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Bank segment (Tables) | 6 Months Ended
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Jun. 30, 2023
Bank Subsidiary [Abstract] |
Schedule of Statements of Income Data | Condensed Consolidating Statement of Income Three months ended June 30, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 570,689 |  |  | 112,074 |  |  | 111,428 |  |  | — |  |  | — |  |  | $ | 794,191 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 213,471 |  |  | 20,471 |  |  | 46,215 |  |  | — |  |  | — |  |  | 280,157 |
Purchased power |  | 119,460 |  |  | 37,246 |  |  | 11,728 |  |  | — |  |  | — |  |  | 168,434 |
Other operation and maintenance |  | 88,967 |  |  | 21,666 |  |  | 25,727 |  |  | — |  |  | — |  |  | 136,360 |
Depreciation |  | 40,800 |  |  | 10,636 |  |  | 9,253 |  |  | — |  |  | — |  |  | 60,689 |
Taxes, other than income taxes |  | 54,046 |  |  | 10,389 |  |  | 10,491 |  |  | — |  |  | — |  |  | 74,926 |
Total expenses |  | 516,744 |  |  | 100,408 |  |  | 103,414 |  |  | — |  |  | — |  |  | 720,566 |
Operating income |  | 53,945 |  |  | 11,666 |  |  | 8,014 |  |  | — |  |  | — |  |  | 73,625 |
Allowance for equity funds used during construction |  | 2,959 |  |  | 354 |  |  | 459 |  |  | — |  |  | — |  |  | 3,772 |
Equity in earnings of subsidiaries |  | 11,414 |  |  | — |  |  | — |  |  | — |  |  | (11,414) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 905 |  |  | 168 |  |  | (25) |  |  | — |  |  | — |  |  | 1,048 |
Interest expense and other charges, net |  | (14,742) |  |  | (2,975) |  |  | (3,155) |  |  | — |  |  | — |  |  | (20,872) |
Allowance for borrowed funds used during construction |  | 1,030 |  |  | 113 |  |  | 152 |  |  | — |  |  | — |  |  | 1,295 |
Income before income taxes |  | 55,511 |  |  | 9,326 |  |  | 5,445 |  |  | — |  |  | (11,414) |  |  | 58,868 |
Income taxes |  | 9,942 |  |  | 2,118 |  |  | 1,010 |  |  | — |  |  | — |  |  | 13,070 |
Net income |  | 45,569 |  |  | 7,208 |  |  | 4,435 |  |  | — |  |  | (11,414) |  |  | 45,798 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 45,569 |  |  | 7,075 |  |  | 4,339 |  |  | — |  |  | (11,414) |  |  | 45,569 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 45,299 |  |  | 7,075 |  |  | 4,339 |  |  | — |  |  | (11,414) |  |  | $ | 45,299 |
Condensed Consolidating Statement of Income Three months ended June 30, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 576,472 |  |  | 124,502 |  |  | 117,928 |  |  | — |  |  | (29) |  |  | $ | 818,873 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 184,297 |  |  | 33,065 |  |  | 52,293 |  |  | — |  |  | — |  |  | 269,655 |
Purchased power |  | 165,202 |  |  | 38,735 |  |  | 14,148 |  |  | — |  |  | — |  |  | 218,085 |
Other operation and maintenance |  | 82,707 |  |  | 21,331 |  |  | 20,854 |  |  | — |  |  | — |  |  | 124,892 |
Depreciation |  | 39,501 |  |  | 10,352 |  |  | 8,886 |  |  | — |  |  | — |  |  | 58,739 |
Taxes, other than income taxes |  | 54,025 |  |  | 11,378 |  |  | 10,945 |  |  | — |  |  | — |  |  | 76,348 |
Total expenses |  | 525,732 |  |  | 114,861 |  |  | 107,126 |  |  | — |  |  | — |  |  | 747,719 |
Operating income |  | 50,740 |  |  | 9,641 |  |  | 10,802 |  |  | — |  |  | (29) |  |  | 71,154 |
Allowance for equity funds used during construction |  | 1,946 |  |  | 217 |  |  | 307 |  |  | — |  |  | — |  |  | 2,470 |
Equity in earnings of subsidiaries |  | 12,237 |  |  | — |  |  | — |  |  | — |  |  | (12,237) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 856 |  |  | 167 |  |  | (32) |  |  | — |  |  | — |  |  | 991 |
Interest expense and other charges, net |  | (13,519) |  |  | (2,642) |  |  | (2,668) |  |  | — |  |  | 29 |  |  | (18,800) |
Allowance for borrowed funds used during construction |  | 637 |  |  | 67 |  |  | 94 |  |  | — |  |  | — |  |  | 798 |
Income before income taxes |  | 52,897 |  |  | 7,450 |  |  | 8,503 |  |  | — |  |  | (12,237) |  |  | 56,613 |
Income taxes |  | 8,492 |  |  | 1,659 |  |  | 1,828 |  |  | — |  |  | — |  |  | 11,979 |
Net income |  | 44,405 |  |  | 5,791 |  |  | 6,675 |  |  | — |  |  | (12,237) |  |  | 44,634 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 44,405 |  |  | 5,658 |  |  | 6,579 |  |  | — |  |  | (12,237) |  |  | 44,405 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 44,135 |  |  | 5,658 |  |  | 6,579 |  |  | — |  |  | (12,237) |  |  | $ | 44,135 |
Condensed Consolidating Statement of Income Six months ended June 30, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,172,219 |  |  | 227,362 |  |  | 225,101 |  |  | — |  |  | (130) |  |  | $ | 1,624,552 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 467,298 |  |  | 48,231 |  |  | 98,725 |  |  | — |  |  | — |  |  | 614,254 |
Purchased power |  | 229,739 |  |  | 71,332 |  |  | 20,124 |  |  | — |  |  | — |  |  | 321,195 |
Other operation and maintenance |  | 172,200 |  |  | 43,016 |  |  | 49,460 |  |  | — |  |  | — |  |  | 264,676 |
Depreciation |  | 81,838 |  |  | 21,271 |  |  | 18,507 |  |  | — |  |  | — |  |  | 121,616 |
Taxes, other than income taxes |  | 110,999 |  |  | 21,126 |  |  | 21,186 |  |  | — |  |  | — |  |  | 153,311 |
Total expenses |  | 1,062,074 |  |  | 204,976 |  |  | 208,002 |  |  | — |  |  | — |  |  | 1,475,052 |
Operating income |  | 110,145 |  |  | 22,386 |  |  | 17,099 |  |  | — |  |  | (130) |  |  | 149,500 |
Allowance for equity funds used during construction |  | 5,599 |  |  | 638 |  |  | 836 |  |  | — |  |  | — |  |  | 7,073 |
Equity in earnings of subsidiaries |  | 22,955 |  |  | — |  |  | — |  |  | — |  |  | (22,955) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 1,809 |  |  | 337 |  |  | (51) |  |  | — |  |  | — |  |  | 2,095 |
Interest expense and other charges, net |  | (29,299) |  |  | (5,806) |  |  | (6,143) |  |  | — |  |  | 130 |  |  | (41,118) |
Allowance for borrowed funds used during construction |  | 1,948 |  |  | 204 |  |  | 274 |  |  | — |  |  | — |  |  | 2,426 |
Income before income taxes |  | 113,157 |  |  | 17,759 |  |  | 12,015 |  |  | — |  |  | (22,955) |  |  | 119,976 |
Income taxes |  | 20,309 |  |  | 4,027 |  |  | 2,334 |  |  | — |  |  | — |  |  | 26,670 |
Net income |  | 92,848 |  |  | 13,732 |  |  | 9,681 |  |  | — |  |  | (22,955) |  |  | 93,306 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 92,848 |  |  | 13,465 |  |  | 9,490 |  |  | — |  |  | (22,955) |  |  | 92,848 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 92,308 |  |  | 13,465 |  |  | 9,490 |  |  | — |  |  | (22,955) |  |  | $ | 92,308 |
Condensed Consolidating Statement of Income Six months ended June 30, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,076,714 |  |  | 233,030 |  |  | 217,956 |  |  | — |  |  | (35) |  |  | $ | 1,527,665 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 338,722 |  |  | 58,316 |  |  | 93,903 |  |  | — |  |  | — |  |  | 490,941 |
Purchased power |  | 289,385 |  |  | 69,447 |  |  | 22,786 |  |  | — |  |  | — |  |  | 381,618 |
Other operation and maintenance |  | 166,363 |  |  | 41,545 |  |  | 42,241 |  |  | — |  |  | — |  |  | 250,149 |
Depreciation |  | 78,985 |  |  | 20,703 |  |  | 17,522 |  |  | — |  |  | — |  |  | 117,210 |
Taxes, other than income taxes |  | 101,299 |  |  | 21,410 |  |  | 20,289 |  |  | — |  |  | — |  |  | 142,998 |
Total expenses |  | 974,754 |  |  | 211,421 |  |  | 196,741 |  |  | — |  |  | — |  |  | 1,382,916 |
Operating income |  | 101,960 |  |  | 21,609 |  |  | 21,215 |  |  | — |  |  | (35) |  |  | 144,749 |
Allowance for equity funds used during construction |  | 3,936 |  |  | 410 |  |  | 533 |  |  | — |  |  | — |  |  | 4,879 |
Equity in earnings of subsidiaries |  | 25,898 |  |  | — |  |  | — |  |  | — |  |  | (25,898) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 1,711 |  |  | 334 |  |  | (64) |  |  | — |  |  | — |  |  | 1,981 |
Interest expense and other charges, net |  | (26,612) |  |  | (5,251) |  |  | (5,298) |  |  | — |  |  | 35 |  |  | (37,126) |
Allowance for borrowed funds used during construction |  | 1,288 |  |  | 127 |  |  | 161 |  |  | — |  |  | — |  |  | 1,576 |
Income before income taxes |  | 108,181 |  |  | 17,229 |  |  | 16,547 |  |  | — |  |  | (25,898) |  |  | 116,059 |
Income taxes |  | 17,097 |  |  | 3,927 |  |  | 3,493 |  |  | — |  |  | — |  |  | 24,517 |
Net income |  | 91,084 |  |  | 13,302 |  |  | 13,054 |  |  | — |  |  | (25,898) |  |  | 91,542 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 91,084 |  |  | 13,035 |  |  | 12,863 |  |  | — |  |  | (25,898) |  |  | 91,084 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 90,544 |  |  | 13,035 |  |  | 12,863 |  |  | — |  |  | (25,898) |  |  | $ | 90,544 |
125,173 Statements of Income and Comprehensive Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 67,966 |  |  | $ | 48,129 |  |  | $ | 132,808 |  |  | $ | 94,134 |
Interest and dividends on investment securities |  | 13,775 |  |  | 14,693 |  |  | 28,412 |  |  | 28,677 |
Total interest and dividend income |  | 81,741 |  |  | 62,822 |  |  | 161,220 |  |  | 122,811 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 9,661 |  |  | 921 |  |  | 16,498 |  |  | 1,868 |
Interest on other borrowings |  | 8,852 |  |  | 139 |  |  | 16,573 |  |  | 144 |
Total interest expense |  | 18,513 |  |  | 1,060 |  |  | 33,071 |  |  | 2,012 |
Net interest income |  | 63,228 |  |  | 61,762 |  |  | 128,149 |  |  | 120,799 |
Provision for credit losses |  | 43 |  |  | 2,757 |  |  | 1,218 |  |  | (506) |
Net interest income after provision for credit losses |  | 63,185 |  |  | 59,005 |  |  | 126,931 |  |  | 121,305 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,009 |  |  | 4,716 |  |  | 9,688 |  |  | 10,303 |
Fee income on deposit liabilities |  | 4,504 |  |  | 4,552 |  |  | 9,103 |  |  | 9,243 |
Fee income on other financial products |  | 2,768 |  |  | 2,529 |  |  | 5,512 |  |  | 5,247 |
Bank-owned life insurance |  | 1,955 |  |  | (142) |  |  | 3,380 |  |  | 539 |
Mortgage banking income |  | 230 |  |  | 372 |  |  | 360 |  |  | 1,449 |
Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
Other income, net |  | 678 |  |  | 475 |  |  | 1,479 |  |  | 847 |
Total noninterest income |  | 15,639 |  |  | 12,502 |  |  | 30,017 |  |  | 28,630 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,394 |  |  | 27,666 |  |  | 59,598 |  |  | 54,881 |
Occupancy |  | 5,539 |  |  | 5,467 |  |  | 11,127 |  |  | 11,419 |
Data processing |  | 5,095 |  |  | 4,484 |  |  | 10,107 |  |  | 8,635 |
Services |  | 2,689 |  |  | 2,522 |  |  | 5,284 |  |  | 4,961 |
Equipment |  | 2,957 |  |  | 2,402 |  |  | 5,603 |  |  | 4,731 |
Office supplies, printing and postage |  | 1,109 |  |  | 1,073 |  |  | 2,274 |  |  | 2,133 |
Marketing |  | 834 |  |  | 934 |  |  | 1,850 |  |  | 1,952 |
Other expense |  | 6,152 |  |  | 4,850 |  |  | 12,343 |  |  | 8,899 |
Total noninterest expense |  | 53,769 |  |  | 49,398 |  |  | 108,186 |  |  | 97,611 |
Income before income taxes |  | 25,055 |  |  | 22,109 |  |  | 48,762 |  |  | 52,324 |
Income taxes |  | 4,851 |  |  | 4,643 |  |  | 9,996 |  |  | 10,988 |
Net income |  | 20,204 |  |  | 17,466 |  |  | 38,766 |  |  | 41,336 |
Other comprehensive income (loss), net of taxes |  | (7,210) |  |  | (88,835) |  |  | 11,220 |  |  | (211,276) |
Comprehensive income (loss) |  | $ | 12,994 |  |  | $ | (71,369) |  |  | $ | 49,986 |  |  | $ | (169,940) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  | $ | 81,741 |  |  | $ | 62,822 |  |  | $ | 161,220 |  |  | $ | 122,811 |
Noninterest income |  | 15,639 |  |  | 12,502 |  |  | 30,017 |  |  | 28,630 |
Less: Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
*Revenues-Bank |  | 96,885 |  |  | 75,324 |  |  | 190,742 |  |  | 150,439 |
Total interest expense |  | 18,513 |  |  | 1,060 |  |  | 33,071 |  |  | 2,012 |
Provision for credit losses |  | 43 |  |  | 2,757 |  |  | 1,218 |  |  | (506) |
Noninterest expense |  | 53,769 |  |  | 49,398 |  |  | 108,186 |  |  | 97,611 |
Less: Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  | (187) |  |  | (186) |  |  | (374) |  |  | (371) |
*Expenses-Bank |  | 72,017 |  |  | 53,401 |  |  | 142,354 |  |  | 98,486 |
*Operating income-Bank |  | 24,868 |  |  | 21,923 |  |  | 48,388 |  |  | 51,953 |
Add back: Retirement defined benefits credit—other than service costs |  | (187) |  |  | (186) |  |  | (374) |  |  | (371) |
Income before income taxes |  | $ | 25,055 |  |  | $ | 22,109 |  |  | $ | 48,762 |  |  | $ | 52,324 |
Schedule of Statements of Comprehensive Income Data | Statements of Income and Comprehensive Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 67,966 |  |  | $ | 48,129 |  |  | $ | 132,808 |  |  | $ | 94,134 |
Interest and dividends on investment securities |  | 13,775 |  |  | 14,693 |  |  | 28,412 |  |  | 28,677 |
Total interest and dividend income |  | 81,741 |  |  | 62,822 |  |  | 161,220 |  |  | 122,811 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 9,661 |  |  | 921 |  |  | 16,498 |  |  | 1,868 |
Interest on other borrowings |  | 8,852 |  |  | 139 |  |  | 16,573 |  |  | 144 |
Total interest expense |  | 18,513 |  |  | 1,060 |  |  | 33,071 |  |  | 2,012 |
Net interest income |  | 63,228 |  |  | 61,762 |  |  | 128,149 |  |  | 120,799 |
Provision for credit losses |  | 43 |  |  | 2,757 |  |  | 1,218 |  |  | (506) |
Net interest income after provision for credit losses |  | 63,185 |  |  | 59,005 |  |  | 126,931 |  |  | 121,305 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,009 |  |  | 4,716 |  |  | 9,688 |  |  | 10,303 |
Fee income on deposit liabilities |  | 4,504 |  |  | 4,552 |  |  | 9,103 |  |  | 9,243 |
Fee income on other financial products |  | 2,768 |  |  | 2,529 |  |  | 5,512 |  |  | 5,247 |
Bank-owned life insurance |  | 1,955 |  |  | (142) |  |  | 3,380 |  |  | 539 |
Mortgage banking income |  | 230 |  |  | 372 |  |  | 360 |  |  | 1,449 |
Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
Other income, net |  | 678 |  |  | 475 |  |  | 1,479 |  |  | 847 |
Total noninterest income |  | 15,639 |  |  | 12,502 |  |  | 30,017 |  |  | 28,630 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,394 |  |  | 27,666 |  |  | 59,598 |  |  | 54,881 |
Occupancy |  | 5,539 |  |  | 5,467 |  |  | 11,127 |  |  | 11,419 |
Data processing |  | 5,095 |  |  | 4,484 |  |  | 10,107 |  |  | 8,635 |
Services |  | 2,689 |  |  | 2,522 |  |  | 5,284 |  |  | 4,961 |
Equipment |  | 2,957 |  |  | 2,402 |  |  | 5,603 |  |  | 4,731 |
Office supplies, printing and postage |  | 1,109 |  |  | 1,073 |  |  | 2,274 |  |  | 2,133 |
Marketing |  | 834 |  |  | 934 |  |  | 1,850 |  |  | 1,952 |
Other expense |  | 6,152 |  |  | 4,850 |  |  | 12,343 |  |  | 8,899 |
Total noninterest expense |  | 53,769 |  |  | 49,398 |  |  | 108,186 |  |  | 97,611 |
Income before income taxes |  | 25,055 |  |  | 22,109 |  |  | 48,762 |  |  | 52,324 |
Income taxes |  | 4,851 |  |  | 4,643 |  |  | 9,996 |  |  | 10,988 |
Net income |  | 20,204 |  |  | 17,466 |  |  | 38,766 |  |  | 41,336 |
Other comprehensive income (loss), net of taxes |  | (7,210) |  |  | (88,835) |  |  | 11,220 |  |  | (211,276) |
Comprehensive income (loss) |  | $ | 12,994 |  |  | $ | (71,369) |  |  | $ | 49,986 |  |  | $ | (169,940) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  | $ | 81,741 |  |  | $ | 62,822 |  |  | $ | 161,220 |  |  | $ | 122,811 |
Noninterest income |  | 15,639 |  |  | 12,502 |  |  | 30,017 |  |  | 28,630 |
Less: Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
*Revenues-Bank |  | 96,885 |  |  | 75,324 |  |  | 190,742 |  |  | 150,439 |
Total interest expense |  | 18,513 |  |  | 1,060 |  |  | 33,071 |  |  | 2,012 |
Provision for credit losses |  | 43 |  |  | 2,757 |  |  | 1,218 |  |  | (506) |
Noninterest expense |  | 53,769 |  |  | 49,398 |  |  | 108,186 |  |  | 97,611 |
Less: Gain on sale of real estate |  | 495 |  |  | — |  |  | 495 |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  | (187) |  |  | (186) |  |  | (374) |  |  | (371) |
*Expenses-Bank |  | 72,017 |  |  | 53,401 |  |  | 142,354 |  |  | 98,486 |
*Operating income-Bank |  | 24,868 |  |  | 21,923 |  |  | 48,388 |  |  | 51,953 |
Add back: Retirement defined benefits credit—other than service costs |  | (187) |  |  | (186) |  |  | (374) |  |  | (371) |
Income before income taxes |  | $ | 25,055 |  |  | $ | 22,109 |  |  | $ | 48,762 |  |  | $ | 52,324 |
Schedule of Balance Sheets Data | Condensed Consolidating Balance Sheet June 30, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diary |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,859 |  |  | 5,645 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 52,098 |
Plant and equipment |  | 5,370,111 |  |  | 1,436,118 |  |  | 1,316,537 |  |  | — |  |  | — |  |  | 8,122,766 |
Right-of-use assets - finance lease |  | 88,297 |  |  | 36,075 |  |  | — |  |  | — |  |  | — |  |  | 124,372 |
Less accumulated depreciation |  | (1,921,855) |  |  | (657,127) |  |  | (599,985) |  |  | — |  |  | — |  |  | (3,178,967) |
Construction in progress |  | 256,266 |  |  | 33,118 |  |  | 48,668 |  |  | — |  |  | — |  |  | 338,052 |
Utility property, plant and equipment, net |  | 3,835,678 |  |  | 853,829 |  |  | 768,814 |  |  | — |  |  | — |  |  | 5,458,321 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,297 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,944 |
Total property, plant and equipment, net |  | 3,840,975 |  |  | 853,944 |  |  | 770,346 |  |  | — |  |  | — |  |  | 5,465,265 |
Investment in wholly owned subsidiaries, at equity |  | 708,465 |  |  | — |  |  | — |  |  | — |  |  | (708,465) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 70,235 |  |  | 35,894 |  |  | 37,441 |  |  | 77 |  |  | — |  |  | 143,647 |
Customer accounts receivable, net |  | 147,065 |  |  | 32,293 |  |  | 29,836 |  |  | — |  |  | — |  |  | 209,194 |
Accrued unbilled revenues, net |  | 113,069 |  |  | 20,474 |  |  | 20,812 |  |  | — |  |  | — |  |  | 154,355 |
Other accounts receivable, net |  | 26,535 |  |  | 5,602 |  |  | 6,143 |  |  | — |  |  | (20,555) |  |  | 17,725 |
Fuel oil stock, at average cost |  | 106,515 |  |  | 17,069 |  |  | 20,216 |  |  | — |  |  | — |  |  | 143,800 |
Materials and supplies, at average cost |  | 53,681 |  |  | 12,304 |  |  | 25,170 |  |  | — |  |  | — |  |  | 91,155 |
Prepayments and other |  | 32,621 |  |  | 5,082 |  |  | 4,475 |  |  | — |  |  | (298) |  |  | 41,880 |
Regulatory assets |  | 70,932 |  |  | 2,789 |  |  | 3,516 |  |  | — |  |  | — |  |  | 77,237 |
Total current assets |  | 620,653 |  |  | 131,507 |  |  | 147,609 |  |  | 77 |  |  | (20,853) |  |  | 878,993 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 38,675 |  |  | 30,903 |  |  | 10,927 |  |  | — |  |  | — |  |  | 80,505 |
Regulatory assets |  | 146,918 |  |  | 16,686 |  |  | 11,946 |  |  | — |  |  | — |  |  | 175,550 |
Other |  | 114,318 |  |  | 33,129 |  |  | 30,740 |  |  | — |  |  | (16,907) |  |  | 161,280 |
Total other long-term assets |  | 299,911 |  |  | 80,718 |  |  | 53,613 |  |  | — |  |  | (16,907) |  |  | 417,335 |
Total assets |  | $ | 5,470,004 |  |  | 1,066,169 |  |  | 971,568 |  |  | 77 |  |  | (746,225) |  |  | $ | 6,761,593 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,371,889 |  |  | 349,227 |  |  | 359,161 |  |  | 77 |  |  | (708,465) |  |  | $ | 2,371,889 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,226,714 |  |  | 249,370 |  |  | 258,446 |  |  | — |  |  | — |  |  | 1,734,530 |
Total capitalization |  | 3,620,896 |  |  | 605,597 |  |  | 622,607 |  |  | 77 |  |  | (708,465) |  |  | 4,140,712 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 8,128 |  |  | 6,861 |  |  | 2,720 |  |  | — |  |  | — |  |  | 17,709 |
Current portion of long-term debt |  | 49,992 |  |  | 19,997 |  |  | 29,996 |  |  | — |  |  | — |  |  | 99,985 |
Accounts payable |  | 158,400 |  |  | 23,919 |  |  | 28,313 |  |  | — |  |  | — |  |  | 210,632 |
Interest and preferred dividends payable |  | 15,126 |  |  | 3,271 |  |  | 2,970 |  |  | — |  |  | — |  |  | 21,367 |
Taxes accrued, including revenue taxes |  | 180,089 |  |  | 37,077 |  |  | 36,069 |  |  | — |  |  | (298) |  |  | 252,937 |
Regulatory liabilities |  | 9,325 |  |  | 7,599 |  |  | 9,014 |  |  | — |  |  | — |  |  | 25,938 |
Other |  | 66,765 |  |  | 22,001 |  |  | 22,084 |  |  | — |  |  | (20,555) |  |  | 90,295 |
Total current liabilities |  | 487,825 |  |  | 120,725 |  |  | 131,166 |  |  | — |  |  | (20,853) |  |  | 718,863 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 37,657 |  |  | 24,343 |  |  | 8,465 |  |  | — |  |  | — |  |  | 70,465 |
Finance lease liabilities |  | 83,642 |  |  | 35,364 |  |  | — |  |  | — |  |  | — |  |  | 119,006 |
Deferred income taxes |  | 272,556 |  |  | 50,433 |  |  | 62,361 |  |  | — |  |  | — |  |  | 385,350 |
Regulatory liabilities |  | 758,970 |  |  | 196,235 |  |  | 106,213 |  |  | — |  |  | — |  |  | 1,061,418 |
Unamortized tax credits |  | 66,632 |  |  | 12,657 |  |  | 12,301 |  |  | — |  |  | — |  |  | 91,590 |
Defined benefit pension liability |  | 65,923 |  |  | — |  |  | — |  |  | — |  |  | (16,907) |  |  | 49,016 |
Other |  | 75,903 |  |  | 20,815 |  |  | 28,455 |  |  | — |  |  | — |  |  | 125,173 |
Total deferred credits and other liabilities |  | 1,361,283 |  |  | 339,847 |  |  | 217,795 |  |  | — |  |  | (16,907) |  |  | 1,902,018 |
Total capitalization and liabilities |  | $ | 5,470,004 |  |  | 1,066,169 |  |  | 971,568 |  |  | 77 |  |  | (746,225) |  |  | $ | 6,761,593 |
Condensed Consolidating Balance Sheet December 31, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diary |  | 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-non-affiliate |  | 87,967 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87,967 |
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) |  | June 30, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 158,170 |  |  |  |  | $ | 153,042 |
Interest-bearing deposits |  |  |  | 9,958 |  |  |  |  | 3,107 |
Cash and cash equivalents |  |  |  | 168,128 |  |  |  |  | 156,149 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,368,037 |  |  |  |  | 1,429,667 |
Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively) |  |  |  | 1,224,917 |  |  |  |  | 1,251,747 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 18,000 |  |  |  |  | 26,560 |
Loans held for investment |  |  |  | 6,138,182 |  |  |  |  | 5,978,906 |
Allowance for credit losses |  |  |  | (69,068) |  |  |  |  | (72,216) |
Net loans |  |  |  | 6,069,114 |  |  |  |  | 5,906,690 |
Loans held for sale, at lower of cost or fair value |  |  |  | 6,910 |  |  |  |  | 824 |
Other |  |  |  | 683,395 |  |  |  |  | 692,143 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,620,691 |  |  |  |  | $ | 9,545,970 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,683,725 |  |  |  |  | $ | 2,811,077 |
Deposit liabilities—interest-bearing |  |  |  | 5,479,510 |  |  |  |  | 5,358,619 |
Other borrowings |  |  |  | 750,000 |  |  |  |  | 695,120 |
Other |  |  |  | 212,268 |  |  |  |  | 212,269 |
Total liabilities |  |  |  | 9,125,503 |  |  |  |  | 9,077,085 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 357,123 |  |  |  |  | 355,806 |
Retained earnings |  |  |  | 463,459 |  |  |  |  | 449,693 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (315,917) |  |  |  |  | $ | (328,904) |  |  |
Retirement benefit plans |  | (9,478) |  |  | (325,395) |  |  | (7,711) |  |  | (336,615) |
Total shareholder’s equity |  |  |  | 495,188 |  |  |  |  | 468,885 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,620,691 |  |  |  |  | $ | 9,545,970 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 183,833 |  |  |  |  | $ | 182,986 |
Premises and equipment, net |  |  |  | 192,070 |  |  |  |  | 195,324 |
Accrued interest receivable |  |  |  | 27,136 |  |  |  |  | 25,077 |
Mortgage-servicing rights |  |  |  | 8,495 |  |  |  |  | 9,047 |
Low-income housing investments |  |  |  | 107,164 |  |  |  |  | 106,978 |
Deferred tax asset |  |  |  | 112,345 |  |  |  |  | 116,441 |
Real estate acquired in settlement of loans, net |  |  |  | — |  |  |  |  | 115 |
Other |  |  |  | 52,352 |  |  |  |  | 56,175 |
|  |  |  | $ | 683,395 |  |  |  |  | $ | 692,143 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 98,664 |  |  |  |  | $ | 97,295 |
Federal and state income taxes payable |  |  |  | 187 |  |  |  |  | 863 |
Cashier’s checks |  |  |  | 32,634 |  |  |  |  | 36,401 |
Advance payments by borrowers |  |  |  | 10,800 |  |  |  |  | 9,637 |
Other |  |  |  | 69,983 |  |  |  |  | 68,073 |
|  |  |  | $ | 212,268 |  |  |  |  | $ | 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
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 84,728 |  |  | $ | — |  |  | $ | (6,981) |  |  | $ | 77,747 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 77,747 |  |  | $ | (6,981) |
Mortgage-backed securities* |  | 1,465,232 |  |  | — |  |  | (230,718) |  |  | 1,234,514 |  |  | 8 |  |  | 36,332 |  |  | (3,863) |  |  | 175 |  |  | 1,198,182 |  |  | (226,855) |
Corporate bonds |  | 44,307 |  |  | — |  |  | (3,161) |  |  | 41,146 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 41,146 |  |  | (3,161) |
Mortgage revenue bonds |  | 14,630 |  |  | — |  |  | — |  |  | 14,630 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,608,897 |  |  | $ | — |  |  | $ | (240,860) |  |  | $ | 1,368,037 |  |  | 8 |  |  | $ | 36,332 |  |  | $ | (3,863) |  |  | 194 |  |  | $ | 1,317,075 |  |  | $ | (236,997) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,906 |  |  | $ | — |  |  | $ | (8,207) |  |  | $ | 51,699 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 51,699 |  |  | $ | (8,207) |
Mortgage-backed securities* |  | 1,165,011 |  |  | 2,449 |  |  | (97,164) |  |  | 1,070,296 |  |  | 33 |  |  | 322,971 |  |  | (6,521) |  |  | 40 |  |  | 403,177 |  |  | (90,643) |
|  | $ | 1,224,917 |  |  | $ | 2,449 |  |  | $ | (105,371) |  |  | $ | 1,121,995 |  |  | 33 |  |  | $ | 322,971 |  |  | $ | (6,521) |  |  | 43 |  |  | $ | 454,876 |  |  | $ | (98,850) |
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:
June 30, 2023 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | 2,213 |  |  | $ | 2,177 |
Due after one year through five years |  | 126,822 |  |  | 116,716 |
Due after five years through ten years |  | 14,630 |  |  | 14,630 |
Due after ten years |  | — |  |  | — |
|  | 143,665 |  |  | 133,523 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,465,232 |  |  | 1,234,514 |
Total available-for-sale securities |  | $ | 1,608,897 |  |  | $ | 1,368,037 |
Held-to-maturity |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 19,966 |  |  | 17,403 |
Due after five years through ten years |  | 39,940 |  |  | 34,296 |
Due after ten years |  | — |  |  | — |
|  | 59,906 |  |  | 51,699 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,165,011 |  |  | 1,070,296 |
Total held-to-maturity securities |  | $ | 1,224,917 |  |  | $ | 1,121,995 |
Schedule of Components of Loans Receivable | The components of loans were summarized as follows:
| June 30, 2023 |  | December 31, 2022
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,548,160 |  |  | $ | 2,479,637 |
Commercial real estate | 1,382,376 |  |  | 1,358,123 |
Home equity line of credit | 1,035,099 |  |  | 1,002,905 |
Residential land | 21,226 |  |  | 20,679 |
Commercial construction | 128,748 |  |  | 88,489 |
Residential construction | 14,536 |  |  | 20,788 |
Total real estate | 5,130,145 |  |  | 4,970,621 |
Commercial | 747,343 |  |  | 779,691 |
Consumer | 290,918 |  |  | 254,709 |
Total loans | 6,168,406 |  |  | 6,005,021 |
Less: Deferred fees and discounts | (30,224) |  |  | (26,115) |
Allowance for credit losses | (69,068) |  |  | (72,216) |
Total loans, net | $ | 6,069,114 |  |  | $ | 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 June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,612 |  |  | $ | 22,701 |  |  | $ | 6,053 |  |  | $ | 620 |  |  | $ | 735 |  |  | $ | 28 |  |  | $ | 11,936 |  |  | $ | 24,611 |  |  | $ | 71,296 |
Charge-offs |  | (181) |  |  | — |  |  | (297) |  |  | — |  |  | — |  |  | — |  |  | (157) |  |  | (2,568) |  |  | (3,203) |
Recoveries |  | 2 |  |  | — |  |  | 17 |  |  | 3 |  |  | — |  |  | — |  |  | 206 |  |  | 904 |  |  | 1,132 |
Provision |  | 275 |  |  | (2,423) |  |  | 1,366 |  |  | 30 |  |  | 1,814 |  |  | (2) |  |  | (627) |  |  | (590) |  |  | (157) |
Ending balance |  | $ | 4,708 |  |  | $ | 20,278 |  |  | $ | 7,139 |  |  | $ | 653 |  |  | $ | 2,549 |  |  | $ | 26 |  |  | $ | 11,358 |  |  | $ | 22,357 |  |  | $ | 69,068 |
Three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 7,874 |  |  | $ | 20,176 |  |  | $ | 5,650 |  |  | $ | 697 |  |  | $ | 2,340 |  |  | $ | 31 |  |  | $ | 14,314 |  |  | $ | 16,129 |  |  | $ | 67,211 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (148) |  |  | (1,369) |  |  | (1,517) |
Recoveries |  | 3 |  |  | — |  |  | 31 |  |  | 96 |  |  | — |  |  | — |  |  | 399 |  |  | 976 |  |  | 1,505 |
Provision |  | 643 |  |  | 724 |  |  | 415 |  |  | (116) |  |  | 294 |  |  | 15 |  |  | (2,152) |  |  | 2,434 |  |  | 2,257 |
Ending balance |  | $ | 8,520 |  |  | $ | 20,900 |  |  | $ | 6,096 |  |  | $ | 677 |  |  | $ | 2,634 |  |  | $ | 46 |  |  | $ | 12,413 |  |  | $ | 18,170 |  |  | $ | 69,456 |
Six months ended June 30, 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 |  | (990) |  |  | — |  |  | (360) |  |  | — |  |  | — |  |  | — |  |  | (384) |  |  | (4,891) |  |  | (6,625) |
Recoveries |  | 6 |  |  | — |  |  | 34 |  |  | 3 |  |  | — |  |  | — |  |  | 604 |  |  | 1,812 |  |  | 2,459 |
Provision |  | (578) |  |  | (1,620) |  |  | 1,340 |  |  | (67) |  |  | 1,354 |  |  | (20) |  |  | (1,288) |  |  | 1,897 |  |  | 1,018 |
Ending balance |  | $ | 4,708 |  |  | $ | 20,278 |  |  | $ | 7,139 |  |  | $ | 653 |  |  | $ | 2,549 |  |  | $ | 26 |  |  | $ | 11,358 |  |  | $ | 22,357 |  |  | $ | 69,068 |
Six months ended June 30, 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 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (224) |  |  | (2,851) |  |  | (3,075) |
Recoveries |  | 11 |  |  | — |  |  | 42 |  |  | 101 |  |  | — |  |  | — |  |  | 752 |  |  | 2,001 |  |  | 2,907 |
Provision |  | 1,964 |  |  | (3,796) |  |  | 397 |  |  | (70) |  |  | 448 |  |  | 28 |  |  | (3,913) |  |  | 3,436 |  |  | (1,506) |
Ending balance |  | $ | 8,520 |  |  | $ | 20,900 |  |  | $ | 6,096 |  |  | $ | 677 |  |  | $ | 2,634 |  |  | $ | 46 |  |  | $ | 12,413 |  |  | $ | 18,170 |  |  | $ | 69,456 |
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 June 30, 2023 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Provision |  | 200 |  |  | 1,200 |  |  | (1,200) |  |  | 200 |
Ending balance |  | $ | 600 |  |  | $ | 3,800 |  |  | $ | 200 |  |  | $ | 4,600 |
Three months ended June 30, 2022 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 3,600 |  |  | $ | 1,400 |  |  | $ | 5,400 |
Provision |  | — |  |  | 500 |  |  | — |  |  | 500 |
Ending balance |  | $ | 400 |  |  | $ | 4,100 |  |  | $ | 1,400 |  |  | $ | 5,900 |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Provision |  | 200 |  |  | 1,200 |  |  | (1,200) |  |  | 200 |
Ending balance |  | $ | 600 |  |  | $ | 3,800 |  |  | $ | 200 |  |  | $ | 4,600 |
Six months ended June 30, 2022 |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 3,700 |  |  | $ | 800 |  |  | $ | 4,900 |
Provision |  | — |  |  | 400 |  |  | 600 |  |  | 1,000 |
Ending balance |  | $ | 400 |  |  | $ | 4,100 |  |  | $ | 1,400 |  |  | $ | 5,900 |
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
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 145,486 |  |  | $ | 418,635 |  |  | $ | 748,251 |  |  | $ | 413,204 |  |  | $ | 109,756 |  |  | $ | 710,451 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,545,783 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 223 |  |  | — |  |  | — |  |  | 223 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 236 |  |  | — |  |  | — |  |  | 236 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,918 |  |  | — |  |  | — |  |  | 1,918 |
|  | 145,486 |  |  | 418,635 |  |  | 748,251 |  |  | 413,204 |  |  | 109,756 |  |  | 712,828 |  |  | — |  |  | — |  |  | 2,548,160 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 990 |  |  | — |  |  | — |  |  | 990 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 981,266 |  |  | 51,857 |  |  | 1,033,123 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 773 |  |  | — |  |  | 773 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 485 |  |  | 120 |  |  | 605 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 342 |  |  | 256 |  |  | 598 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 982,866 |  |  | 52,233 |  |  | 1,035,099 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77 |  |  | 283 |  |  | 360 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 3,073 |  |  | 5,231 |  |  | 8,270 |  |  | 3,664 |  |  | — |  |  | 988 |  |  | — |  |  | — |  |  | 21,226 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3,073 |  |  | 5,231 |  |  | 8,270 |  |  | 3,664 |  |  | — |  |  | 988 |  |  | — |  |  | — |  |  | 21,226 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 1,370 |  |  | 9,967 |  |  | 3,199 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,536 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,370 |  |  | 9,967 |  |  | 3,199 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,536 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 75,489 |  |  | 175,654 |  |  | 14,671 |  |  | 3,209 |  |  | 2,207 |  |  | 256 |  |  | 10,274 |  |  | 4,069 |  |  | 285,829 |
30-59 days past due |  | 249 |  |  | 1,577 |  |  | 244 |  |  | 67 |  |  | 72 |  |  | 1 |  |  | 58 |  |  | 69 |  |  | 2,337 |
60-89 days past due |  | 74 |  |  | 922 |  |  | 85 |  |  | 40 |  |  | 65 |  |  | 1 |  |  | 88 |  |  | 57 |  |  | 1,332 |
Greater than 89 days past due |  | 40 |  |  | 908 |  |  | 69 |  |  | 31 |  |  | 79 |  |  | 5 |  |  | 96 |  |  | 192 |  |  | 1,420 |
|  | 75,852 |  |  | 179,061 |  |  | 15,069 |  |  | 3,347 |  |  | 2,423 |  |  | 263 |  |  | 10,516 |  |  | 4,387 |  |  | 290,918 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | 460 |  |  | 2,976 |  |  | 643 |  |  | 106 |  |  | 283 |  |  | 35 |  |  | 142 |  |  | 246 |  |  | 4,891 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 50,165 |  |  | 391,965 |  |  | 177,687 |  |  | 276,039 |  |  | 51,699 |  |  | 335,469 |  |  | 8,358 |  |  | — |  |  | 1,291,382 |
Special Mention |  | — |  |  | — |  |  | 11,250 |  |  | 3,403 |  |  | 29,784 |  |  | 21,069 |  |  | — |  |  | — |  |  | 65,506 |
Substandard |  | 5,421 |  |  | — |  |  | — |  |  | — |  |  | 11,354 |  |  | 8,713 |  |  | — |  |  | — |  |  | 25,488 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 55,586 |  |  | 391,965 |  |  | 188,937 |  |  | 279,442 |  |  | 92,837 |  |  | 365,251 |  |  | 8,358 |  |  | — |  |  | 1,382,376 |
|  | 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 |  | 1,980 |  |  | 14,970 |  |  | 60,602 |  |  | 65 |  |  | — |  |  | — |  |  | 51,131 |  |  | — |  |  | 128,748 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1,980 |  |  | 14,970 |  |  | 60,602 |  |  | 65 |  |  | — |  |  | — |  |  | 51,131 |  |  | — |  |  | 128,748 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 60,151 |  |  | 223,817 |  |  | 131,123 |  |  | 84,694 |  |  | 46,411 |  |  | 85,210 |  |  | 76,926 |  |  | 13,197 |  |  | 721,529 |
Special Mention |  | — |  |  | — |  |  | 989 |  |  | — |  |  | 2,434 |  |  | — |  |  | 9,784 |  |  | — |  |  | 13,207 |
Substandard |  | — |  |  | 3,144 |  |  | 1,128 |  |  | 329 |  |  | 1,248 |  |  | 4,635 |  |  | 928 |  |  | 1,195 |  |  | 12,607 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 60,151 |  |  | 226,961 |  |  | 133,240 |  |  | 85,023 |  |  | 50,093 |  |  | 89,845 |  |  | 87,638 |  |  | 14,392 |  |  | 747,343 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 124 |  |  | 209 |  |  | 384 |
Total loans |  | $ | 343,498 |  |  | $ | 1,246,790 |  |  | $ | 1,157,568 |  |  | $ | 784,745 |  |  | $ | 255,109 |  |  | $ | 1,169,175 |  |  | $ | 1,140,509 |  |  | $ | 71,012 |  |  | $ | 6,168,406 |
|  | 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
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 223 |  |  | $ | 236 |  |  | $ | 1,918 |  |  | $ | 2,377 |  |  | $ | 2,545,783 |  |  | $ | 2,548,160 |  |  | $ | — |
Commercial real estate |  | 472 |  |  | — |  |  | — |  |  | 472 |  |  | 1,381,904 |  |  | 1,382,376 |  |  | — |
Home equity line of credit |  | 773 |  |  | 605 |  |  | 598 |  |  | 1,976 |  |  | 1,033,123 |  |  | 1,035,099 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,226 |  |  | 21,226 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 128,748 |  |  | 128,748 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,536 |  |  | 14,536 |  |  | — |
Commercial |  | 45 |  |  | 351 |  |  | 380 |  |  | 776 |  |  | 746,567 |  |  | 747,343 |  |  | — |
Consumer |  | 2,337 |  |  | 1,332 |  |  | 1,420 |  |  | 5,089 |  |  | 285,829 |  |  | 290,918 |  |  | — |
Total loans |  | $ | 3,850 |  |  | $ | 2,524 |  |  | $ | 4,316 |  |  | $ | 10,690 |  |  | $ | 6,157,716 |  |  | $ | 6,168,406 |  |  | $ | — |
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) |  | June 30, 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 |  | $ | 2,016 |  |  | $ | 2,550 |  |  | $ | 4,566 |  |  | $ | 4,198 |  |  | $ | 2,981 |  |  | $ | 7,179 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 4,528 |  |  | 740 |  |  | 5,268 |  |  | 3,654 |  |  | 1,442 |  |  | 5,096 |
Residential land |  | 107 |  |  | — |  |  | 107 |  |  | 420 |  |  | — |  |  | 420 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 1,241 |  |  | — |  |  | 1,241 |  |  | 2,183 |  |  | — |  |  | 2,183 |
Consumer |  | 2,086 |  |  | — |  |  | 2,086 |  |  | 1,588 |  |  | — |  |  | 1,588 |
Total |  | $ | 9,978 |  |  | $ | 3,290 |  |  | $ | 13,268 |  |  | $ | 12,043 |  |  | $ | 4,423 |  |  | $ | 16,466 |
Schedule of Loan Modifications | 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 |
Loan modifications that occurred during the three and six months ended June 30, 2022.
|  | Three months ended June 30, 2022 |  | Six months ended June 30, 2022
(dollars in thousands) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end) |  | Number of contracts |  | Outstanding recorded investment (as of period end)1 |  | Related allowance (as of period end)
Troubled debt restructurings |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | 1 |  |  | $ | 381 |  |  | $ | 135 |  |  | 1 |  |  | $ | 381 |  |  | $ | 135 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 1 |  |  | $ | 381 |  |  | $ | 135 |  |  | 1 |  |  | $ | 381 |  |  | $ | 135 |
1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.
Schedule of Collateral-Dependent Loans | Loans considered collateral-dependent were as follows:
|  | Amortized cost |  |
(in thousands) |  | June 30, 2023 |  | December 31, 2022 |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,712 |  |  | $ | 3,959 |  |  | Residential real estate property
Home equity line of credit |  | 740 |  |  | 1,425 |  |  | Residential real estate property
Total real estate |  | 3,452 |  |  | 5,384 |  |  |
Commercial |  | 380 |  |  | — |  |  | Business assets
Total |  | $ | 3,832 |  |  | $ | 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
June 30, 2023 |  | $ | 17,953 |  |  | $ | (9,458) |  |  | $ | — |  |  | $ | 8,495 |
December 31, 2022 |  | 19,544 |  |  | (10,497) |  |  | — |  |  | 9,047 |
Changes related to MSRs were as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,745 |  |  | $ | 10,024 |  |  | $ | 9,047 |  |  | $ | 9,950 |
Amount capitalized |  | 84 |  |  | 204 |  |  | 135 |  |  | 923 |
Amortization |  | (334) |  |  | (532) |  |  | (687) |  |  | (1,177) |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Carrying amount before valuation allowance |  | 8,495 |  |  | 9,696 |  |  | 8,495 |  |  | 9,696 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | — |  |  | — |  |  | — |  |  | — |
Provision |  | — |  |  | — |  |  | — |  |  | — |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | — |  |  | — |  |  | — |  |  | — |
Net carrying value of mortgage servicing rights |  | $ | 8,495 |  |  | $ | 9,696 |  |  | $ | 8,495 |  |  | $ | 9,696 |
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) |  | June 30, 2023 |  | December 31, 2022
Unpaid principal balance |  | $ | 1,414,845 |  |  | $ | 1,451,322 |
Weighted average note rate |  | 3.40 | % |  | 3.38 | %
Weighted average discount rate |  | 10.00 | % |  | 10.00 | %
Weighted average prepayment speed |  | 6.28 | % |  | 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) |  | June 30, 2023 |  | December 31, 2022
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (72) |  |  | $ | (92) |
50 basis points adverse rate change |  | (169) |  |  | (214) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (191) |  |  | (182) |
50 basis points adverse rate change |  | (378) |  |  | (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 |  |  |  |  |  |
June 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
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 |  |  |  |  |  |
June 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
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:
|  | June 30, 2023 |  | December 31, 2022
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 11,810 |  |  | $ | 88 |  |  | $ | 1,720 |  |  | $ | 9 |
Forward commitments |  | 9,500 |  |  | 51 |  |  | 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 |  | June 30, 2023 |  | December 31, 2022
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 88 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |
Forward commitments |  | 51 |  |  | — |  |  | 18 |  |  | — |
|  | $ | 139 |  |  | $ | — |  |  | $ | 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 June 30 |  | Six months ended June 30
(in thousands) |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate lock commitments |  | Mortgage banking income |  | $ | 62 |  |  | $ | 62 |  |  | $ | 79 |  |  | $ | (593) |
Forward commitments |  | Mortgage banking income |  | 46 |  |  | (141) |  |  | 33 |  |  | 37 |
|  |  |  | $ | 108 |  |  | $ | (79) |  |  | $ | 112 |  |  | $ | (556) |

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