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Bank segment (Tables) | 3 Months Ended
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Mar. 31, 2023
Bank Subsidiary [Abstract] |
Schedule of statements of income data | Condensed Consolidating Statement of Income Three months ended March 31, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 601,530 |  |  | 115,288 |  |  | 113,673 |  |  | — |  |  | (130) |  |  | $ | 830,361 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 253,827 |  |  | 27,760 |  |  | 52,510 |  |  | — |  |  | — |  |  | 334,097 |
Purchased power |  | 110,279 |  |  | 34,086 |  |  | 8,396 |  |  | — |  |  | — |  |  | 152,761 |
Other operation and maintenance |  | 83,233 |  |  | 21,350 |  |  | 23,733 |  |  | — |  |  | — |  |  | 128,316 |
Depreciation |  | 41,038 |  |  | 10,635 |  |  | 9,254 |  |  | — |  |  | — |  |  | 60,927 |
Taxes, other than income taxes |  | 56,953 |  |  | 10,737 |  |  | 10,695 |  |  | — |  |  | — |  |  | 78,385 |
Total expenses |  | 545,330 |  |  | 104,568 |  |  | 104,588 |  |  | — |  |  | — |  |  | 754,486 |
Operating income |  | 56,200 |  |  | 10,720 |  |  | 9,085 |  |  | — |  |  | (130) |  |  | 75,875 |
Allowance for equity funds used during construction |  | 2,640 |  |  | 284 |  |  | 377 |  |  | — |  |  | — |  |  | 3,301 |
Equity in earnings of subsidiaries |  | 11,541 |  |  | — |  |  | — |  |  | — |  |  | (11,541) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 904 |  |  | 169 |  |  | (26) |  |  | — |  |  | — |  |  | 1,047 |
Interest expense and other charges, net |  | (14,557) |  |  | (2,831) |  |  | (2,988) |  |  | — |  |  | 130 |  |  | (20,246) |
Allowance for borrowed funds used during construction |  | 918 |  |  | 91 |  |  | 122 |  |  | — |  |  | — |  |  | 1,131 |
Income before income taxes |  | 57,646 |  |  | 8,433 |  |  | 6,570 |  |  | — |  |  | (11,541) |  |  | 61,108 |
Income taxes |  | 10,367 |  |  | 1,909 |  |  | 1,324 |  |  | — |  |  | — |  |  | 13,600 |
Net income |  | 47,279 |  |  | 6,524 |  |  | 5,246 |  |  | — |  |  | (11,541) |  |  | 47,508 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 47,279 |  |  | 6,390 |  |  | 5,151 |  |  | — |  |  | (11,541) |  |  | 47,279 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 47,009 |  |  | 6,390 |  |  | 5,151 |  |  | — |  |  | (11,541) |  |  | $ | 47,009 |
Condensed Consolidating Statement of Income Three months ended March 31, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 500,242 |  |  | 108,528 |  |  | 100,028 |  |  | — |  |  | (6) |  |  | $ | 708,792 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 154,425 |  |  | 25,251 |  |  | 41,610 |  |  | — |  |  | — |  |  | 221,286 |
Purchased power |  | 124,183 |  |  | 30,712 |  |  | 8,638 |  |  | — |  |  | — |  |  | 163,533 |
Other operation and maintenance |  | 83,656 |  |  | 20,214 |  |  | 21,387 |  |  | — |  |  | — |  |  | 125,257 |
Depreciation |  | 39,484 |  |  | 10,351 |  |  | 8,636 |  |  | — |  |  | — |  |  | 58,471 |
Taxes, other than income taxes |  | 47,274 |  |  | 10,032 |  |  | 9,344 |  |  | — |  |  | — |  |  | 66,650 |
Total expenses |  | 449,022 |  |  | 96,560 |  |  | 89,615 |  |  | — |  |  | — |  |  | 635,197 |
Operating income |  | 51,220 |  |  | 11,968 |  |  | 10,413 |  |  | — |  |  | (6) |  |  | 73,595 |
Allowance for equity funds used during construction |  | 1,990 |  |  | 193 |  |  | 226 |  |  | — |  |  | — |  |  | 2,409 |
Equity in earnings of subsidiaries |  | 13,661 |  |  | — |  |  | — |  |  | — |  |  | (13,661) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 855 |  |  | 167 |  |  | (32) |  |  | — |  |  | — |  |  | 990 |
Interest expense and other charges, net |  | (13,093) |  |  | (2,609) |  |  | (2,630) |  |  | — |  |  | 6 |  |  | (18,326) |
Allowance for borrowed funds used during construction |  | 651 |  |  | 60 |  |  | 67 |  |  | — |  |  | — |  |  | 778 |
Income before income taxes |  | 55,284 |  |  | 9,779 |  |  | 8,044 |  |  | — |  |  | (13,661) |  |  | 59,446 |
Income taxes |  | 8,605 |  |  | 2,268 |  |  | 1,665 |  |  | — |  |  | — |  |  | 12,538 |
Net income |  | 46,679 |  |  | 7,511 |  |  | 6,379 |  |  | — |  |  | (13,661) |  |  | 46,908 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 46,679 |  |  | 7,377 |  |  | 6,284 |  |  | — |  |  | (13,661) |  |  | 46,679 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 46,409 |  |  | 7,377 |  |  | 6,284 |  |  | — |  |  | (13,661) |  |  | $ | 46,409 |
Statements of Income and Comprehensive Income Data
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  |  |  |  |  | $ | 64,842 |  |  | $ | 46,005 |
Interest and dividends on investment securities |  |  |  |  |  | 14,637 |  |  | 13,984 |
Total interest and dividend income |  |  |  |  |  | 79,479 |  |  | 59,989 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  |  |  |  |  | 6,837 |  |  | 947 |
Interest on other borrowings |  |  |  |  |  | 7,721 |  |  | 5 |
Total interest expense |  |  |  |  |  | 14,558 |  |  | 952 |
Net interest income |  |  |  |  |  | 64,921 |  |  | 59,037 |
Provision for credit losses |  |  |  |  |  | 1,175 |  |  | (3,263) |
Net interest income after provision for credit losses |  |  |  |  |  | 63,746 |  |  | 62,300 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  |  |  |  |  | 4,679 |  |  | 5,587 |
Fee income on deposit liabilities |  |  |  |  |  | 4,599 |  |  | 4,691 |
Fee income on other financial products |  |  |  |  |  | 2,744 |  |  | 2,718 |
Bank-owned life insurance |  |  |  |  |  | 1,425 |  |  | 681 |
Mortgage banking income |  |  |  |  |  | 130 |  |  | 1,077 |
Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
Other income, net |  |  |  |  |  | 801 |  |  | 372 |
Total noninterest income |  |  |  |  |  | 14,378 |  |  | 16,128 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  |  |  |  | 30,204 |  |  | 27,215 |
Occupancy |  |  |  |  |  | 5,588 |  |  | 5,952 |
Data processing |  |  |  |  |  | 5,012 |  |  | 4,151 |
Services |  |  |  |  |  | 2,595 |  |  | 2,439 |
Equipment |  |  |  |  |  | 2,646 |  |  | 2,329 |
Office supplies, printing and postage |  |  |  |  |  | 1,165 |  |  | 1,060 |
Marketing |  |  |  |  |  | 1,016 |  |  | 1,018 |
Other expense |  |  |  |  |  | 6,191 |  |  | 4,049 |
Total noninterest expense |  |  |  |  |  | 54,417 |  |  | 48,213 |
Income before income taxes |  |  |  |  |  | 23,707 |  |  | 30,215 |
Income taxes |  |  |  |  |  | 5,145 |  |  | 6,345 |
Net income |  |  |  |  |  | 18,562 |  |  | 23,870 |
Other comprehensive income (loss), net of taxes |  |  |  |  |  | 18,430 |  |  | (122,441) |
Comprehensive income (loss) |  |  |  |  |  | $ | 36,992 |  |  | $ | (98,571) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  | $ | 79,479 |  |  | $ | 59,989 |
Noninterest income |  |  |  |  |  | 14,378 |  |  | 16,128 |
Less: Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
*Revenues-Bank |  |  |  |  |  | 93,857 |  |  | 75,115 |
Total interest expense |  |  |  |  |  | 14,558 |  |  | 952 |
Provision for credit losses |  |  |  |  |  | 1,175 |  |  | (3,263) |
Noninterest expense |  |  |  |  |  | 54,417 |  |  | 48,213 |
Less: Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  |  |  |  |  | (187) |  |  | (185) |
*Expenses-Bank |  |  |  |  |  | 70,337 |  |  | 45,085 |
*Operating income-Bank |  |  |  |  |  | 23,520 |  |  | 30,030 |
Add back: Retirement defined benefits credit—other than service costs |  |  |  |  |  | (187) |  |  | (185) |
Income before income taxes |  |  |  |  |  | $ | 23,707 |  |  | $ | 30,215 |
Schedule of statements of comprehensive income data | Statements of Income and Comprehensive Income Data
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  |  |  |  |  | $ | 64,842 |  |  | $ | 46,005 |
Interest and dividends on investment securities |  |  |  |  |  | 14,637 |  |  | 13,984 |
Total interest and dividend income |  |  |  |  |  | 79,479 |  |  | 59,989 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  |  |  |  |  | 6,837 |  |  | 947 |
Interest on other borrowings |  |  |  |  |  | 7,721 |  |  | 5 |
Total interest expense |  |  |  |  |  | 14,558 |  |  | 952 |
Net interest income |  |  |  |  |  | 64,921 |  |  | 59,037 |
Provision for credit losses |  |  |  |  |  | 1,175 |  |  | (3,263) |
Net interest income after provision for credit losses |  |  |  |  |  | 63,746 |  |  | 62,300 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  |  |  |  |  | 4,679 |  |  | 5,587 |
Fee income on deposit liabilities |  |  |  |  |  | 4,599 |  |  | 4,691 |
Fee income on other financial products |  |  |  |  |  | 2,744 |  |  | 2,718 |
Bank-owned life insurance |  |  |  |  |  | 1,425 |  |  | 681 |
Mortgage banking income |  |  |  |  |  | 130 |  |  | 1,077 |
Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
Other income, net |  |  |  |  |  | 801 |  |  | 372 |
Total noninterest income |  |  |  |  |  | 14,378 |  |  | 16,128 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  |  |  |  | 30,204 |  |  | 27,215 |
Occupancy |  |  |  |  |  | 5,588 |  |  | 5,952 |
Data processing |  |  |  |  |  | 5,012 |  |  | 4,151 |
Services |  |  |  |  |  | 2,595 |  |  | 2,439 |
Equipment |  |  |  |  |  | 2,646 |  |  | 2,329 |
Office supplies, printing and postage |  |  |  |  |  | 1,165 |  |  | 1,060 |
Marketing |  |  |  |  |  | 1,016 |  |  | 1,018 |
Other expense |  |  |  |  |  | 6,191 |  |  | 4,049 |
Total noninterest expense |  |  |  |  |  | 54,417 |  |  | 48,213 |
Income before income taxes |  |  |  |  |  | 23,707 |  |  | 30,215 |
Income taxes |  |  |  |  |  | 5,145 |  |  | 6,345 |
Net income |  |  |  |  |  | 18,562 |  |  | 23,870 |
Other comprehensive income (loss), net of taxes |  |  |  |  |  | 18,430 |  |  | (122,441) |
Comprehensive income (loss) |  |  |  |  |  | $ | 36,992 |  |  | $ | (98,571) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  | $ | 79,479 |  |  | $ | 59,989 |
Noninterest income |  |  |  |  |  | 14,378 |  |  | 16,128 |
Less: Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
*Revenues-Bank |  |  |  |  |  | 93,857 |  |  | 75,115 |
Total interest expense |  |  |  |  |  | 14,558 |  |  | 952 |
Provision for credit losses |  |  |  |  |  | 1,175 |  |  | (3,263) |
Noninterest expense |  |  |  |  |  | 54,417 |  |  | 48,213 |
Less: Gain on sale of real estate |  |  |  |  |  | — |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  |  |  |  |  | (187) |  |  | (185) |
*Expenses-Bank |  |  |  |  |  | 70,337 |  |  | 45,085 |
*Operating income-Bank |  |  |  |  |  | 23,520 |  |  | 30,030 |
Add back: Retirement defined benefits credit—other than service costs |  |  |  |  |  | (187) |  |  | (185) |
Income before income taxes |  |  |  |  |  | $ | 23,707 |  |  | $ | 30,215 |
Schedule of balance sheets data | Condensed Consolidating Balance Sheet March 31, 2023
(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 |  | $ | 42,860 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 52,060 |
Plant and equipment |  | 5,302,293 |  |  | 1,431,852 |  |  | 1,308,747 |  |  | — |  |  | — |  |  | 8,042,892 |
Right-of-use assets - finance lease |  | 88,297 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,297 |
Less accumulated depreciation |  | (1,889,007) |  |  | (651,463) |  |  | (593,341) |  |  | — |  |  | — |  |  | (3,133,811) |
Construction in progress |  | 248,788 |  |  | 28,136 |  |  | 38,938 |  |  | — |  |  | — |  |  | 315,862 |
Utility property, plant and equipment, net |  | 3,793,231 |  |  | 814,131 |  |  | 757,938 |  |  | — |  |  | — |  |  | 5,365,300 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,298 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,945 |
Total property, plant and equipment, net |  | 3,798,529 |  |  | 814,246 |  |  | 759,470 |  |  | — |  |  | — |  |  | 5,372,245 |
Investment in wholly owned subsidiaries, at equity |  | 705,212 |  |  | — |  |  | — |  |  | — |  |  | (705,212) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 49,393 |  |  | 28,006 |  |  | 38,546 |  |  | 77 |  |  | — |  |  | 116,022 |
Customer accounts receivable, net |  | 172,426 |  |  | 34,224 |  |  | 28,655 |  |  | — |  |  | — |  |  | 235,305 |
Accrued unbilled revenues, net |  | 118,035 |  |  | 21,831 |  |  | 20,666 |  |  | — |  |  | — |  |  | 160,532 |
Other accounts receivable, net |  | 22,376 |  |  | 3,883 |  |  | 4,677 |  |  | — |  |  | (19,509) |  |  | 11,427 |
Fuel oil stock, at average cost |  | 116,295 |  |  | 16,678 |  |  | 24,610 |  |  | — |  |  | — |  |  | 157,583 |
Materials and supplies, at average cost |  | 50,744 |  |  | 10,578 |  |  | 22,771 |  |  | — |  |  | — |  |  | 84,093 |
Prepayments and other |  | 33,369 |  |  | 5,025 |  |  | 5,515 |  |  | — |  |  | — |  |  | 43,909 |
Regulatory assets |  | 58,943 |  |  | 2,575 |  |  | 3,455 |  |  | — |  |  | — |  |  | 64,973 |
Total current assets |  | 621,581 |  |  | 122,800 |  |  | 148,895 |  |  | 77 |  |  | (19,509) |  |  | 873,844 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 40,724 |  |  | 32,599 |  |  | 11,607 |  |  | — |  |  | — |  |  | 84,930 |
Regulatory assets |  | 151,684 |  |  | 19,041 |  |  | 12,204 |  |  | — |  |  | — |  |  | 182,929 |
Other |  | 113,888 |  |  | 32,786 |  |  | 30,402 |  |  | — |  |  | (16,561) |  |  | 160,515 |
Total other long-term assets |  | 306,296 |  |  | 84,426 |  |  | 54,213 |  |  | — |  |  | (16,561) |  |  | 428,374 |
Total assets |  | $ | 5,431,618 |  |  | 1,021,472 |  |  | 962,578 |  |  | 77 |  |  | (741,282) |  |  | $ | 6,674,463 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,358,884 |  |  | 346,629 |  |  | 358,506 |  |  | 77 |  |  | (705,212) |  |  | $ | 2,358,884 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,226,587 |  |  | 249,346 |  |  | 258,414 |  |  | — |  |  | — |  |  | 1,734,347 |
Total capitalization |  | 3,607,764 |  |  | 602,975 |  |  | 621,920 |  |  | 77 |  |  | (705,212) |  |  | 4,127,524 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 8,955 |  |  | 6,780 |  |  | 2,679 |  |  | — |  |  | — |  |  | 18,414 |
Current portion of long-term debt |  | 49,987 |  |  | 19,994 |  |  | 29,992 |  |  | — |  |  | — |  |  | 99,973 |
Accounts payable |  | 146,125 |  |  | 20,957 |  |  | 24,687 |  |  | — |  |  | — |  |  | 191,769 |
Interest and preferred dividends payable |  | 20,788 |  |  | 3,839 |  |  | 4,740 |  |  | — |  |  | — |  |  | 29,367 |
Taxes accrued, including revenue taxes |  | 178,418 |  |  | 34,570 |  |  | 33,926 |  |  | — |  |  | — |  |  | 246,914 |
Regulatory liabilities |  | 9,505 |  |  | 7,918 |  |  | 7,811 |  |  | — |  |  | — |  |  | 25,234 |
Other |  | 61,360 |  |  | 21,072 |  |  | 23,657 |  |  | — |  |  | (19,509) |  |  | 86,580 |
Total current liabilities |  | 475,138 |  |  | 115,130 |  |  | 127,492 |  |  | — |  |  | (19,509) |  |  | 698,251 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 39,387 |  |  | 26,087 |  |  | 9,159 |  |  | — |  |  | — |  |  | 74,633 |
Finance lease liabilities |  | 84,341 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 84,341 |
Deferred income taxes |  | 271,588 |  |  | 50,657 |  |  | 62,708 |  |  | — |  |  | — |  |  | 384,953 |
Regulatory liabilities |  | 745,894 |  |  | 195,238 |  |  | 103,185 |  |  | — |  |  | — |  |  | 1,044,317 |
Unamortized tax credits |  | 68,123 |  |  | 12,903 |  |  | 12,419 |  |  | — |  |  | — |  |  | 93,445 |
Defined benefit pension and other postretirement benefit plans liability |  | 65,917 |  |  | — |  |  | — |  |  | — |  |  | (16,529) |  |  | 49,388 |
Other |  | 73,466 |  |  | 18,482 |  |  | 25,695 |  |  | — |  |  | (32) |  |  | 117,611 |
Total deferred credits and other liabilities |  | 1,348,716 |  |  | 303,367 |  |  | 213,166 |  |  | — |  |  | (16,561) |  |  | 1,848,688 |
Total capitalization and liabilities |  | $ | 5,431,618 |  |  | 1,021,472 |  |  | 962,578 |  |  | 77 |  |  | (741,282) |  |  | $ | 6,674,463 |
Condensed Consolidating Balance Sheet December 31, 2022
(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 |  | $ | 42,860 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 52,060 |
Plant and equipment |  | 5,260,685 |  |  | 1,425,442 |  |  | 1,293,383 |  |  | — |  |  | — |  |  | 7,979,510 |
Finance lease right-of-use assets |  | 48,371 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,371 |
Less accumulated depreciation |  | (1,855,150) |  |  | (644,457) |  |  | (586,892) |  |  | — |  |  | — |  |  | (3,086,499) |
Construction in progress |  | 215,560 |  |  | 23,989 |  |  | 35,804 |  |  | — |  |  | — |  |  | 275,353 |
Utility property, plant and equipment, net |  | 3,712,326 |  |  | 810,580 |  |  | 745,889 |  |  | — |  |  | — |  |  | 5,268,795 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,298 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,945 |
Total property, plant and equipment, net |  | 3,717,624 |  |  | 810,695 |  |  | 747,421 |  |  | — |  |  | — |  |  | 5,275,740 |
Investment in wholly owned subsidiaries, at equity |  | 701,833 |  |  | — |  |  | — |  |  | — |  |  | (701,833) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 27,579 |  |  | 5,092 |  |  | 6,494 |  |  | 77 |  |  | — |  |  | 39,242 |
Advances to affiliates |  | — |  |  | 4,500 |  |  | 21,700 |  |  | — |  |  | (26,200) |  |  | — |
Customer accounts receivable, net |  | 216,802 |  |  | 39,339 |  |  | 32,197 |  |  | — |  |  | — |  |  | 288,338 |
Accrued unbilled revenues, net |  | 136,508 |  |  | 23,839 |  |  | 22,933 |  |  | — |  |  | — |  |  | 183,280 |
Other accounts receivable, net |  | 23,746 |  |  | 5,519 |  |  | 6,686 |  |  | — |  |  | (22,384) |  |  | 13,567 |
Fuel oil stock, at average cost |  | 153,342 |  |  | 16,964 |  |  | 21,224 |  |  | — |  |  | — |  |  | 191,530 |
Materials and supplies, at average cost |  | 48,130 |  |  | 9,783 |  |  | 21,655 |  |  | — |  |  | — |  |  | 79,568 |
Prepayments and other |  | 24,040 |  |  | 6,346 |  |  | 4,137 |  |  | — |  |  | (1,041) |  |  | 33,482 |
Regulatory assets |  | 46,504 |  |  | 2,435 |  |  | 3,334 |  |  | — |  |  | — |  |  | 52,273 |
Total current assets |  | 676,651 |  |  | 113,817 |  |  | 140,360 |  |  | 77 |  |  | (49,625) |  |  | 881,280 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 42,752 |  |  | 34,283 |  |  | 12,283 |  |  | — |  |  | — |  |  | 89,318 |
Regulatory assets |  | 154,040 |  |  | 21,816 |  |  | 14,384 |  |  | — |  |  | — |  |  | 190,240 |
Other |  | 115,028 |  |  | 32,654 |  |  | 29,495 |  |  | — |  |  | (16,288) |  |  | 160,889 |
Total other long-term assets |  | 311,820 |  |  | 88,753 |  |  | 56,162 |  |  | — |  |  | (16,288) |  |  | 440,447 |
Total assets |  | $ | 5,407,928 |  |  | 1,013,265 |  |  | 943,943 |  |  | 77 |  |  | (767,746) |  |  | $ | 6,597,467 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,344,170 |  |  | 344,720 |  |  | 357,036 |  |  | 77 |  |  | (701,833) |  |  | $ | 2,344,170 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,126,915 |  |  | 224,439 |  |  | 233,500 |  |  | — |  |  | — |  |  | 1,584,854 |
Total capitalization |  | 3,493,378 |  |  | 576,159 |  |  | 595,536 |  |  | 77 |  |  | (701,833) |  |  | 3,963,317 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 9,775 |  |  | 6,690 |  |  | 2,630 |  |  | — |  |  | — |  |  | 19,095 |
Current portion of long-term debt |  | 49,981 |  |  | 19,992 |  |  | 29,989 |  |  | — |  |  | — |  |  | 99,962 |
Short-term borrowings-affiliate |  | 26,200 |  |  | — |  |  | — |  |  | — |  |  | (26,200) |  |  | — |
Accounts payable |  | 143,253 |  |  | 32,113 |  |  | 27,126 |  |  | — |  |  | — |  |  | 202,492 |
Interest and preferred dividends payable |  | 12,398 |  |  | 2,576 |  |  | 2,282 |  |  | — |  |  | (80) |  |  | 17,176 |
Taxes accrued, including revenue taxes |  | 207,798 |  |  | 42,436 |  |  | 40,709 |  |  | — |  |  | (1,041) |  |  | 289,902 |
Regulatory liabilities |  | 13,145 |  |  | 8,553 |  |  | 9,777 |  |  | — |  |  | — |  |  | 31,475 |
Other |  | 64,659 |  |  | 20,856 |  |  | 22,385 |  |  | — |  |  | (22,304) |  |  | 85,596 |
Total current liabilities |  | 615,176 |  |  | 133,216 |  |  | 134,898 |  |  | — |  |  | (49,625) |  |  | 833,665 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 41,049 |  |  | 27,817 |  |  | 9,849 |  |  | — |  |  | — |  |  | 78,715 |
Finance lease liabilities |  | 46,048 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46,048 |
Deferred income taxes |  | 271,234 |  |  | 50,615 |  |  | 62,581 |  |  | — |  |  | — |  |  | 384,430 |
Regulatory liabilities |  | 729,683 |  |  | 194,222 |  |  | 100,270 |  |  | — |  |  | — |  |  | 1,024,175 |
Unamortized tax credits |  | 69,614 |  |  | 13,150 |  |  | 12,536 |  |  | — |  |  | — |  |  | 95,300 |
Defined benefit pension and other postretirement benefit plans liability |  | 65,907 |  |  | 129 |  |  | — |  |  | — |  |  | (16,288) |  |  | 49,748 |
Other |  | 75,839 |  |  | 17,957 |  |  | 28,273 |  |  |  |  | — |  |  | 122,069 |
Total deferred credits and other liabilities |  | 1,299,374 |  |  | 303,890 |  |  | 213,509 |  |  | — |  |  | (16,288) |  |  | 1,800,485 |
Total capitalization and liabilities |  | $ | 5,407,928 |  |  | 1,013,265 |  |  | 943,943 |  |  | 77 |  |  | (767,746) |  |  | $ | 6,597,467 |
Balance Sheets Data
(in thousands) |  | March 31, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 138,742 |  |  |  |  | $ | 153,042 |
Interest-bearing deposits |  |  |  | 44,315 |  |  |  |  | 3,107 |
Cash and cash equivalents |  |  |  | 183,057 |  |  |  |  | 156,149 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,419,755 |  |  |  |  | 1,429,667 |
Held-to-maturity, at amortized cost (fair value of $1,158,090 and $1,150,971, respectively) |  |  |  | 1,238,185 |  |  |  |  | 1,251,747 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 10,000 |  |  |  |  | 26,560 |
Loans held for investment |  |  |  | 6,059,354 |  |  |  |  | 5,978,906 |
Allowance for credit losses |  |  |  | (71,296) |  |  |  |  | (72,216) |
Net loans |  |  |  | 5,988,058 |  |  |  |  | 5,906,690 |
Loans held for sale, at lower of cost or fair value |  |  |  | 660 |  |  |  |  | 824 |
Other |  |  |  | 688,165 |  |  |  |  | 692,143 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,610,070 |  |  |  |  | $ | 9,545,970 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,769,789 |  |  |  |  | $ | 2,811,077 |
Deposit liabilities—interest-bearing |  |  |  | 5,460,812 |  |  |  |  | 5,358,619 |
Other borrowings |  |  |  | 680,690 |  |  |  |  | 695,120 |
Other |  |  |  | 206,317 |  |  |  |  | 212,269 |
Total liabilities |  |  |  | 9,117,608 |  |  |  |  | 9,077,085 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 356,391 |  |  |  |  | 355,806 |
Retained earnings |  |  |  | 454,255 |  |  |  |  | 449,693 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (308,622) |  |  |  |  | $ | (328,904) |  |  |
Retirement benefit plans |  | (9,563) |  |  | (318,185) |  |  | (7,711) |  |  | (336,615) |
Total shareholder’s equity |  |  |  | 492,462 |  |  |  |  | 468,885 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,610,070 |  |  |  |  | $ | 9,545,970 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 183,936 |  |  |  |  | $ | 182,986 |
Premises and equipment, net |  |  |  | 192,789 |  |  |  |  | 195,324 |
Accrued interest receivable |  |  |  | 26,547 |  |  |  |  | 25,077 |
Mortgage-servicing rights |  |  |  | 8,745 |  |  |  |  | 9,047 |
Low-income housing investments |  |  |  | 110,748 |  |  |  |  | 106,978 |
Real estate held for sale |  |  |  | 100 |  |  |  |  | — |
Deferred tax asset |  |  |  | 109,885 |  |  |  |  | 116,441 |
Real estate acquired in settlement of loans, net |  |  |  | 614 |  |  |  |  | 115 |
Other |  |  |  | 54,801 |  |  |  |  | 56,175 |
|  |  |  | $ | 688,165 |  |  |  |  | $ | 692,143 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 95,066 |  |  |  |  | $ | 97,295 |
Federal and state income taxes payable |  |  |  | 2,614 |  |  |  |  | 863 |
Cashier’s checks |  |  |  | 34,616 |  |  |  |  | 36,401 |
Advance payments by borrowers |  |  |  | 5,466 |  |  |  |  | 9,637 |
Other |  |  |  | 68,555 |  |  |  |  | 68,073 |
|  |  |  | $ | 206,317 |  |  |  |  | $ | 212,269 |
Schedule of the book value and aggregate fair value by major security type | The major components of investment securities were as follows:
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses
|  |  |  |  |  | Less than 12 months |  | 12 months or longer
(dollars in thousands) |  |  |  |  |  | Number of issues |  | Fair value |  | Amount |  | Number of issues |  | Fair value |  | Amount
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 85,786 |  |  | $ | — |  |  | $ | (6,042) |  |  | $ | 79,744 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 79,744 |  |  | $ | (6,042) |
Mortgage-backed securities* |  | 1,500,717 |  |  | 1 |  |  | (216,783) |  |  | 1,283,935 |  |  | 24 |  |  | 89,727 |  |  | (7,367) |  |  | 158 |  |  | 1,193,633 |  |  | (209,416) |
Corporate bonds |  | 44,341 |  |  | — |  |  | (3,031) |  |  | 41,310 |  |  | 2 |  |  | 8,951 |  |  | (50) |  |  | 3 |  |  | 32,359 |  |  | (2,981) |
Mortgage revenue bonds |  | 14,766 |  |  | — |  |  | — |  |  | 14,766 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,645,610 |  |  | $ | 1 |  |  | $ | (225,856) |  |  | $ | 1,419,755 |  |  | 26 |  |  | $ | 98,678 |  |  | $ | (7,417) |  |  | 175 |  |  | $ | 1,305,736 |  |  | $ | (218,439) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,900 |  |  | $ | — |  |  | $ | (7,172) |  |  | $ | 52,728 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 52,728 |  |  | $ | (7,172) |
Mortgage-backed securities* |  | 1,178,285 |  |  | 8,875 |  |  | (81,798) |  |  | 1,105,362 |  |  | 6 |  |  | 64,288 |  |  | (532) |  |  | 41 |  |  | 427,520 |  |  | (81,266) |
|  | $ | 1,238,185 |  |  | $ | 8,875 |  |  | $ | (88,970) |  |  | $ | 1,158,090 |  |  | 6 |  |  | $ | 64,288 |  |  | $ | (532) |  |  | 44 |  |  | $ | 480,248 |  |  | $ | (88,438) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 88,344 |  |  | $ | — |  |  | $ | (7,281) |  |  | $ | 81,063 |  |  | 12 |  |  | $ | 41,201 |  |  | $ | (2,120) |  |  | 4 |  |  | $ | 39,862 |  |  | $ | (5,161) |
Mortgage-backed securities* |  | 1,530,582 |  |  | — |  |  | (237,614) |  |  | 1,292,968 |  |  | 113 |  |  | 455,836 |  |  | (56,999) |  |  | 70 |  |  | 837,132 |  |  | (180,615) |
Corporate bonds |  | 44,377 |  |  | — |  |  | (3,643) |  |  | 40,734 |  |  | 4 |  |  | 29,644 |  |  | (2,028) |  |  | 1 |  |  | 11,090 |  |  | (1,615) |
Mortgage revenue bonds |  | 14,902 |  |  | — |  |  | — |  |  | 14,902 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,678,205 |  |  | $ | — |  |  | $ | (248,538) |  |  | $ | 1,429,667 |  |  | 129 |  |  | $ | 526,681 |  |  | $ | (61,147) |  |  | 75 |  |  | $ | 888,084 |  |  | $ | (187,391) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,894 |  |  | $ | — |  |  | $ | (8,478) |  |  | $ | 51,416 |  |  | 1 |  |  | $ | 16,874 |  |  | $ | (3,222) |  |  | 2 |  |  | $ | 34,542 |  |  | $ | (5,256) |
Mortgage-backed securities* |  | 1,191,853 |  |  | 2,670 |  |  | (94,968) |  |  | 1,099,555 |  |  | 22 |  |  | 183,629 |  |  | (10,593) |  |  | 51 |  |  | 567,250 |  |  | (84,375) |
|  | $ | 1,251,747 |  |  | $ | 2,670 |  |  | $ | (103,446) |  |  | $ | 1,150,971 |  |  | 23 |  |  | $ | 200,503 |  |  | $ | (13,815) |  |  | 53 |  |  | $ | 601,792 |  |  | $ | (89,631) |
* Issued or guaranteed by U.S. Government agencies or sponsored agencies
Schedule of contractual maturities of available-for-sale securities | The contractual maturities of investment securities were as follows:
March 31, 2023 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | 2,579 |  |  | $ | 2,531 |
Due after one year through five years |  | 127,548 |  |  | 118,523 |
Due after five years through ten years |  | 14,766 |  |  | 14,766 |
Due after ten years |  | — |  |  | — |
|  | 144,893 |  |  | 135,820 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,500,717 |  |  | 1,283,935 |
Total available-for-sale securities |  | $ | 1,645,610 |  |  | $ | 1,419,755 |
Held-to-maturity |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | — |  |  | — |
Due after five years through ten years |  | 59,900 |  |  | 52,728 |
Due after ten years |  | — |  |  | — |
|  | 59,900 |  |  | 52,728 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,178,285 |  |  | 1,105,362 |
Total held-to-maturity securities |  | $ | 1,238,185 |  |  | $ | 1,158,090 |
Schedule of components of loans receivable | The components of loans were summarized as follows:
| March 31, 2023 |  | December 31, 2022
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,484,316 |  |  | $ | 2,479,637 |
Commercial real estate | 1,377,184 |  |  | 1,358,123 |
Home equity line of credit | 1,022,800 |  |  | 1,002,905 |
Residential land | 20,061 |  |  | 20,679 |
Commercial construction | 94,267 |  |  | 88,489 |
Residential construction | 15,749 |  |  | 20,788 |
Total real estate | 5,014,377 |  |  | 4,970,621 |
Commercial | 800,949 |  |  | 779,691 |
Consumer | 272,401 |  |  | 254,709 |
Total loans | 6,087,727 |  |  | 6,005,021 |
Less: Deferred fees and discounts | (28,373) |  |  | (26,115) |
Allowance for credit losses | (71,296) |  |  | (72,216) |
Total loans, net | $ | 5,988,058 |  |  | $ | 5,906,690 |
Schedule of allowance for credit losses | The allowance for credit losses (balances and changes) by portfolio segment were as follows:
(in thousands) |  | Residential 1-4 family |  | Commercial real estate |  | Home equity line of credit |  | Residential land |  | Commercial construction |  | Residential construction |  | Commercial loans |  | Consumer loans |  | Total
Three months ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,270 |  |  | $ | 21,898 |  |  | $ | 6,125 |  |  | $ | 717 |  |  | $ | 1,195 |  |  | $ | 46 |  |  | $ | 12,426 |  |  | $ | 23,539 |  |  | $ | 72,216 |
Charge-offs |  | (809) |  |  | — |  |  | (63) |  |  | — |  |  | — |  |  | — |  |  | (227) |  |  | (2,323) |  |  | (3,422) |
Recoveries |  | 4 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 398 |  |  | 908 |  |  | 1,327 |
Provision |  | (853) |  |  | 803 |  |  | (26) |  |  | (97) |  |  | (460) |  |  | (18) |  |  | (661) |  |  | 2,487 |  |  | 1,175 |
Ending balance |  | $ | 4,612 |  |  | $ | 22,701 |  |  | $ | 6,053 |  |  | $ | 620 |  |  | $ | 735 |  |  | $ | 28 |  |  | $ | 11,936 |  |  | $ | 24,611 |  |  | $ | 71,296 |
Three months ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,545 |  |  | $ | 24,696 |  |  | $ | 5,657 |  |  | $ | 646 |  |  | $ | 2,186 |  |  | $ | 18 |  |  | $ | 15,798 |  |  | $ | 15,584 |  |  | $ | 71,130 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (76) |  |  | (1,482) |  |  | (1,558) |
Recoveries |  | 8 |  |  | — |  |  | 11 |  |  | 5 |  |  | — |  |  | — |  |  | 353 |  |  | 1,025 |  |  | 1,402 |
Provision |  | 1,321 |  |  | (4,520) |  |  | (18) |  |  | 46 |  |  | 154 |  |  | 13 |  |  | (1,761) |  |  | 1,002 |  |  | (3,763) |
Ending balance |  | $ | 7,874 |  |  | $ | 20,176 |  |  | $ | 5,650 |  |  | $ | 697 |  |  | $ | 2,340 |  |  | $ | 31 |  |  | $ | 14,314 |  |  | $ | 16,129 |  |  | $ | 67,211 |
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 March 31, 2023 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Provision |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Three months ended March 31, 2022 |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 3,700 |  |  | $ | 800 |  |  | $ | 4,900 |
Provision |  | — |  |  | (100) |  |  | 600 |  |  | 500 |
Ending balance |  | $ | 400 |  |  | $ | 3,600 |  |  | $ | 1,400 |  |  | $ | 5,400 |
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) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 46,292 |  |  | $ | 425,843 |  |  | $ | 750,578 |  |  | $ | 418,780 |  |  | $ | 110,618 |  |  | $ | 727,411 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,479,522 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | 938 |  |  | 971 |  |  | — |  |  | — |  |  | 1,909 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 930 |  |  | — |  |  | — |  |  | 930 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | 267 |  |  | — |  |  | 1,688 |  |  | — |  |  | — |  |  | 1,955 |
|  | 46,292 |  |  | 425,843 |  |  | 750,578 |  |  | 419,047 |  |  | 111,556 |  |  | 731,000 |  |  | — |  |  | — |  |  | 2,484,316 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 809 |  |  | — |  |  | — |  |  | 809 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 973,686 |  |  | 46,565 |  |  | 1,020,251 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 781 |  |  | 115 |  |  | 896 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 346 |  |  | 337 |  |  | 683 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 573 |  |  | 397 |  |  | 970 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 975,386 |  |  | 47,414 |  |  | 1,022,800 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  | 63 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,204 |  |  | 5,237 |  |  | 8,587 |  |  | 4,039 |  |  | — |  |  | 994 |  |  | — |  |  | — |  |  | 20,061 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,204 |  |  | 5,237 |  |  | 8,587 |  |  | 4,039 |  |  | — |  |  | 994 |  |  | — |  |  | — |  |  | 20,061 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,444 |  |  | 6,786 |  |  | 7,519 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,749 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,444 |  |  | 6,786 |  |  | 7,519 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,749 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 36,794 |  |  | 189,133 |  |  | 18,047 |  |  | 4,233 |  |  | 4,301 |  |  | 341 |  |  | 9,589 |  |  | 4,904 |  |  | 267,342 |
30-59 days past due |  | 203 |  |  | 1,628 |  |  | 235 |  |  | 54 |  |  | 170 |  |  | 11 |  |  | 78 |  |  | 120 |  |  | 2,499 |
60-89 days past due |  | — |  |  | 899 |  |  | 116 |  |  | 59 |  |  | 129 |  |  | 4 |  |  | 16 |  |  | 117 |  |  | 1,340 |
Greater than 89 days past due |  | — |  |  | 502 |  |  | 199 |  |  | 59 |  |  | 105 |  |  | 26 |  |  | 82 |  |  | 247 |  |  | 1,220 |
|  | 36,997 |  |  | 192,162 |  |  | 18,597 |  |  | 4,405 |  |  | 4,705 |  |  | 382 |  |  | 9,765 |  |  | 5,388 |  |  | 272,401 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | 189 |  |  | 1,523 |  |  | 319 |  |  | 57 |  |  | 135 |  |  | 21 |  |  | 15 |  |  | 64 |  |  | 2,323 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 41,312 |  |  | 392,018 |  |  | 174,655 |  |  | 276,754 |  |  | 52,121 |  |  | 339,660 |  |  | 8,235 |  |  | — |  |  | 1,284,755 |
Special Mention |  | — |  |  | — |  |  | 11,250 |  |  | 3,425 |  |  | 30,179 |  |  | 21,307 |  |  | — |  |  | — |  |  | 66,161 |
Substandard |  | 5,433 |  |  | — |  |  | — |  |  | 659 |  |  | 11,356 |  |  | 8,820 |  |  | — |  |  | — |  |  | 26,268 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 46,745 |  |  | 392,018 |  |  | 185,905 |  |  | 280,838 |  |  | 93,656 |  |  | 369,787 |  |  | 8,235 |  |  | — |  |  | 1,377,184 |
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | 11,206 |  |  | 54,924 |  |  | 44 |  |  | — |  |  | — |  |  | 28,093 |  |  | — |  |  | 94,267 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 11,206 |  |  | 54,924 |  |  | 44 |  |  | — |  |  | — |  |  | 28,093 |  |  | — |  |  | 94,267 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 30,142 |  |  | 238,671 |  |  | 184,551 |  |  | 86,275 |  |  | 60,265 |  |  | 97,277 |  |  | 66,200 |  |  | 12,918 |  |  | 776,299 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,255 |  |  | — |  |  | 8,492 |  |  | 6 |  |  | 10,753 |
Substandard |  | — |  |  | 3,234 |  |  | 1,507 |  |  | 398 |  |  | 1,320 |  |  | 5,195 |  |  | 899 |  |  | 1,344 |  |  | 13,897 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 30,142 |  |  | 241,905 |  |  | 186,058 |  |  | 86,673 |  |  | 63,840 |  |  | 102,472 |  |  | 75,591 |  |  | 14,268 |  |  | 800,949 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 162 |  |  | 227 |
Total loans |  | $ | 162,824 |  |  | $ | 1,275,157 |  |  | $ | 1,212,168 |  |  | $ | 795,046 |  |  | $ | 273,757 |  |  | $ | 1,204,635 |  |  | $ | 1,097,070 |  |  | $ | 67,070 |  |  | $ | 6,087,727 |
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 432,707 |  |  | $ | 755,056 |  |  | $ | 423,455 |  |  | $ | 113,096 |  |  | $ | 51,860 |  |  | $ | 698,354 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,474,528 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | 448 |  |  | 1,098 |  |  | — |  |  | — |  |  | 1,546 |
60-89 days past due |  | — |  |  | — |  |  | 268 |  |  | — |  |  | — |  |  | 90 |  |  | — |  |  | — |  |  | 358 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | 809 |  |  | 2,396 |  |  | — |  |  | — |  |  | 3,205 |
|  | 432,707 |  |  | 755,056 |  |  | 423,723 |  |  | 113,096 |  |  | 53,117 |  |  | 701,938 |  |  | — |  |  | — |  |  | 2,479,637 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 959,131 |  |  | 40,814 |  |  | 999,945 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,103 |  |  | 209 |  |  | 1,312 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 209 |  |  | 226 |  |  | 435 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 587 |  |  | 626 |  |  | 1,213 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 961,030 |  |  | 41,875 |  |  | 1,002,905 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 5,245 |  |  | 9,010 |  |  | 5,222 |  |  | 203 |  |  | 522 |  |  | 477 |  |  | — |  |  | — |  |  | 20,679 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 5,245 |  |  | 9,010 |  |  | 5,222 |  |  | 203 |  |  | 522 |  |  | 477 |  |  | — |  |  | — |  |  | 20,679 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 7,986 |  |  | 11,624 |  |  | 1,178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,788 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 7,986 |  |  | 11,624 |  |  | 1,178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,788 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 199,574 |  |  | 21,330 |  |  | 5,543 |  |  | 7,580 |  |  | 527 |  |  | 140 |  |  | 10,810 |  |  | 4,782 |  |  | 250,286 |
30-59 days past due |  | 1,110 |  |  | 287 |  |  | 65 |  |  | 239 |  |  | 30 |  |  | — |  |  | 81 |  |  | 167 |  |  | 1,979 |
60-89 days past due |  | 756 |  |  | 163 |  |  | 88 |  |  | 137 |  |  | 19 |  |  | — |  |  | 45 |  |  | 107 |  |  | 1,315 |
Greater than 89 days past due |  | 621 |  |  | 105 |  |  | 37 |  |  | 176 |  |  | 28 |  |  | — |  |  | 20 |  |  | 142 |  |  | 1,129 |
|  | 202,061 |  |  | 21,885 |  |  | 5,733 |  |  | 8,132 |  |  | 604 |  |  | 140 |  |  | 10,956 |  |  | 5,198 |  |  | 254,709 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 390,206 |  |  | 177,130 |  |  | 283,321 |  |  | 51,542 |  |  | 63,084 |  |  | 278,280 |  |  | 8,235 |  |  | — |  |  | 1,251,798 |
Special Mention |  | — |  |  | 11,250 |  |  | 3,446 |  |  | 40,423 |  |  | — |  |  | 24,466 |  |  | — |  |  | — |  |  | 79,585 |
Substandard |  | — |  |  | — |  |  | 665 |  |  | 11,357 |  |  | — |  |  | 14,718 |  |  | — |  |  | — |  |  | 26,740 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 390,206 |  |  | 188,380 |  |  | 287,432 |  |  | 103,322 |  |  | 63,084 |  |  | 317,464 |  |  | 8,235 |  |  | — |  |  | 1,358,123 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 15,094 |  |  | 47,478 |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 25,873 |  |  | — |  |  | 88,489 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 15,094 |  |  | 47,478 |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 25,873 |  |  | — |  |  | 88,489 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 239,852 |  |  | 185,013 |  |  | 85,220 |  |  | 68,161 |  |  | 46,142 |  |  | 53,192 |  |  | 60,871 |  |  | 13,964 |  |  | 752,415 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 2,374 |  |  | — |  |  | 645 |  |  | 9,005 |  |  | 8 |  |  | 12,032 |
Substandard |  | 3,322 |  |  | 2,305 |  |  | 401 |  |  | 1,304 |  |  | 1,346 |  |  | 3,849 |  |  | 1,664 |  |  | 1,053 |  |  | 15,244 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 243,174 |  |  | 187,318 |  |  | 85,621 |  |  | 71,839 |  |  | 47,488 |  |  | 57,686 |  |  | 71,540 |  |  | 15,025 |  |  | 779,691 |
Total loans |  | $ | 1,296,473 |  |  | $ | 1,220,751 |  |  | $ | 808,953 |  |  | $ | 296,592 |  |  | $ | 164,815 |  |  | $ | 1,077,705 |  |  | $ | 1,077,634 |  |  | $ | 62,098 |  |  | $ | 6,005,021 |
Schedule of credit risk profile based on payment activity for loans | The credit risk profile based on payment activity for loans was as follows:
(in thousands) |  | 30-59 days past due |  | 60-89 days past due |  | Greater than 90 days |  | Total past due |  | Current |  | Total financing receivables |  | Amortized cost> 90 days and accruing
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 1,909 |  |  | $ | 930 |  |  | $ | 1,955 |  |  | $ | 4,794 |  |  | $ | 2,479,522 |  |  | $ | 2,484,316 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,377,184 |  |  | 1,377,184 |  |  | — |
Home equity line of credit |  | 896 |  |  | 683 |  |  | 970 |  |  | 2,549 |  |  | 1,020,251 |  |  | 1,022,800 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,061 |  |  | 20,061 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 94,267 |  |  | 94,267 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,749 |  |  | 15,749 |  |  | — |
Commercial |  | 263 |  |  | 71 |  |  | 427 |  |  | 761 |  |  | 800,188 |  |  | 800,949 |  |  | — |
Consumer |  | 2,499 |  |  | 1,340 |  |  | 1,220 |  |  | 5,059 |  |  | 267,342 |  |  | 272,401 |  |  | — |
Total loans |  | $ | 5,567 |  |  | $ | 3,024 |  |  | $ | 4,572 |  |  | $ | 13,163 |  |  | $ | 6,074,564 |  |  | $ | 6,087,727 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 1,546 |  |  | $ | 358 |  |  | $ | 3,205 |  |  | $ | 5,109 |  |  | $ | 2,474,528 |  |  | $ | 2,479,637 |  |  | $ | — |
Commercial real estate |  | 508 |  |  | 217 |  |  | — |  |  | 725 |  |  | 1,357,398 |  |  | 1,358,123 |  |  | — |
Home equity line of credit |  | 1,312 |  |  | 435 |  |  | 1,213 |  |  | 2,960 |  |  | 999,945 |  |  | 1,002,905 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,679 |  |  | 20,679 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,489 |  |  | 88,489 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,788 |  |  | 20,788 |  |  | — |
Commercial |  | 614 |  |  | 18 |  |  | 77 |  |  | 709 |  |  | 778,982 |  |  | 779,691 |  |  | — |
Consumer |  | 1,979 |  |  | 1,315 |  |  | 1,129 |  |  | 4,423 |  |  | 250,286 |  |  | 254,709 |  |  | — |
Total loans |  | $ | 5,959 |  |  | $ | 2,343 |  |  | $ | 5,624 |  |  | $ | 13,926 |  |  | $ | 5,991,095 |  |  | $ | 6,005,021 |  |  | $ | — |
Schedule of credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due | The credit risk profile based on nonaccrual loans were as follows:
(in thousands) |  | March 31, 2023 |  | December 31, 2022
|  | With a Related ACL |  | Without a Related ACL |  | Total |  | With a Related ACL |  | Without a Related ACL |  | Total
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 3,371 |  |  | $ | 2,117 |  |  | $ | 5,488 |  |  | $ | 4,198 |  |  | $ | 2,981 |  |  | $ | 7,179 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 4,014 |  |  | 1,237 |  |  | 5,251 |  |  | 3,654 |  |  | 1,442 |  |  | 5,096 |
Residential land |  | 109 |  |  | — |  |  | 109 |  |  | 420 |  |  | — |  |  | 420 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 1,744 |  |  | — |  |  | 1,744 |  |  | 2,183 |  |  | — |  |  | 2,183 |
Consumer |  | 1,895 |  |  | — |  |  | 1,895 |  |  | 1,588 |  |  | — |  |  | 1,588 |
Total |  | $ | 11,133 |  |  | $ | 3,354 |  |  | $ | 14,487 |  |  | $ | 12,043 |  |  | $ | 4,423 |  |  | $ | 16,466 |
The credit risk profile based on loans whose terms have been modified and accruing interest were as follows:
(in thousands) |  |  |  | December 31, 2022
Real estate: |  |  |  |
Residential 1-4 family |  |  |  | $ | 8,821 |
Commercial real estate |  |  |  | 9,477 |
Home equity line of credit |  |  |  | 4,404 |
Residential land |  |  |  | 782 |
Commercial construction |  |  |  | — |
Residential construction |  |  |  | — |
Commercial |  |  |  | 6,596 |
Consumer |  |  |  | 50 |
Total troubled debt restructured loans accruing interest |  |  |  | $ | 30,130 |
Schedule of collateral-dependent loans | Loans considered collateral-dependent were as follows:
|  | Amortized cost |  |
(in thousands) |  | March 31, 2023 |  | December 31, 2022 |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,353 |  |  | $ | 3,959 |  |  | Residential real estate property
Home equity line of credit |  | 1,237 |  |  | 1,425 |  |  | Residential real estate property
Total |  | $ | 3,590 |  |  | $ | 5,384 |  |  |
Schedule of amortized intangible assets | Changes in the carrying value of MSRs were as follows:
(in thousands) |  | Gross carrying amount |  | Accumulated amortization |  | Valuation allowance |  | Net carrying amount
March 31, 2023 |  | $ | 17,868 |  |  | $ | (9,123) |  |  | $ | — |  |  | $ | 8,745 |
December 31, 2022 |  | 19,544 |  |  | (10,497) |  |  | — |  |  | 9,047 |
Changes related to MSRs were as follows:
|  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  | 2023 |  | 2022
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  |  | $ | 9,047 |  |  | $ | 9,950 |
Amount capitalized |  |  |  |  |  | 51 |  |  | 719 |
Amortization |  |  |  |  |  | (353) |  |  | (645) |
Other-than-temporary impairment |  |  |  |  |  | — |  |  | — |
Carrying amount before valuation allowance |  |  |  |  |  | 8,745 |  |  | 10,024 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  |  |  |  |  | — |  |  | — |
Provision |  |  |  |  |  | — |  |  | — |
Other-than-temporary impairment |  |  |  |  |  | — |  |  | — |
Ending balance |  |  |  |  |  | — |  |  | — |
Net carrying value of mortgage servicing rights |  |  |  |  |  | $ | 8,745 |  |  | $ | 10,024 |
Schedule of key assumptions used in estimating fair value | Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:
(dollars in thousands) |  | March 31, 2023 |  | December 31, 2022
Unpaid principal balance |  | $ | 1,431,037 |  |  | $ | 1,451,322 |
Weighted average note rate |  | 3.39 | % |  | 3.38 | %
Weighted average discount rate |  | 10.00 | % |  | 10.00 | %
Weighted average prepayment speed |  | 6.39 | % |  | 6.56 | %
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets | The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows:
(dollars in thousands) |  | March 31, 2023 |  | December 31, 2022
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (109) |  |  | $ | (92) |
50 basis points adverse rate change |  | (243) |  |  | (214) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (190) |  |  | (182) |
50 basis points adverse rate change |  | (376) |  |  | (361) |
Schedule of securities sold under agreements to repurchase | The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties:
(in millions) |  | Gross amount of recognized liabilities |  | Gross amount offset in the Balance Sheets |  | Net amount of liabilities presented in the Balance Sheets
Repurchase agreements |  |  |  |  |  |
March 31, 2023 |  | $ | 131 |  |  | $ | — |  |  | $ | 131 |
December 31, 2022 |  | 281 |  |  | — |  |  | 281 |
|  | Gross amount not offset in the Balance Sheets
(in millions) |  | Net amount of liabilities presented in the Balance Sheets |  | Financial instruments |  | Cash collateral pledged
Commercial account holders |  |  |  |  |  |
March 31, 2023 |  | $ | 131 |  |  | $ | 172 |  |  | $ | — |
December 31, 2022 |  | 281 |  |  | 327 |  |  | — |
Schedule of notional and fair value of derivatives | The notional amount and fair value of ASB’s derivative financial instruments were as follows:
|  | March 31, 2023 |  | December 31, 2022
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 2,467 |  |  | $ | 26 |  |  | $ | 1,720 |  |  | $ | 9 |
Forward commitments |  | 2,250 |  |  | 5 |  |  | 1,500 |  |  | 18 |
Schedule of derivative financial instruments | ASB’s derivative financial instruments, their fair values and balance sheet location were as follows:
Derivative Financial Instruments Not Designated as Hedging Instruments 1 |  | March 31, 2023 |  | December 31, 2022
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 26 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |
Forward commitments |  | 9 |  |  | 4 |  |  | 18 |  |  | — |
|  | $ | 35 |  |  | $ | 4 |  |  | $ | 27 |  |  | $ | — |
1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.
Schedule of derivative financial instruments and net gain or loss | The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in ASB’s statements of income:
Derivative Financial Instruments Not Designated as Hedging Instruments |  | Location of net gains (losses) recognized in the Statements of Income |  |  |  | Three months ended March 31
(in thousands) |  |  |  |  |  |  | 2023 |  | 2022
Interest rate lock commitments |  | Mortgage banking income |  |  |  |  |  | $ | 17 |  |  | $ | (655) |
Forward commitments |  | Mortgage banking income |  |  |  |  |  | (13) |  |  | 178 |
|  |  |  |  |  |  |  | $ | 4 |  |  | $ | (477) |

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