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Bank segment (Tables) | 9 Months Ended
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Sep. 30, 2023
Bank Subsidiary [Abstract] |
Schedule of Statements of Income Data | Condensed Consolidating Statement of Income Three months ended September 30, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 570,323 |  |  | 116,192 |  |  | 108,472 |  |  | — |  |  | — |  |  | $ | 794,987 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 196,223 |  |  | 30,956 |  |  | 40,259 |  |  | — |  |  | — |  |  | 267,438 |
Purchased power |  | 132,536 |  |  | 30,265 |  |  | 14,994 |  |  | — |  |  | — |  |  | 177,795 |
Other operation and maintenance |  | 83,528 |  |  | 21,351 |  |  | 37,629 |  |  | — |  |  | — |  |  | 142,508 |
Depreciation |  | 41,276 |  |  | 10,635 |  |  | 9,254 |  |  | — |  |  | — |  |  | 61,165 |
Taxes, other than income taxes |  | 53,511 |  |  | 10,857 |  |  | 10,355 |  |  | — |  |  | — |  |  | 74,723 |
Total expenses |  | 507,074 |  |  | 104,064 |  |  | 112,491 |  |  | — |  |  | — |  |  | 723,629 |
Operating income (loss) |  | 63,249 |  |  | 12,128 |  |  | (4,019) |  |  | — |  |  | — |  |  | 71,358 |
Allowance for equity funds used during construction |  | 3,005 |  |  | 366 |  |  | 629 |  |  | — |  |  | — |  |  | 4,000 |
Equity in earnings of subsidiaries |  | 3,005 |  |  | — |  |  | — |  |  | — |  |  | (3,005) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 992 |  |  | 163 |  |  | (23) |  |  | — |  |  | — |  |  | 1,132 |
Interest expense and other charges, net |  | (16,295) |  |  | (2,988) |  |  | (3,164) |  |  | — |  |  | — |  |  | (22,447) |
Allowance for borrowed funds used during construction |  | 1,047 |  |  | 117 |  |  | 208 |  |  | — |  |  | — |  |  | 1,372 |
Income (loss) before income taxes |  | 55,003 |  |  | 9,786 |  |  | (6,369) |  |  | — |  |  | (3,005) |  |  | 55,415 |
Income taxes |  | 11,272 |  |  | 2,234 |  |  | (2,050) |  |  | — |  |  | — |  |  | 11,456 |
Net income (loss) |  | 43,731 |  |  | 7,552 |  |  | (4,319) |  |  | — |  |  | (3,005) |  |  | 43,959 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 43,731 |  |  | 7,419 |  |  | (4,414) |  |  | — |  |  | (3,005) |  |  | 43,731 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 43,461 |  |  | 7,419 |  |  | (4,414) |  |  | — |  |  | (3,005) |  |  | $ | 43,461 |
Condensed Consolidating Statement of Income Three months ended September 30, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 693,281 |  |  | 130,858 |  |  | 131,910 |  |  | — |  |  | (78) |  |  | $ | 955,971 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 280,447 |  |  | 40,540 |  |  | 62,615 |  |  | — |  |  | — |  |  | 383,602 |
Purchased power |  | 171,470 |  |  | 37,263 |  |  | 16,476 |  |  | — |  |  | — |  |  | 225,209 |
Other operation and maintenance |  | 77,115 |  |  | 21,882 |  |  | 22,113 |  |  | — |  |  | — |  |  | 121,110 |
Depreciation |  | 39,474 |  |  | 10,350 |  |  | 8,887 |  |  | — |  |  | — |  |  | 58,711 |
Taxes, other than income taxes |  | 64,051 |  |  | 12,026 |  |  | 12,213 |  |  | — |  |  | — |  |  | 88,290 |
Total expenses |  | 632,557 |  |  | 122,061 |  |  | 122,304 |  |  | — |  |  | — |  |  | 876,922 |
Operating income |  | 60,724 |  |  | 8,797 |  |  | 9,606 |  |  | — |  |  | (78) |  |  | 79,049 |
Allowance for equity funds used during construction |  | 2,063 |  |  | 206 |  |  | 283 |  |  | — |  |  | — |  |  | 2,552 |
Equity in earnings of subsidiaries |  | 10,577 |  |  | — |  |  | — |  |  | — |  |  | (10,577) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 760 |  |  | 166 |  |  | (31) |  |  | — |  |  | — |  |  | 895 |
Interest expense and other charges, net |  | (14,221) |  |  | (2,716) |  |  | (2,750) |  |  | — |  |  | 78 |  |  | (19,609) |
Allowance for borrowed funds used during construction |  | 674 |  |  | 63 |  |  | 88 |  |  | — |  |  | — |  |  | 825 |
Income before income taxes |  | 60,577 |  |  | 6,516 |  |  | 7,196 |  |  | — |  |  | (10,577) |  |  | 63,712 |
Income taxes |  | 10,543 |  |  | 1,424 |  |  | 1,483 |  |  | — |  |  | — |  |  | 13,450 |
Net income |  | 50,034 |  |  | 5,092 |  |  | 5,713 |  |  | — |  |  | (10,577) |  |  | 50,262 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 50,034 |  |  | 4,959 |  |  | 5,618 |  |  | — |  |  | (10,577) |  |  | 50,034 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 49,764 |  |  | 4,959 |  |  | 5,618 |  |  | — |  |  | (10,577) |  |  | $ | 49,764 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,742,542 |  |  | 343,554 |  |  | 333,573 |  |  | — |  |  | (130) |  |  | $ | 2,419,539 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 663,521 |  |  | 79,187 |  |  | 138,984 |  |  | — |  |  | — |  |  | 881,692 |
Purchased power |  | 362,275 |  |  | 101,597 |  |  | 35,118 |  |  | — |  |  | — |  |  | 498,990 |
Other operation and maintenance |  | 255,728 |  |  | 64,367 |  |  | 87,089 |  |  | — |  |  | — |  |  | 407,184 |
Depreciation |  | 123,114 |  |  | 31,906 |  |  | 27,761 |  |  | — |  |  | — |  |  | 182,781 |
Taxes, other than income taxes |  | 164,510 |  |  | 31,983 |  |  | 31,541 |  |  | — |  |  | — |  |  | 228,034 |
Total expenses |  | 1,569,148 |  |  | 309,040 |  |  | 320,493 |  |  | — |  |  | — |  |  | 2,198,681 |
Operating income |  | 173,394 |  |  | 34,514 |  |  | 13,080 |  |  | — |  |  | (130) |  |  | 220,858 |
Allowance for equity funds used during construction |  | 8,604 |  |  | 1,004 |  |  | 1,465 |  |  | — |  |  | — |  |  | 11,073 |
Equity in earnings of subsidiaries |  | 25,960 |  |  | — |  |  | — |  |  | — |  |  | (25,960) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,801 |  |  | 500 |  |  | (74) |  |  | — |  |  | — |  |  | 3,227 |
Interest expense and other charges, net |  | (45,594) |  |  | (8,794) |  |  | (9,307) |  |  | — |  |  | 130 |  |  | (63,565) |
Allowance for borrowed funds used during construction |  | 2,995 |  |  | 321 |  |  | 482 |  |  | — |  |  | — |  |  | 3,798 |
Income before income taxes |  | 168,160 |  |  | 27,545 |  |  | 5,646 |  |  | — |  |  | (25,960) |  |  | 175,391 |
Income taxes |  | 31,581 |  |  | 6,261 |  |  | 284 |  |  | — |  |  | — |  |  | 38,126 |
Net income |  | 136,579 |  |  | 21,284 |  |  | 5,362 |  |  | — |  |  | (25,960) |  |  | 137,265 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 136,579 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | 136,579 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 135,769 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | $ | 135,769 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2022
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,769,995 |  |  | 363,888 |  |  | 349,866 |  |  | — |  |  | (113) |  |  | $ | 2,483,636 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 619,169 |  |  | 98,856 |  |  | 156,518 |  |  | — |  |  | — |  |  | 874,543 |
Purchased power |  | 460,855 |  |  | 106,710 |  |  | 39,262 |  |  | — |  |  | — |  |  | 606,827 |
Other operation and maintenance |  | 243,478 |  |  | 63,427 |  |  | 64,354 |  |  | — |  |  | — |  |  | 371,259 |
Depreciation |  | 118,459 |  |  | 31,053 |  |  | 26,409 |  |  | — |  |  | — |  |  | 175,921 |
Taxes, other than income taxes |  | 165,350 |  |  | 33,436 |  |  | 32,502 |  |  | — |  |  | — |  |  | 231,288 |
Total expenses |  | 1,607,311 |  |  | 333,482 |  |  | 319,045 |  |  | — |  |  | — |  |  | 2,259,838 |
Operating income |  | 162,684 |  |  | 30,406 |  |  | 30,821 |  |  | — |  |  | (113) |  |  | 223,798 |
Allowance for equity funds used during construction |  | 5,999 |  |  | 616 |  |  | 816 |  |  | — |  |  | — |  |  | 7,431 |
Equity in earnings of subsidiaries |  | 36,475 |  |  | — |  |  | — |  |  | — |  |  | (36,475) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,471 |  |  | 500 |  |  | (95) |  |  | — |  |  | — |  |  | 2,876 |
Interest expense and other charges, net |  | (40,833) |  |  | (7,967) |  |  | (8,048) |  |  | — |  |  | 113 |  |  | (56,735) |
Allowance for borrowed funds used during construction |  | 1,962 |  |  | 190 |  |  | 249 |  |  | — |  |  | — |  |  | 2,401 |
Income before income taxes |  | 168,758 |  |  | 23,745 |  |  | 23,743 |  |  | — |  |  | (36,475) |  |  | 179,771 |
Income taxes |  | 27,640 |  |  | 5,351 |  |  | 4,976 |  |  | — |  |  | — |  |  | 37,967 |
Net income |  | 141,118 |  |  | 18,394 |  |  | 18,767 |  |  | — |  |  | (36,475) |  |  | 141,804 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 141,118 |  |  | 17,994 |  |  | 18,481 |  |  | — |  |  | (36,475) |  |  | 141,118 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 140,308 |  |  | 17,994 |  |  | 18,481 |  |  | — |  |  | (36,475) |  |  | $ | 140,308 |
Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 71,540 |  |  | $ | 53,365 |  |  | $ | 204,348 |  |  | $ | 147,499 |
Interest and dividends on investment securities |  | 14,096 |  |  | 15,052 |  |  | 42,508 |  |  | 43,729 |
Total interest and dividend income |  | 85,636 |  |  | 68,417 |  |  | 246,856 |  |  | 191,228 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 14,446 |  |  | 1,704 |  |  | 30,944 |  |  | 3,572 |
Interest on other borrowings |  | 8,598 |  |  | 1,055 |  |  | 25,171 |  |  | 1,199 |
Total interest expense |  | 23,044 |  |  | 2,759 |  |  | 56,115 |  |  | 4,771 |
Net interest income |  | 62,592 |  |  | 65,658 |  |  | 190,741 |  |  | 186,457 |
Provision for credit losses |  | 8,835 |  |  | (186) |  |  | 10,053 |  |  | (692) |
Net interest income after provision for credit losses |  | 53,757 |  |  | 65,844 |  |  | 180,688 |  |  | 187,149 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,703 |  |  | 4,763 |  |  | 14,391 |  |  | 15,066 |
Fee income on deposit liabilities |  | 4,924 |  |  | 4,879 |  |  | 14,027 |  |  | 14,122 |
Fee income on other financial products |  | 2,440 |  |  | 2,416 |  |  | 7,952 |  |  | 7,663 |
Bank-owned life insurance |  | 2,303 |  |  | 122 |  |  | 5,683 |  |  | 661 |
Mortgage banking income |  | 341 |  |  | 181 |  |  | 701 |  |  | 1,630 |
Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
Other income, net |  | 627 |  |  | 633 |  |  | 2,106 |  |  | 1,480 |
Total noninterest income |  | 15,338 |  |  | 12,994 |  |  | 45,355 |  |  | 41,624 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,902 |  |  | 28,597 |  |  | 89,500 |  |  | 83,478 |
Occupancy |  | 5,154 |  |  | 5,577 |  |  | 16,281 |  |  | 16,996 |
Data processing |  | 5,133 |  |  | 4,509 |  |  | 15,240 |  |  | 13,144 |
Services |  | 3,627 |  |  | 2,751 |  |  | 8,911 |  |  | 7,712 |
Equipment |  | 3,125 |  |  | 2,432 |  |  | 8,728 |  |  | 7,163 |
Office supplies, printing and postage |  | 1,022 |  |  | 1,123 |  |  | 3,296 |  |  | 3,256 |
Marketing |  | 984 |  |  | 925 |  |  | 2,834 |  |  | 2,877 |
Other expense |  | 7,399 |  |  | 5,643 |  |  | 19,742 |  |  | 14,542 |
Total noninterest expense |  | 56,346 |  |  | 51,557 |  |  | 164,532 |  |  | 149,168 |
Income before income taxes |  | 12,749 |  |  | 27,281 |  |  | 61,511 |  |  | 79,605 |
Income taxes |  | 1,384 |  |  | 6,525 |  |  | 11,380 |  |  | 17,513 |
Net income |  | 11,365 |  |  | 20,756 |  |  | 50,131 |  |  | 62,092 |
Other comprehensive income (loss), net of taxes |  | (34,231) |  |  | (98,942) |  |  | (23,011) |  |  | (310,218) |
Comprehensive income (loss) |  | $ | (22,866) |  |  | $ | (78,186) |  |  | $ | 27,120 |  |  | $ | (248,126) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  | $ | 85,636 |  |  | $ | 68,417 |  |  | $ | 246,856 |  |  | $ | 191,228 |
Noninterest income |  | 15,338 |  |  | 12,994 |  |  | 45,355 |  |  | 41,624 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
*Revenues-Bank |  | 100,974 |  |  | 81,411 |  |  | 291,716 |  |  | 231,850 |
Total interest expense |  | 23,044 |  |  | 2,759 |  |  | 56,115 |  |  | 4,771 |
Provision for credit losses |  | 8,835 |  |  | (186) |  |  | 10,053 |  |  | (692) |
Noninterest expense |  | 56,346 |  |  | 51,557 |  |  | 164,532 |  |  | 149,168 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  | (190) |  |  | (181) |  |  | (564) |  |  | (552) |
*Expenses-Bank |  | 88,415 |  |  | 54,311 |  |  | 230,769 |  |  | 152,797 |
*Operating income-Bank |  | 12,559 |  |  | 27,100 |  |  | 60,947 |  |  | 79,053 |
Add back: Retirement defined benefits credit—other than service costs |  | (190) |  |  | (181) |  |  | (564) |  |  | (552) |
Income before income taxes |  | $ | 12,749 |  |  | $ | 27,281 |  |  | $ | 61,511 |  |  | $ | 79,605 |
Schedule of Statements of Comprehensive Income Data | Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 71,540 |  |  | $ | 53,365 |  |  | $ | 204,348 |  |  | $ | 147,499 |
Interest and dividends on investment securities |  | 14,096 |  |  | 15,052 |  |  | 42,508 |  |  | 43,729 |
Total interest and dividend income |  | 85,636 |  |  | 68,417 |  |  | 246,856 |  |  | 191,228 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 14,446 |  |  | 1,704 |  |  | 30,944 |  |  | 3,572 |
Interest on other borrowings |  | 8,598 |  |  | 1,055 |  |  | 25,171 |  |  | 1,199 |
Total interest expense |  | 23,044 |  |  | 2,759 |  |  | 56,115 |  |  | 4,771 |
Net interest income |  | 62,592 |  |  | 65,658 |  |  | 190,741 |  |  | 186,457 |
Provision for credit losses |  | 8,835 |  |  | (186) |  |  | 10,053 |  |  | (692) |
Net interest income after provision for credit losses |  | 53,757 |  |  | 65,844 |  |  | 180,688 |  |  | 187,149 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,703 |  |  | 4,763 |  |  | 14,391 |  |  | 15,066 |
Fee income on deposit liabilities |  | 4,924 |  |  | 4,879 |  |  | 14,027 |  |  | 14,122 |
Fee income on other financial products |  | 2,440 |  |  | 2,416 |  |  | 7,952 |  |  | 7,663 |
Bank-owned life insurance |  | 2,303 |  |  | 122 |  |  | 5,683 |  |  | 661 |
Mortgage banking income |  | 341 |  |  | 181 |  |  | 701 |  |  | 1,630 |
Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
Other income, net |  | 627 |  |  | 633 |  |  | 2,106 |  |  | 1,480 |
Total noninterest income |  | 15,338 |  |  | 12,994 |  |  | 45,355 |  |  | 41,624 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,902 |  |  | 28,597 |  |  | 89,500 |  |  | 83,478 |
Occupancy |  | 5,154 |  |  | 5,577 |  |  | 16,281 |  |  | 16,996 |
Data processing |  | 5,133 |  |  | 4,509 |  |  | 15,240 |  |  | 13,144 |
Services |  | 3,627 |  |  | 2,751 |  |  | 8,911 |  |  | 7,712 |
Equipment |  | 3,125 |  |  | 2,432 |  |  | 8,728 |  |  | 7,163 |
Office supplies, printing and postage |  | 1,022 |  |  | 1,123 |  |  | 3,296 |  |  | 3,256 |
Marketing |  | 984 |  |  | 925 |  |  | 2,834 |  |  | 2,877 |
Other expense |  | 7,399 |  |  | 5,643 |  |  | 19,742 |  |  | 14,542 |
Total noninterest expense |  | 56,346 |  |  | 51,557 |  |  | 164,532 |  |  | 149,168 |
Income before income taxes |  | 12,749 |  |  | 27,281 |  |  | 61,511 |  |  | 79,605 |
Income taxes |  | 1,384 |  |  | 6,525 |  |  | 11,380 |  |  | 17,513 |
Net income |  | 11,365 |  |  | 20,756 |  |  | 50,131 |  |  | 62,092 |
Other comprehensive income (loss), net of taxes |  | (34,231) |  |  | (98,942) |  |  | (23,011) |  |  | (310,218) |
Comprehensive income (loss) |  | $ | (22,866) |  |  | $ | (78,186) |  |  | $ | 27,120 |  |  | $ | (248,126) |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income |  | $ | 85,636 |  |  | $ | 68,417 |  |  | $ | 246,856 |  |  | $ | 191,228 |
Noninterest income |  | 15,338 |  |  | 12,994 |  |  | 45,355 |  |  | 41,624 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
*Revenues-Bank |  | 100,974 |  |  | 81,411 |  |  | 291,716 |  |  | 231,850 |
Total interest expense |  | 23,044 |  |  | 2,759 |  |  | 56,115 |  |  | 4,771 |
Provision for credit losses |  | 8,835 |  |  | (186) |  |  | 10,053 |  |  | (692) |
Noninterest expense |  | 56,346 |  |  | 51,557 |  |  | 164,532 |  |  | 149,168 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | 495 |  |  | 1,002 |
Less: Retirement defined benefits credit—other than service costs |  | (190) |  |  | (181) |  |  | (564) |  |  | (552) |
*Expenses-Bank |  | 88,415 |  |  | 54,311 |  |  | 230,769 |  |  | 152,797 |
*Operating income-Bank |  | 12,559 |  |  | 27,100 |  |  | 60,947 |  |  | 79,053 |
Add back: Retirement defined benefits credit—other than service costs |  | (190) |  |  | (181) |  |  | (564) |  |  | (552) |
Income before income taxes |  | $ | 12,749 |  |  | $ | 27,281 |  |  | $ | 61,511 |  |  | $ | 79,605 |
Schedule of Balance Sheets Data | Condensed Consolidating Balance Sheet September 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 |  | 5,422,393 |  |  | 1,448,183 |  |  | 1,329,252 |  |  | — |  |  | — |  |  | 8,199,828 |
Right-of-use assets - finance lease |  | 88,297 |  |  | 36,075 |  |  | — |  |  | — |  |  | — |  |  | 124,372 |
Less accumulated depreciation |  | (1,953,609) |  |  | (663,303) |  |  | (605,118) |  |  | — |  |  | — |  |  | (3,222,030) |
Construction in progress |  | 258,204 |  |  | 35,281 |  |  | 63,804 |  |  | — |  |  | — |  |  | 357,289 |
Utility property, plant and equipment, net |  | 3,858,144 |  |  | 861,881 |  |  | 791,532 |  |  | — |  |  | — |  |  | 5,511,557 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,295 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,942 |
Total property, plant and equipment, net |  | 3,863,439 |  |  | 861,996 |  |  | 793,064 |  |  | — |  |  | — |  |  | 5,518,499 |
Investment in wholly owned subsidiaries, at equity |  | 703,311 |  |  | — |  |  | — |  |  | — |  |  | (703,311) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 233,518 |  |  | 32,716 |  |  | 8,543 |  |  | 77 |  |  | — |  |  | 274,854 |
Restricted cash |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Customer accounts receivable, net |  | 172,730 |  |  | 34,550 |  |  | 34,482 |  |  | — |  |  | — |  |  | 241,762 |
Accrued unbilled revenues, net |  | 132,552 |  |  | 22,062 |  |  | 24,713 |  |  | — |  |  | — |  |  | 179,327 |
Other accounts receivable, net |  | 115,498 |  |  | 7,124 |  |  | 11,778 |  |  | — |  |  | (44,577) |  |  | 89,823 |
Fuel oil stock, at average cost |  | 112,468 |  |  | 14,400 |  |  | 25,900 |  |  | — |  |  | — |  |  | 152,768 |
Materials and supplies, at average cost |  | 58,834 |  |  | 13,077 |  |  | 27,615 |  |  | — |  |  | — |  |  | 99,526 |
Prepayments and other |  | 41,304 |  |  | 5,468 |  |  | 7,766 |  |  | — |  |  | — |  |  | 54,538 |
Regulatory assets |  | 49,489 |  |  | 5,110 |  |  | 3,322 |  |  | — |  |  | — |  |  | 57,921 |
Total current assets |  | 918,393 |  |  | 134,507 |  |  | 144,119 |  |  | 77 |  |  | (44,577) |  |  | 1,152,519 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 36,627 |  |  | 29,193 |  |  | 10,241 |  |  | — |  |  | — |  |  | 76,061 |
Regulatory assets |  | 146,735 |  |  | 14,583 |  |  | 11,958 |  |  | — |  |  | — |  |  | 173,276 |
Other |  | 112,601 |  |  | 33,011 |  |  | 29,468 |  |  | — |  |  | (16,988) |  |  | 158,092 |
Total other long-term assets |  | 295,963 |  |  | 76,787 |  |  | 51,667 |  |  | — |  |  | (16,988) |  |  | 407,429 |
Total assets |  | $ | 5,781,106 |  |  | 1,073,290 |  |  | 988,850 |  |  | 77 |  |  | (764,876) |  |  | $ | 7,078,447 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,383,023 |  |  | 352,170 |  |  | 351,064 |  |  | 77 |  |  | (703,311) |  |  | $ | 2,383,023 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,426,353 |  |  | 249,308 |  |  | 258,383 |  |  | — |  |  | — |  |  | 1,934,044 |
Total capitalization |  | 3,831,669 |  |  | 608,478 |  |  | 614,447 |  |  | 77 |  |  | (703,311) |  |  | 4,351,360 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 7,308 |  |  | 6,942 |  |  | 2,762 |  |  | — |  |  | — |  |  | 17,012 |
Current portion of long-term debt |  | 49,998 |  |  | 19,999 |  |  | 29,999 |  |  | — |  |  | — |  |  | 99,996 |
Accounts payable |  | 141,738 |  |  | 25,436 |  |  | 34,525 |  |  | — |  |  | — |  |  | 201,699 |
Interest and preferred dividends payable |  | 21,304 |  |  | 3,924 |  |  | 4,830 |  |  | — |  |  | — |  |  | 30,058 |
Taxes accrued, including revenue taxes |  | 196,037 |  |  | 40,706 |  |  | 37,529 |  |  | — |  |  | — |  |  | 274,272 |
Regulatory liabilities |  | 9,999 |  |  | 6,842 |  |  | 9,484 |  |  | — |  |  | — |  |  | 26,325 |
Other |  | 148,400 |  |  | 23,182 |  |  | 36,302 |  |  | — |  |  | (44,577) |  |  | 163,307 |
Total current liabilities |  | 574,784 |  |  | 127,031 |  |  | 155,431 |  |  | — |  |  | (44,577) |  |  | 812,669 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 35,967 |  |  | 22,575 |  |  | 7,757 |  |  | — |  |  | — |  |  | 66,299 |
Finance lease liabilities |  | 82,935 |  |  | 35,205 |  |  | — |  |  | — |  |  | — |  |  | 118,140 |
Deferred income taxes |  | 274,577 |  |  | 50,405 |  |  | 60,693 |  |  | — |  |  | — |  |  | 385,675 |
Regulatory liabilities |  | 770,268 |  |  | 197,045 |  |  | 108,136 |  |  | — |  |  | — |  |  | 1,075,449 |
Unamortized tax credits |  | 65,153 |  |  | 12,410 |  |  | 12,184 |  |  | — |  |  | — |  |  | 89,747 |
Defined benefit pension liability |  | 65,872 |  |  | — |  |  | — |  |  | — |  |  | (16,988) |  |  | 48,884 |
Other |  | 79,881 |  |  | 20,141 |  |  | 30,202 |  |  | — |  |  | — |  |  | 130,224 |
Total deferred credits and other liabilities |  | 1,374,653 |  |  | 337,781 |  |  | 218,972 |  |  | — |  |  | (16,988) |  |  | 1,914,418 |
Total capitalization and liabilities |  | $ | 5,781,106 |  |  | 1,073,290 |  |  | 988,850 |  |  | 77 |  |  | (764,876) |  |  | $ | 7,078,447 |
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) |  | September 30, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 139,059 |  |  |  |  | $ | 153,042 |
Interest-bearing deposits |  |  |  | 124,531 |  |  |  |  | 3,107 |
Cash and cash equivalents |  |  |  | 263,590 |  |  |  |  | 156,149 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,266,412 |  |  |  |  | 1,429,667 |
Held-to-maturity, at amortized cost (fair value of $1,052,221 and $1,150,971, respectively) |  |  |  | 1,212,005 |  |  |  |  | 1,251,747 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 18,000 |  |  |  |  | 26,560 |
Loans held for investment |  |  |  | 6,191,006 |  |  |  |  | 5,978,906 |
Allowance for credit losses |  |  |  | (76,366) |  |  |  |  | (72,216) |
Net loans |  |  |  | 6,114,640 |  |  |  |  | 5,906,690 |
Loans held for sale, at lower of cost or fair value |  |  |  | 2,171 |  |  |  |  | 824 |
Other |  |  |  | 698,420 |  |  |  |  | 692,143 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,657,428 |  |  |  |  | $ | 9,545,970 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,573,010 |  |  |  |  | $ | 2,811,077 |
Deposit liabilities—interest-bearing |  |  |  | 5,651,341 |  |  |  |  | 5,358,619 |
Other borrowings |  |  |  | 750,000 |  |  |  |  | 695,120 |
Other |  |  |  | 224,136 |  |  |  |  | 212,269 |
Total liabilities |  |  |  | 9,198,487 |  |  |  |  | 9,077,085 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 357,742 |  |  |  |  | 355,806 |
Retained earnings |  |  |  | 460,824 |  |  |  |  | 449,693 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (350,234) |  |  |  |  | $ | (328,904) |  |  |
Retirement benefit plans |  | (9,392) |  |  | (359,626) |  |  | (7,711) |  |  | (336,615) |
Total shareholder’s equity |  |  |  | 458,941 |  |  |  |  | 468,885 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,657,428 |  |  |  |  | $ | 9,545,970 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 186,143 |  |  |  |  | $ | 182,986 |
Premises and equipment, net |  |  |  | 189,950 |  |  |  |  | 195,324 |
Accrued interest receivable |  |  |  | 29,361 |  |  |  |  | 25,077 |
Mortgage-servicing rights |  |  |  | 8,376 |  |  |  |  | 9,047 |
Low-income housing investments |  |  |  | 103,580 |  |  |  |  | 106,978 |
Deferred tax asset |  |  |  | 127,735 |  |  |  |  | 116,441 |
Real estate acquired in settlement of loans, net |  |  |  | — |  |  |  |  | 115 |
Other |  |  |  | 53,275 |  |  |  |  | 56,175 |
|  |  |  | $ | 698,420 |  |  |  |  | $ | 692,143 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 102,540 |  |  |  |  | $ | 97,295 |
Federal and state income taxes payable |  |  |  | 845 |  |  |  |  | 863 |
Cashier’s checks |  |  |  | 38,483 |  |  |  |  | 36,401 |
Advance payments by borrowers |  |  |  | 4,289 |  |  |  |  | 9,637 |
Other |  |  |  | 77,979 |  |  |  |  | 68,073 |
|  |  |  | $ | 224,136 |  |  |  |  | $ | 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 82,252 |  |  | $ | — |  |  | $ | (7,252) |  |  | $ | 75,000 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 75,000 |  |  | $ | (7,252) |
Mortgage-backed securities* |  | 1,427,186 |  |  | — |  |  | (282,019) |  |  | 1,145,167 |  |  | 5 |  |  | 12,650 |  |  | (3,432) |  |  | 178 |  |  | 1,132,517 |  |  | (278,587) |
Corporate bonds |  | 35,273 |  |  | — |  |  | (3,522) |  |  | 31,751 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 31,751 |  |  | (3,522) |
Mortgage revenue bonds |  | 14,494 |  |  | — |  |  | — |  |  | 14,494 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,559,205 |  |  | $ | — |  |  | $ | (292,793) |  |  | $ | 1,266,412 |  |  | 5 |  |  | $ | 12,650 |  |  | $ | (3,432) |  |  | 195 |  |  | $ | 1,239,268 |  |  | $ | (289,361) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,912 |  |  | $ | — |  |  | $ | (9,541) |  |  | $ | 50,371 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 50,371 |  |  | $ | (9,541) |
Mortgage-backed securities* |  | 1,152,093 |  |  | — |  |  | (150,243) |  |  | 1,001,850 |  |  | 62 |  |  | 612,587 |  |  | (42,892) |  |  | 41 |  |  | 389,263 |  |  | (107,351) |
|  | $ | 1,212,005 |  |  | $ | — |  |  | $ | (159,784) |  |  | $ | 1,052,221 |  |  | 62 |  |  | $ | 612,587 |  |  | $ | (42,892) |  |  | 44 |  |  | $ | 439,634 |  |  | $ | (116,892) |
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:
September 30, 2023 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | 1,811 |  |  | $ | 1,782 |
Due after one year through five years |  | 115,714 |  |  | 104,970 |
Due after five years through ten years |  | 14,494 |  |  | 14,494 |
Due after ten years |  | — |  |  | — |
|  | 132,019 |  |  | 121,246 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,427,186 |  |  | 1,145,166 |
Total available-for-sale securities |  | $ | 1,559,205 |  |  | $ | 1,266,412 |
Held-to-maturity |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 39,824 |  |  | 34,133 |
Due after five years through ten years |  | 20,088 |  |  | 16,238 |
Due after ten years |  | — |  |  | — |
|  | 59,912 |  |  | 50,371 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,152,093 |  |  | 1,001,850 |
Total held-to-maturity securities |  | $ | 1,212,005 |  |  | $ | 1,052,221 |
Schedule of Components of Loans Receivable | The components of loans were summarized as follows:
| September 30, 2023 |  | December 31, 2022
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,566,300 |  |  | $ | 2,479,637 |
Commercial real estate | 1,400,570 |  |  | 1,358,123 |
Home equity line of credit | 1,032,749 |  |  | 1,002,905 |
Residential land | 20,245 |  |  | 20,679 |
Commercial construction | 168,539 |  |  | 88,489 |
Residential construction | 17,295 |  |  | 20,788 |
Total real estate | 5,205,698 |  |  | 4,970,621 |
Commercial | 732,458 |  |  | 779,691 |
Consumer | 282,946 |  |  | 254,709 |
Total loans | 6,221,102 |  |  | 6,005,021 |
Less: Deferred fees and discounts | (30,096) |  |  | (26,115) |
Allowance for credit losses | (76,366) |  |  | (72,216) |
Total loans, net | $ | 6,114,640 |  |  | $ | 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,708 |  |  | $ | 20,278 |  |  | $ | 7,139 |  |  | $ | 653 |  |  | $ | 2,549 |  |  | $ | 26 |  |  | $ | 11,358 |  |  | $ | 22,357 |  |  | $ | 69,068 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (125) |  |  | (2,667) |  |  | (2,792) |
Recoveries |  | 57 |  |  | — |  |  | 131 |  |  | 1 |  |  | — |  |  | — |  |  | 725 |  |  | 841 |  |  | 1,755 |
Provision |  | 1,702 |  |  | 2,180 |  |  | 505 |  |  | (33) |  |  | 1,075 |  |  | 16 |  |  | (1,175) |  |  | 4,065 |  |  | 8,335 |
Ending balance |  | $ | 6,467 |  |  | $ | 22,458 |  |  | $ | 7,775 |  |  | $ | 621 |  |  | $ | 3,624 |  |  | $ | 42 |  |  | $ | 10,783 |  |  | $ | 24,596 |  |  | $ | 76,366 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,520 |  |  | $ | 20,900 |  |  | $ | 6,096 |  |  | $ | 677 |  |  | $ | 2,634 |  |  | $ | 46 |  |  | $ | 12,413 |  |  | $ | 18,170 |  |  | $ | 69,456 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (143) |  |  | (1,503) |  |  | (1,646) |
Recoveries |  | 2 |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 303 |  |  | 963 |  |  | 1,282 |
Provision |  | (938) |  |  | 136 |  |  | (167) |  |  | 12 |  |  | (1,635) |  |  | 3 |  |  | 378 |  |  | 3,525 |  |  | 1,314 |
Ending balance |  | $ | 7,584 |  |  | $ | 21,036 |  |  | $ | 5,943 |  |  | $ | 689 |  |  | $ | 999 |  |  | $ | 49 |  |  | $ | 12,951 |  |  | $ | 21,155 |  |  | $ | 70,406 |
Nine months ended September 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) |  |  | — |  |  | — |  |  | — |  |  | (509) |  |  | (7,558) |  |  | (9,417) |
Recoveries |  | 63 |  |  | — |  |  | 165 |  |  | 4 |  |  | — |  |  | — |  |  | 1,329 |  |  | 2,653 |  |  | 4,214 |
Provision |  | 1,124 |  |  | 560 |  |  | 1,845 |  |  | (100) |  |  | 2,429 |  |  | (4) |  |  | (2,463) |  |  | 5,962 |  |  | 9,353 |
Ending balance |  | $ | 6,467 |  |  | $ | 22,458 |  |  | $ | 7,775 |  |  | $ | 621 |  |  | $ | 3,624 |  |  | $ | 42 |  |  | $ | 10,783 |  |  | $ | 24,596 |  |  | $ | 76,366 |
Nine months ended September 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 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (367) |  |  | (4,354) |  |  | (4,721) |
Recoveries |  | 13 |  |  | — |  |  | 56 |  |  | 101 |  |  | — |  |  | — |  |  | 1,055 |  |  | 2,964 |  |  | 4,189 |
Provision |  | 1,026 |  |  | (3,660) |  |  | 230 |  |  | (58) |  |  | (1,187) |  |  | 31 |  |  | (3,535) |  |  | 6,961 |  |  | (192) |
Ending balance |  | $ | 7,584 |  |  | $ | 21,036 |  |  | $ | 5,943 |  |  | $ | 689 |  |  | $ | 999 |  |  | $ | 49 |  |  | $ | 12,951 |  |  | $ | 21,155 |  |  | $ | 70,406 |
Schedule of Allowance for Loan Commitments | The allowance for loan commitments by portfolio segment were as follows:
(in thousands) |  | Home equity line of credit |  | Commercial construction |  | Commercial loans |  | Total
Three months ended September 30, 2023 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 600 |  |  | $ | 3,800 |  |  | $ | 200 |  |  | $ | 4,600 |
Provision |  | — |  |  | 500 |  |  | — |  |  | 500 |
Ending balance |  | $ | 600 |  |  | $ | 4,300 |  |  | $ | 200 |  |  | $ | 5,100 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 4,100 |  |  | $ | 1,400 |  |  | $ | 5,900 |
Provision |  | — |  |  | (1,500) |  |  | — |  |  | (1,500) |
Ending balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
Provision |  | 200 |  |  | 1,700 |  |  | (1,200) |  |  | 700 |
Ending balance |  | $ | 600 |  |  | $ | 4,300 |  |  | $ | 200 |  |  | $ | 5,100 |
Nine months ended September 30, 2022 |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 400 |  |  | $ | 3,700 |  |  | $ | 800 |  |  | $ | 4,900 |
Provision |  | — |  |  | (1,100) |  |  | 600 |  |  | (500) |
Ending balance |  | $ | 400 |  |  | $ | 2,600 |  |  | $ | 1,400 |  |  | $ | 4,400 |
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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 199,880 |  |  | $ | 414,053 |  |  | $ | 741,401 |  |  | $ | 405,552 |  |  | $ | 107,566 |  |  | $ | 692,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,560,619 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | 267 |  |  | — |  |  | 2,654 |  |  | — |  |  | — |  |  | 2,921 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 973 |  |  | — |  |  | — |  |  | 973 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,787 |  |  | — |  |  | — |  |  | 1,787 |
|  | 199,880 |  |  | 414,053 |  |  | 741,401 |  |  | 405,819 |  |  | 107,566 |  |  | 697,581 |  |  | — |  |  | — |  |  | 2,566,300 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 990 |  |  | — |  |  | — |  |  | 990 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 976,029 |  |  | 54,579 |  |  | 1,030,608 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 463 |  |  | 246 |  |  | 709 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350 |  |  | 321 |  |  | 671 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 495 |  |  | 266 |  |  | 761 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 977,337 |  |  | 55,412 |  |  | 1,032,749 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77 |  |  | 283 |  |  | 360 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 3,077 |  |  | 5,118 |  |  | 7,549 |  |  | 3,518 |  |  | — |  |  | 983 |  |  | — |  |  | — |  |  | 20,245 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3,077 |  |  | 5,118 |  |  | 7,549 |  |  | 3,518 |  |  | — |  |  | 983 |  |  | — |  |  | — |  |  | 20,245 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 2,780 |  |  | 11,019 |  |  | 3,496 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,295 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 2,780 |  |  | 11,019 |  |  | 3,496 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,295 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 82,282 |  |  | 164,693 |  |  | 12,203 |  |  | 2,394 |  |  | 1,010 |  |  | 222 |  |  | 10,345 |  |  | 3,413 |  |  | 276,562 |
30-59 days past due |  | 822 |  |  | 1,882 |  |  | 122 |  |  | 43 |  |  | 49 |  |  | 1 |  |  | 46 |  |  | 156 |  |  | 3,121 |
60-89 days past due |  | 362 |  |  | 933 |  |  | 108 |  |  | 35 |  |  | 52 |  |  | — |  |  | 32 |  |  | 81 |  |  | 1,603 |
Greater than 89 days past due |  | 375 |  |  | 785 |  |  | 102 |  |  | 33 |  |  | 26 |  |  | 2 |  |  | 151 |  |  | 186 |  |  | 1,660 |
|  | 83,841 |  |  | 168,293 |  |  | 12,535 |  |  | 2,505 |  |  | 1,137 |  |  | 225 |  |  | 10,574 |  |  | 3,836 |  |  | 282,946 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | 850 |  |  | 4,637 |  |  | 840 |  |  | 163 |  |  | 363 |  |  | 39 |  |  | 279 |  |  | 387 |  |  | 7,558 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 81,287 |  |  | 390,352 |  |  | 177,125 |  |  | 265,808 |  |  | 66,112 |  |  | 329,235 |  |  | 15,482 |  |  | — |  |  | 1,325,401 |
Special Mention |  | — |  |  | — |  |  | 11,214 |  |  | 3,381 |  |  | 14,452 |  |  | 22,367 |  |  | — |  |  | — |  |  | 51,414 |
Substandard |  | 5,386 |  |  | — |  |  | 1,549 |  |  | — |  |  | 11,048 |  |  | 5,772 |  |  | — |  |  | — |  |  | 23,755 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 86,673 |  |  | 390,352 |  |  | 189,888 |  |  | 269,189 |  |  | 91,612 |  |  | 357,374 |  |  | 15,482 |  |  | — |  |  | 1,400,570 |
|  | 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 |  | 10,643 |  |  | 21,440 |  |  | 66,143 |  |  | 356 |  |  | — |  |  | — |  |  | 69,957 |  |  | — |  |  | 168,539 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 10,643 |  |  | 21,440 |  |  | 66,143 |  |  | 356 |  |  | — |  |  | — |  |  | 69,957 |  |  | — |  |  | 168,539 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 82,145 |  |  | 209,364 |  |  | 124,453 |  |  | 75,753 |  |  | 46,291 |  |  | 81,409 |  |  | 81,627 |  |  | 9,560 |  |  | 710,602 |
Special Mention |  | 1,945 |  |  | — |  |  | 970 |  |  | — |  |  | 272 |  |  | — |  |  | 7,151 |  |  | — |  |  | 10,338 |
Substandard |  | — |  |  | 3,054 |  |  | 2,040 |  |  | 230 |  |  | 763 |  |  | 3,409 |  |  | 1,506 |  |  | 516 |  |  | 11,518 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 84,090 |  |  | 212,418 |  |  | 127,463 |  |  | 75,983 |  |  | 47,326 |  |  | 84,818 |  |  | 90,284 |  |  | 10,076 |  |  | 732,458 |
Current YTD period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross charge-offs |  | — |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 177 |  |  | 281 |  |  | 509 |
Total loans |  | $ | 470,984 |  |  | $ | 1,222,693 |  |  | $ | 1,148,475 |  |  | $ | 757,370 |  |  | $ | 247,641 |  |  | $ | 1,140,981 |  |  | $ | 1,163,634 |  |  | $ | 69,324 |  |  | $ | 6,221,102 |
|  | 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,921 |  |  | $ | 973 |  |  | $ | 1,787 |  |  | $ | 5,681 |  |  | $ | 2,560,619 |  |  | $ | 2,566,300 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,400,570 |  |  | 1,400,570 |  |  | — |
Home equity line of credit |  | 709 |  |  | 671 |  |  | 761 |  |  | 2,141 |  |  | 1,030,608 |  |  | 1,032,749 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,245 |  |  | 20,245 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 168,539 |  |  | 168,539 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,295 |  |  | 17,295 |  |  | — |
Commercial |  | 575 |  |  | 100 |  |  | 77 |  |  | 752 |  |  | 731,706 |  |  | 732,458 |  |  | — |
Consumer |  | 3,121 |  |  | 1,603 |  |  | 1,660 |  |  | 6,384 |  |  | 276,562 |  |  | 282,946 |  |  | — |
Total loans |  | $ | 7,326 |  |  | $ | 3,347 |  |  | $ | 4,285 |  |  | $ | 14,958 |  |  | $ | 6,206,144 |  |  | $ | 6,221,102 |  |  | $ | — |
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) |  | September 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 |  | $ | 573 |  |  | $ | 2,500 |  |  | $ | 3,073 |  |  | $ | 4,198 |  |  | $ | 2,981 |  |  | $ | 7,179 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | 2,764 |  |  | 1,017 |  |  | 3,781 |  |  | 3,654 |  |  | 1,442 |  |  | 5,096 |
Residential land |  | 106 |  |  | — |  |  | 106 |  |  | 420 |  |  | — |  |  | 420 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 508 |  |  | — |  |  | 508 |  |  | 2,183 |  |  | — |  |  | 2,183 |
Consumer |  | 2,414 |  |  | — |  |  | 2,414 |  |  | 1,588 |  |  | — |  |  | 1,588 |
Total |  | $ | 6,365 |  |  | $ | 3,517 |  |  | $ | 9,882 |  |  | $ | 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 nine months ended September 30, 2022.
|  | Three months ended September 30, 2022 |  | Nine months ended September 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 |  | 2 |  |  | $ | 512 |  |  | $ | — |  |  | 3 |  |  | $ | 893 |  |  | $ | 135 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | 1 |  |  | 204 |  |  | 16 |  |  | 1 |  |  | 204 |  |  | 16 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 288 |  |  | 20 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3 |  |  | $ | 716 |  |  | $ | 16 |  |  | 5 |  |  | $ | 1,385 |  |  | $ | 171 |
1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.
Schedule of Collateral-Dependent Loans | Loans considered collateral-dependent were as follows:
|  | Amortized cost |  |
(in thousands) |  | September 30, 2023 |  | December 31, 2022 |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 2,584 |  |  | $ | 3,959 |  |  | Residential real estate property
Home equity line of credit |  | 1,017 |  |  | 1,425 |  |  | Residential real estate property
Total |  | $ | 3,601 |  |  | $ | 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
September 30, 2023 |  | $ | 18,125 |  |  | $ | (9,749) |  |  | $ | — |  |  | $ | 8,376 |
December 31, 2022 |  | 19,544 |  |  | (10,497) |  |  | — |  |  | 9,047 |
Changes related to MSRs were as follows:
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,495 |  |  | $ | 9,696 |  |  | $ | 9,047 |  |  | $ | 9,950 |
Amount capitalized |  | 184 |  |  | 117 |  |  | 319 |  |  | 1,040 |
Amortization |  | (303) |  |  | (462) |  |  | (990) |  |  | (1,639) |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Carrying amount before valuation allowance |  | 8,376 |  |  | 9,351 |  |  | 8,376 |  |  | 9,351 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | — |  |  | — |  |  | — |  |  | — |
Provision |  | — |  |  | — |  |  | — |  |  | — |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | — |  |  | — |  |  | — |  |  | — |
Net carrying value of mortgage servicing rights |  | $ | 8,376 |  |  | $ | 9,351 |  |  | $ | 8,376 |  |  | $ | 9,351 |
Schedule of Key Assumptions Used in Estimating fair Value | Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:
(dollars in thousands) |  | September 30, 2023 |  | December 31, 2022
Unpaid principal balance |  | $ | 1,412,412 |  |  | $ | 1,451,322 |
Weighted average note rate |  | 3.44 | % |  | 3.38 | %
Weighted average discount rate |  | 10.00 | % |  | 10.00 | %
Weighted average prepayment speed |  | 5.58 | % |  | 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) |  | September 30, 2023 |  | December 31, 2022
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (90) |  |  | $ | (92) |
50 basis points adverse rate change |  | (207) |  |  | (214) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (206) |  |  | (182) |
50 basis points adverse rate change |  | (407) |  |  | (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 |  |  |  |  |  |
September 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 |  |  |  |  |  |
September 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:
|  | September 30, 2023 |  | December 31, 2022
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 4,910 |  |  | $ | 54 |  |  | $ | 1,720 |  |  | $ | 9 |
Forward commitments |  | 3,500 |  |  | 15 |  |  | 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 |  | September 30, 2023 |  | December 31, 2022
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 54 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |
Forward commitments |  | 15 |  |  | — |  |  | 18 |  |  | — |
|  | $ | 69 |  |  | $ | — |  |  | $ | 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 September 30 |  | Nine months ended September 30
(in thousands) |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate lock commitments |  | Mortgage banking income |  | $ | (34) |  |  | $ | (129) |  |  | $ | 45 |  |  | $ | (722) |
Forward commitments |  | Mortgage banking income |  | (36) |  |  | 145 |  |  | (3) |  |  | 182 |
|  |  |  | $ | (70) |  |  | $ | 16 |  |  | $ | 42 |  |  | $ | (540) |

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