) |  |  | (313) |  |  | — |  |  | — |  |  | (4,947) |  |  | (16,519) |  |  |  |  | (21,406) |
Provision | (317) |  |  | 20,346 |  |  | 446 |  |  | 537 |  |  | 1,763 |  |  | (6) |  |  | 19,242 |  |  | 7,800 |  |  |  |  | 49,811 |
Ending balance | $ | 4,600 |  |  | $ | 35,607 |  |  | $ | 6,813 |  |  | $ | 609 |  |  | $ | 4,149 |  |  | $ | 11 |  |  | $ | 25,462 |  |  | $ | 23,950 |  |  |  |  | $ | 101,201 |
Average loans outstanding | $ | 2,148,848 |  |  | $ | 861,096 |  |  | $ | 1,060,444 |  |  | $ | 13,799 |  |  | $ | 93,740 |  |  | $ | 10,703 |  |  | $ | 935,663 |  |  | $ | 215,994 |  |  |  |  | $ | 5,340,287 |
Net charge-offs (recoveries) to average loans | (0.02) | % |  | — | % |  | — | % |  | 2.27 | % |  | — | % |  | — | % |  | 0.53 | % |  | 7.65 | % |  |  |  | 0.40 | %
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 1,976 |  |  | $ | 14,505 |  |  | $ | 6,371 |  |  | $ | 479 |  |  | $ | 2,790 |  |  | $ | 4 |  |  | $ | 9,225 |  |  | $ | 16,769 |  |  |  |  | $ | 52,119 |
Charge-offs | (26) |  |  | — |  |  | (144) |  |  | (4) |  |  | — |  |  | — |  |  | (6,811) |  |  | (21,677) |  |  |  |  | (28,662) |
Recoveries | 854 |  |  | — |  |  | 17 |  |  | 229 |  |  | — |  |  | — |  |  | 2,351 |  |  | 2,967 |  |  |  |  | 6,418 |
Net (charge-offs) recoveries | 828 |  |  | — |  |  | (127) |  |  | 225 |  |  | — |  |  | — |  |  | (4,460) |  |  | (18,710) |  |  |  |  | (22,244) |
Provision | (424) |  |  | 548 |  |  | 678 |  |  | (255) |  |  | (693) |  |  | (1) |  |  | 5,480 |  |  | 18,147 |  |  |  |  | 23,480 |
Ending balance | $ | 2,380 |  |  | $ | 15,053 |  |  | $ | 6,922 |  |  | $ | 449 |  |  | $ | 2,097 |  |  | $ | 3 |  |  | $ | 10,245 |  |  | $ | 16,206 |  |  |  |  | $ | 53,355 |
Average loans outstanding | $ | 2,164,759 |  |  | $ | 781,531 |  |  | $ | 1,043,479 |  |  | $ | 14,065 |  |  | $ | 81,937 |  |  | $ | 10,513 |  |  | $ | 620,206 |  |  | $ | 270,340 |  |  |  |  | $ | 4,986,830 |
Net charge-offs (recoveries) to average loans | (0.04) | % |  | — | % |  | 0.01 | % |  | (1.60 | %) |  | — | % |  | — | % |  | 0.72 | % |  | 6.92 | % |  |  |  | 0.45 | %
Ending balance: individually evaluated for impairment | $ | 898 |  |  | $ | 2 |  |  | $ | 322 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,015 |  |  | $ | 454 |  |  |  |  | $ | 2,691 |
Ending balance: collectively evaluated for impairment | $ | 1,482 |  |  | $ | 15,051 |  |  | $ | 6,600 |  |  | $ | 449 |  |  | $ | 2,097 |  |  | $ | 3 |  |  | $ | 9,230 |  |  | $ | 15,752 |  |  |  |  | $ | 50,664 |
Financing Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance | $ | 2,178,135 |  |  | $ | 824,830 |  |  | $ | 1,092,125 |  |  | $ | 14,704 |  |  | $ | 70,605 |  |  | $ | 11,670 |  |  | $ | 670,674 |  |  | $ | 257,921 |  |  |  |  | $ | 5,120,664 |
Ending balance: individually evaluated for impairment | $ | 15,600 |  |  | $ | 1,048 |  |  | $ | 12,073 |  |  | $ | 3,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,418 |  |  | $ | 507 |  |  |  |  | $ | 40,737 |
Ending balance: collectively evaluated for impairment | $ | 2,162,535 |  |  | $ | 823,782 |  |  | $ | 1,080,052 |  |  | $ | 11,613 |  |  | $ | 70,605 |  |  | $ | 11,670 |  |  | $ | 662,256 |  |  | $ | 257,414 |  |  |  |  | $ | 5,079,927 |
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
Year ended December 31, 2021 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 300 |  |  | $ | 3,000 |  |  | $ | 1,000 |  |  | $ | 4,300 |
Provision |  | 100 |  |  | 700 |  |  | (200) |  |  | 600 |
Ending balance |  | $ | 400 |  |  | $ | 3,700 |  |  | $ | 800 |  |  | $ | 4,900 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU No. 2016-13 |  | $ | 392 |  |  | $ | 931 |  |  | $ | 418 |  |  | $ | 1,741 |
Impact of adopting ASU No. 2016-13 |  | (92) |  |  | 1,745 |  |  | (94) |  |  | 1,559 |
Provision |  | — |  |  | 324 |  |  | 676 |  |  | 1,000 |
Ending balance |  | $ | 300 |  |  | $ | 3,000 |  |  | $ | 1,000 |  |  | $ | 4,300 |
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 loans |  | Converted to term loans |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 791,758 |  |  | $ | 461,683 |  |  | $ | 133,345 |  |  | $ | 64,421 |  |  | $ | 124,994 |  |  | $ | 712,452 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,288,653 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | 809 |  |  | — |  |  | 2,210 |  |  | — |  |  | — |  |  | 3,019 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,468 |  |  | — |  |  | — |  |  | 1,468 |
Greater than 89 days past due |  | — |  |  | — |  |  | 2,987 |  |  | — |  |  | — |  |  | 3,085 |  |  | — |  |  | — |  |  | 6,072 |
|  | 791,758 |  |  | 461,683 |  |  | 136,332 |  |  | 65,230 |  |  | 124,994 |  |  | 719,215 |  |  | — |  |  | — |  |  | 2,299,212 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 794,518 |  |  | 39,116 |  |  | 833,634 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 296 |  |  | 313 |  |  | 609 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | 70 |  |  | 86 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 838 |  |  | 496 |  |  | 1,334 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 795,668 |  |  | 39,995 |  |  | 835,663 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 10,572 |  |  | 6,794 |  |  | 1,116 |  |  | 532 |  |  | 267 |  |  | 181 |  |  | — |  |  | — |  |  | 19,462 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 397 |  |  | — |  |  | — |  |  | 397 |
|  | 10,572 |  |  | 6,794 |  |  | 1,116 |  |  | 532 |  |  | 267 |  |  | 578 |  |  | — |  |  | — |  |  | 19,859 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 7,856 |  |  | 3,019 |  |  | — |  |  | — |  |  | 263 |  |  | — |  |  | — |  |  | — |  |  | 11,138 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 7,856 |  |  | 3,019 |  |  | — |  |  | — |  |  | 263 |  |  | — |  |  | — |  |  | — |  |  | 11,138 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 37,563 |  |  | 15,488 |  |  | 29,383 |  |  | 10,897 |  |  | 302 |  |  | 238 |  |  | 12,740 |  |  | 4,157 |  |  | 110,768 |
30-59 days past due |  | 202 |  |  | 181 |  |  | 517 |  |  | 234 |  |  | 15 |  |  | — |  |  | 156 |  |  | 70 |  |  | 1,375 |
60-89 days past due |  | 59 |  |  | 127 |  |  | 392 |  |  | 183 |  |  | 8 |  |  | — |  |  | 7 |  |  | 106 |  |  | 882 |
Greater than 89 days past due |  | 14 |  |  | 93 |  |  | 387 |  |  | 192 |  |  | 27 |  |  | — |  |  | 141 |  |  | 87 |  |  | 941 |
|  | 37,838 |  |  | 15,889 |  |  | 30,679 |  |  | 11,506 |  |  | 352 |  |  | 238 |  |  | 13,044 |  |  | 4,420 |  |  | 113,966 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 173,794 |  |  | 275,242 |  |  | 49,317 |  |  | 56,490 |  |  | 33,581 |  |  | 259,583 |  |  | 11,602 |  |  | — |  |  | 859,609 |
Special Mention |  | 19,600 |  |  | 3,529 |  |  | 42,935 |  |  | 30,870 |  |  | 20,788 |  |  | 32,824 |  |  | — |  |  | — |  |  | 150,546 |
Substandard |  | — |  |  | 684 |  |  | 13,936 |  |  | 1,859 |  |  | 1,805 |  |  | 28,543 |  |  | — |  |  | — |  |  | 46,827 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 193,394 |  |  | 279,455 |  |  | 106,188 |  |  | 89,219 |  |  | 56,174 |  |  | 320,950 |  |  | 11,602 |  |  | — |  |  | 1,056,982 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 17,140 |  |  | 43,261 |  |  | — |  |  | 11,342 |  |  | — |  |  | — |  |  | 19,337 |  |  | — |  |  | 91,080 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 17,140 |  |  | 43,261 |  |  | — |  |  | 11,342 |  |  | — |  |  | — |  |  | 19,337 |  |  | — |  |  | 91,080 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 266,087 |  |  | 96,963 |  |  | 79,329 |  |  | 56,497 |  |  | 31,019 |  |  | 66,570 |  |  | 96,673 |  |  | 15,510 |  |  | 708,648 |
Special Mention |  | 40 |  |  | 27,336 |  |  | 10,071 |  |  | 202 |  |  | 439 |  |  | 8,966 |  |  | 15,303 |  |  | 18 |  |  | 62,375 |
Substandard |  | 427 |  |  | 184 |  |  | 3,737 |  |  | 1,777 |  |  | 4,457 |  |  | 2,961 |  |  | 7,083 |  |  | 1,655 |  |  | 22,281 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 266,554 |  |  | 124,483 |  |  | 93,137 |  |  | 58,476 |  |  | 35,915 |  |  | 78,497 |  |  | 119,059 |  |  | 17,183 |  |  | 793,304 |
Total loans |  | $ | 1,325,112 |  |  | $ | 934,584 |  |  | $ | 367,452 |  |  | $ | 236,305 |  |  | $ | 217,965 |  |  | $ | 1,119,478 |  |  | $ | 958,710 |  |  | $ | 61,598 |  |  | $ | 5,221,204 |
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving loans |  | 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 |  | Recorded investment> 90 days and accruing
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | $ | 3,019 |  |  | $ | 1,468 |  |  | $ | 6,072 |  |  | $ | 10,559 |  |  | $ | 2,288,653 |  |  | $ | 2,299,212 |  |  | $ | — |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | 1,056,982 |  |  | 1,056,982 |  |  | — |
Home equity line of credit | 609 |  |  | 86 |  |  | 1,334 |  |  | 2,029 |  |  | 833,634 |  |  | 835,663 |  |  | — |
Residential land | — |  |  | — |  |  | 397 |  |  | 397 |  |  | 19,462 |  |  | 19,859 |  |  | — |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | 91,080 |  |  | 91,080 |  |  | — |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | 11,138 |  |  | 11,138 |  |  | — |
Commercial | 700 |  |  | 313 |  |  | 48 |  |  | 1,061 |  |  | 792,243 |  |  | 793,304 |  |  | — |
Consumer | 1,375 |  |  | 882 |  |  | 941 |  |  | 3,198 |  |  | 110,768 |  |  | 113,966 |  |  | — |
Total loans | $ | 5,703 |  |  | $ | 2,749 |  |  | $ | 8,792 |  |  | $ | 17,244 |  |  | $ | 5,203,960 |  |  | $ | 5,221,204 |  |  | $ | — |
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:
| December 31, 2021 |  | December 31, 2020
(in thousands) | With a Related ACL |  | Without a Related ACL |  | Total |  | With a Related ACL |  | Without a Related ACL |  | Total
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | $ | 16,045 |  |  | $ | 3,703 |  |  | $ | 19,748 |  |  | $ | 8,991 |  |  | $ | 2,835 |  |  | $ | 11,826 |
Commercial real estate | 14,104 |  |  | 1,221 |  |  | 15,325 |  |  | 15,847 |  |  | 2,875 |  |  | 18,722 |
Home equity line of credit | 4,227 |  |  | 1,294 |  |  | 5,521 |  |  | 5,791 |  |  | 1,567 |  |  | 7,358 |
Residential land | 97 |  |  | 300 |  |  | 397 |  |  | 108 |  |  | 300 |  |  | 408 |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial | 1,446 |  |  | 692 |  |  | 2,138 |  |  | 1,819 |  |  | 3,328 |  |  | 5,147 |
Consumer | 1,845 |  |  | — |  |  | 1,845 |  |  | 3,935 |  |  | — |  |  | 3,935 |
Total | $ | 37,764 |  |  | $ | 7,210 |  |  | $ | 44,974 |  |  | $ | 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) | December 31, 2021 |  | December 31, 2020
Real estate: |  |  |
Residential 1-4 family | $ | 6,949 |  |  | $ | 7,932 |
Commercial real estate | 3,055 |  |  | 3,281 |
Home equity line of credit | 6,021 |  |  | 8,148 |
Residential land | 980 |  |  | 1,555 |
Commercial construction | — |  |  | — |
Residential construction | — |  |  | — |
Commercial | 7,860 |  |  | 6,108 |
Consumer | 52 |  |  | 54 |
Total troubled debt restructured loans accruing interest | $ | 24,917 |  |  | $ | 27,078 |
Schedule of loan modifications | Loan modifications that occurred during 2021, 2020, and 2019 were as follows:
(dollars in thousands) | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Year ended December 31, 2021 |  |  |  |  |
Real estate: |  |  |  |  |
Residential 1-4 family | 14 |  |  | $ | 8,379 |  |  | $ | 442 |
Commercial real estate | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |
Residential land | 3 |  |  | 799 |  |  | 38 |
Commercial construction | — |  |  | — |  |  | — |
Residential construction | — |  |  | — |  |  | — |
Commercial | 7 |  |  | 2,931 |  |  | 205 |
Consumer | — |  |  | — |  |  | — |
| 24 |  |  | $ | 12,109 |  |  | $ | 685 |
Year ended December 31, 2020 |  |  |  |  |
Real estate: |  |  |  |  |
Residential 1-4 family | 1 |  |  | $ | 144 |  |  | $ | 6 |
Commercial real estate | 6 |  |  | 20,714 |  |  | 4,439 |
Home equity line of credit | 3 |  |  | 85 |  |  | 11 |
Residential land | 4 |  |  | 668 |  |  | 54 |
Commercial construction | — |  |  | — |  |  | — |
Residential construction | — |  |  | — |  |  | — |
Commercial | 54 |  |  | 5,380 |  |  | 869 |
Consumer | — |  |  | — |  |  | — |
| 68 |  |  | $ | 26,991 |  |  | $ | 5,379 |
Year ended December 31, 2019 |  |  |  |  |
Real estate: |  |  |  |  |
Residential 1-4 family | 11 |  |  | $ | 1,770 |  |  | $ | 190 |
Commercial real estate | — |  |  | — |  |  | — |
Home equity line of credit | 3 |  |  | 442 |  |  | 73 |
Residential land | 3 |  |  | 1,086 |  |  | — |
Commercial construction | — |  |  | — |  |  | — |
Residential construction | — |  |  | — |  |  | — |
Commercial | 8 |  |  | 5,523 |  |  | 417 |
Consumer | — |  |  | — |  |  | — |
| 25 |  |  | $ | 8,821 |  |  | $ | 680 |
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 loans modified in TDRS that experienced a payment default of 90 days or more, and for which payment default occurred within one year of the modification | Loans modified in TDRs that experienced a payment default of 90 days or more in 2021, 2020, and 2019 and for which the payment default occurred within one year of the modification, were as follows:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(dollars in thousands) | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment |  | Number of contracts |  | Recorded investment
Troubled debt restructurings that subsequently defaulted |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 1 |  |  | $ | 474 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial | 1 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2 |  |  | $ | 483 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Schedule of collateral-dependent loans and carrying amount and the total unpaid principal balance of impaired loans | Loans considered collateral-dependent were as follows:
|  | December 31, 2021 |  | December 31, 2020
|  | Amortized cost |  | Collateral type |  | Amortized cost |  | Collateral type
(in thousands) |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 3,493 |  |  | Residential real estate property |  | $ | 2,541 |  |  | Residential real estate property
Commercial real estate |  | 1,221 |  |  | Commercial real estate property |  | 2,875 |  |  | Commercial real estate property
Home equity line of credit |  | 1,294 |  |  | Residential real estate property |  | 1,567 |  |  | Residential real estate property
Residential land |  | 300 |  |  | Residential real estate property |  | 300 |  |  | Residential real estate property
Total real estate |  | 6,308 |  |  |  |  | 7,283 |  |  |
Commercial |  | 692 |  |  | Business assets |  | 934 |  |  | Business assets
Total |  | $ | 7,000 |  |  |  |  | $ | 8,217 |  |  |
The total carrying amount and the total unpaid principal balance of impaired loans and ASB’s average recorded investment of, and interest income recognized from, impaired loans were as follows:
December 31 | 2019 |  | 2019 |  |
(in thousands) | Recorded investment |  | Unpaid principal balance |  | Related allowance |  | Average recorded investment |  | Interest income recognized* |  |  |  |
With no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | $ | 6,817 |  |  | $ | 7,207 |  |  | $ | — |  |  | $ | 8,169 |  |  | $ | 907 |  |  |  |  |
Commercial real estate | 195 |  |  | 200 |  |  | — |  |  | 16 |  |  | — |  |  |  |  |
Home equity line of credit | 1,984 |  |  | 2,135 |  |  | — |  |  | 2,020 |  |  | 84 |  |  |  |  |
Residential land | 3,091 |  |  | 3,294 |  |  | — |  |  | 2,662 |  |  | 129 |  |  |  |  |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Commercial | 1,948 |  |  | 2,285 |  |  | — |  |  | 4,534 |  |  | 276 |  |  |  |  |
Consumer | 2 |  |  | 2 |  |  | — |  |  | 21 |  |  | 4 |  |  |  |  |
| 14,037 |  |  | 15,123 |  |  | — |  |  | 17,422 |  |  | 1,400 |  |  |  |  |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 8,783 |  |  | 8,835 |  |  | 898 |  |  | 8,390 |  |  | 359 |  |  |  |  |
Commercial real estate | 853 |  |  | 853 |  |  | 2 |  |  | 886 |  |  | 37 |  |  |  |  |
Home equity line of credit | 10,089 |  |  | 10,099 |  |  | 322 |  |  | 11,319 |  |  | 567 |  |  |  |  |
Residential land | — |  |  | — |  |  | — |  |  | 27 |  |  | — |  |  |  |  |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Commercial | 6,470 |  |  | 6,470 |  |  | 1,015 |  |  | 6,990 |  |  | 132 |  |  |  |  |
Consumer | 505 |  |  | 505 |  |  | 454 |  |  | 360 |  |  | 24 |  |  |  |  |
| 26,700 |  |  | 26,762 |  |  | 2,691 |  |  | 27,972 |  |  | 1,119 |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 15,600 |  |  | 16,042 |  |  | 898 |  |  | 16,559 |  |  | 1,266 |  |  |  |  |
Commercial real estate | 1,048 |  |  | 1,053 |  |  | 2 |  |  | 902 |  |  | 37 |  |  |  |  |
Home equity line of credit | 12,073 |  |  | 12,234 |  |  | 322 |  |  | 13,339 |  |  | 651 |  |  |  |  |
Residential land | 3,091 |  |  | 3,294 |  |  | — |  |  | 2,689 |  |  | 129 |  |  |  |  |
Commercial construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Residential construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Commercial | 8,418 |  |  | 8,755 |  |  | 1,015 |  |  | 11,524 |  |  | 408 |  |  |  |  |
Consumer | 507 |  |  | 507 |  |  | 454 |  |  | 381 |  |  | 28 |  |  |  |  |
| $ | 40,737 |  |  | $ | 41,885 |  |  | $ | 2,691 |  |  | $ | 45,394 |  |  | $ | 2,519 |  |  |  |  |
* Since loan was classified as impaired.
Schedule of amortized intangible assets | Changes in the carrying value of MSRs were as follows:
(in thousands) | Gross carrying amount 1 |  | Accumulated amortization 1 |  | Valuation allowance |  | Net carrying amount
December 31, 2021 | $ | 18,674 |  |  | $ | (8,724) |  |  | $ | — |  |  | $ | 9,950 |
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:
(in thousands) | 2021 |  | 2020 |  | 2019
Mortgage servicing rights |  |  |  |  |
Balance, January 1 | $ | 10,280 |  |  | $ | 9,101 |  |  | $ | 8,062 |
Amount capitalized | 3,404 |  |  | 5,096 |  |  | 2,987 |
Amortization | (3,734) |  |  | (3,917) |  |  | (1,948) |
Sale of mortgage servicing rights | — |  |  | — |  |  | — |
Other-than-temporary impairment | — |  |  | — |  |  | — |
Carrying amount before valuation allowance, December 31 | 9,950 |  |  | 10,280 |  |  | 9,101 |
Valuation allowance for mortgage servicing rights |  |  |  |  |
Balance, January 1 | 260 |  |  | — |  |  | — |
Provision | (260) |  |  | 260 |  |  | — |
Other-than-temporary impairment | — |  |  | — |  |  | — |
Balance, December 31 | — |  |  | 260 |  |  | — |
Net carrying value of mortgage servicing rights | $ | 9,950 |  |  | $ | 10,020 |  |  | $ | 9,101 |
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:
December 31 | 2021 |  | 2020
(dollars in thousands) |  |  |
Unpaid principal balance | $ | 1,481,899 |  |  | $ | 1,450,312 |
Weighted average note rate | 3.38 | % |  | 3.68 | %
Weighted average discount rate | 9.25 | % |  | 9.25 | %
Weighted average prepayment speed | 9.77 | % |  | 17.70 | %
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)
(dollars in thousands) | Fair value |  | Valuation technique |  | Significant unobservable input |  | Range |  | Weighted Average
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 of MSR to hypothetical adverse changes | 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:
December 31 | 2021 |  | 2020
(in thousands) |  |  |
Prepayment rate: |  |  |
25 basis points adverse rate change | $ | (714) |  |  | $ | (738) |
50 basis points adverse rate change | (1,608) |  |  | (1,445) |
Discount rate: |  |  |
25 basis points adverse rate change | (129) |  |  | (68) |
50 basis points adverse rate change | (256) |  |  | (135) |
Schedule of deposit liabilities | The summarized components of deposit liabilities were as follows:
December 31 | 2021 |  | 2020
(dollars in thousands) | Weighted-average stated rate |  | Amount |  | Weighted-average stated rate |  | Amount
Savings | 0.03 | % |  | $ | 3,234,646 |  |  | 0.03 | % |  | $ | 2,873,727 |
Checking |  |  |  |  |  |  |
Interest-bearing | 0.02 |  |  | 1,344,049 |  |  | 0.02 |  |  | 1,196,675 |
Noninterest-bearing | — |  |  | 1,472,727 |  |  | — |  |  | 1,329,264 |
Commercial checking | — |  |  | 1,503,905 |  |  | — |  |  | 1,269,236 |
Money market | 0.06 |  |  | 192,909 |  |  | 0.09 |  |  | 169,225 |
Time certificates | 0.67 |  |  | 423,976 |  |  | 0.99 |  |  | 548,830 |
| 0.05 | % |  | $ | 8,172,212 |  |  | 0.09 | % |  | $ | 7,386,957 |
Schedule of maturities of term certificates | The approximate scheduled maturities of time certificates outstanding at December 31, 2021 were as follows:
(in thousands) |
2022 | $ | 275,702 |
2023 | 60,049 |
2024 | 47,248 |
2025 | 24,278 |
2026 | 13,736 |
Thereafter | 2,963 |
| $ | 423,976 |
Schedule of interest expense on deposit liabilities by type | Interest expense on deposit liabilities by type of deposit was as follows:
Years ended December 31 | 2021 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |
Time certificates | $ | 3,805 |  |  | $ | 7,944 |  |  | $ | 12,675 |
Savings | 802 |  |  | 1,774 |  |  | 1,904 |
Money market | 132 |  |  | 465 |  |  | 953 |
Interest-bearing checking | 242 |  |  | 471 |  |  | 1,298 |
| $ | 4,981 |  |  | $ | 10,654 |  |  | $ | 16,830 |
Schedule of securities sold under agreements to repurchase, which provided for repurchase of identical securities | Information concerning securities sold under agreements to repurchase, which provided for the repurchase of identical securities, was as follows:
(dollars in thousands) | 2021 |  | 2020 |  | 2019
Amount outstanding as of December 31 | $ | 88,305 |  |  | $ | 89,670 |  |  | $ | 115,110 |
Average amount outstanding during the year | 88,405 |  |  | 73,738 |  |  | 79,598 |
Maximum amount outstanding as of any month-end | 129,665 |  |  | 100,580 |  |  | 115,110 |
Weighted-average interest rate as of December 31 | 0.02 | % |  | 0.02 | % |  | 0.98 | %
Weighted-average interest rate during the year | 0.02 | % |  | 0.42 | % |  | 0.96 | %
Weighted-average remaining days to maturity as of December 31 | 1 |  | 1 |  | 1
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 |  |  |  |  |  |
December 31, 2021 |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
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 |  |  |  |  |  |
December 31, 2021 |  | $ | 88 |  |  | $ | 161 |  |  | $ | — |
December 31, 2020 |  | 90 |  |  | 92 |  |  | — |
Securities sold under agreements to repurchase were summarized as follows:
December 31 | 2021 |  | 2020
Maturity | Repurchase liability |  | Weighted-average interest rate |  | Collateralized by mortgage-backed securities and federal agency obligations at fair value plus accrued interest |  | Repurchase liability |  | Weighted-average interest rate |  | Collateralized by mortgage-backed securities and federal agency obligations at fair value plus accrued interest
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
Overnight | $ | 88,305 |  |  | 0.02 | % |  | $ | 160,847 |  |  | $ | 89,670 |  |  | 0.02 | % |  | $ | 92,478 |
1 to 29 days | — |  |  | — | % |  | — |  |  | — |  |  | — | % |  | — |
30 to 90 days | — |  |  | — | % |  | — |  |  | — |  |  | — | % |  | — |
Over 90 days | — |  |  | — | % |  | — |  |  | — |  |  | — | % |  | — |
| $ | 88,305 |  |  | 0.02 | % |  | $ | 160,847 |  |  | $ | 89,670 |  |  | 0.02 | % |  | $ | 92,478 |
Schedule of actual and minimum required capital amounts and ratios | The tables below set forth actual and minimum required capital amounts and ratios:
| Actual |  | Minimum required |  | Required to be well capitalized
(dollars in thousands) | Capital |  | Ratio |  | Capital |  | Ratio |  | Capital |  | Ratio
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage | $ | 714,789 |  |  | 7.86 | % |  | $ | 363,630 |  |  | 4.00 | % |  | $ | 454,538 |  |  | 5.00 | %
Common equity tier 1 | 714,789 |  |  | 13.29 | % |  | 242,072 |  |  | 4.50 | % |  | 349,659 |  |  | 6.50 | %
Tier 1 capital | 714,789 |  |  | 13.29 | % |  | 322,762 |  |  | 6.00 | % |  | 430,350 |  |  | 8.00 | %
Total capital | 769,836 |  |  | 14.31 | % |  | 430,350 |  |  | 8.00 | % |  | 537,937 |  |  | 10.00 | %
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage | 677,786 |  |  | 8.38 | % |  | 323,700 |  |  | 4.00 | % |  | 404,625 |  |  | 5.00 | %
Schedule of notional amounts and fair value of derivatives | The notional amount and fair value of ASB’s derivative financial instruments were as follows:
December 31 | 2021 |  | 2020
(in thousands) | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments | $ | 39,377 |  |  | $ | 638 |  |  | $ | 120,980 |  |  | $ | 4,536 |
Forward commitments | 38,000 |  |  | (11) |  |  | 100,500 |  |  | (500) |
Schedule of derivative financial instruments, fair values, and balance sheet location | ASB’s derivative financial instruments, their fair values, and balance sheet location were as follows:
Derivative Financial Instruments Not Designated |  |  |  |  |  |  |
as Hedging Instruments 1 |  |  |  |  |  |  |
December 31 | 2021 |  | 2020
(in thousands) | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments | $ | 638 |  |  | $ | — |  |  | $ | 4,536 |  |  | $ | — |
Forward commitments | — |  |  | 11 |  |  | — |  |  | 500 |
| $ | 638 |  |  | $ | 11 |  |  | $ | 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 amount and location of net gains or losses | 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 | Location of net gains |  |  |  |  |  |
as Hedging Instruments | (losses) recognized in |  | Years ended December 31
(in thousands) | the Statements of Income |  | 2021 |  | 2020 |  | 2019
Interest rate lock commitments | Mortgage banking income |  | $ | (3,898) |  |  | $ | 4,239 |  |  | $ | 206 |
Forward commitments | Mortgage banking income |  | 489 |  |  | (458) |  |  | 1 |
|  |  | $ | (3,409) |  |  | $ | 3,781 |  |  | $ | 207 |
Schedule of off balance sheet arrangements | The following is a summary of outstanding off-balance sheet arrangements:
December 31 | 2021 |  | 2020
(in thousands) |  |  |
Unfunded commitments to extend credit: |  |  |
Home equity line of credit | $ | 1,181,496 |  |  | $ | 1,248,773 |
Commercial and commercial real estate | 612,158 |  |  | 574,281 |
Consumer | 62,090 |  |  | 69,168 |
Residential 1-4 family | 44,262 |  |  | 57,862 |
Commercial and financial standby letters of credit | 11,723 |  |  | 13,718 |
Total | $ | 1,911,729 |  |  | $ | 1,963,802 |

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- Definition Tabular disclosure of financing receivable modified as troubled debt restructuring. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524 + Details
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