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Bank segment (Tables) | 6 Months Ended
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Jun. 30, 2024
Bank Subsidiary [Abstract] |
Schedule of Statements of Income Data |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 564,628 |  |  | 117,663 |  |  | 110,040 |  |  | — |  |  | — |  |  | $ | 792,331 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 187,386 |  |  | 28,941 |  |  | 42,325 |  |  | — |  |  | — |  |  | 258,652 |
Purchased power |  | 137,139 |  |  | 31,068 |  |  | 13,121 |  |  | — |  |  | — |  |  | 181,328 |
Other operation and maintenance |  | 93,717 |  |  | 24,544 |  |  | 29,300 |  |  | — |  |  | — |  |  | 147,561 |
Wildfire tort-related claims (Note 2) |  | 1,369,600 |  |  | 171,200 |  |  | 171,200 |  |  | — |  |  | — |  |  | 1,712,000 |
Depreciation |  | 42,003 |  |  | 10,964 |  |  | 9,845 |  |  | — |  |  | — |  |  | 62,812 |
Taxes, other than income taxes |  | 53,214 |  |  | 10,943 |  |  | 10,261 |  |  | — |  |  | — |  |  | 74,418 |
Total expenses |  | 1,883,059 |  |  | 277,660 |  |  | 276,052 |  |  | — |  |  | — |  |  | 2,436,771 |
Operating loss |  | (1,318,431) |  |  | (159,997) |  |  | (166,012) |  |  | — |  |  | — |  |  | (1,644,440) |
Allowance for equity funds used during construction |  | 2,578 |  |  | 288 |  |  | 470 |  |  | — |  |  | — |  |  | 3,336 |
Equity in earnings of subsidiaries |  | (246,099) |  |  | — |  |  | — |  |  | — |  |  | 246,099 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 928 |  |  | 168 |  |  | (24) |  |  | — |  |  | — |  |  | 1,072 |
Interest expense and other charges, net |  | (15,717) |  |  | (2,974) |  |  | (4,559) |  |  | — |  |  | 1,833 |  |  | (21,417) |
Allowance for borrowed funds used during construction |  | 1,034 |  |  | 85 |  |  | 225 |  |  | — |  |  | — |  |  | 1,344 |
Interest Income |  | 2,972 |  |  | 241 |  |  | 72 |  |  | — |  |  | (1,833) |  |  | 1,452 |
Loss before income taxes |  | (1,572,735) |  |  | (162,189) |  |  | (169,828) |  |  | — |  |  | 246,099 |  |  | (1,658,653) |
Income tax benefit |  | (343,611) |  |  | (42,027) |  |  | (44,120) |  |  | — |  |  | — |  |  | (429,758) |
Net loss |  | (1,229,124) |  |  | (120,162) |  |  | (125,708) |  |  | — |  |  | 246,099 |  |  | (1,228,895) |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net loss attributable to Hawaiian Electric |  | (1,229,124) |  |  | (120,295) |  |  | (125,804) |  |  | — |  |  | 246,099 |  |  | (1,229,124) |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net loss for common stock |  | $ | (1,229,394) |  |  | (120,295) |  |  | (125,804) |  |  | — |  |  | 246,099 |  |  | $ | (1,229,394) |
(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 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,128,808 |  |  | 235,272 |  |  | 216,829 |  |  | — |  |  | — |  |  | $ | 1,580,909 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 397,585 |  |  | 60,126 |  |  | 85,237 |  |  | — |  |  | — |  |  | 542,948 |
Purchased power |  | 254,657 |  |  | 63,124 |  |  | 23,364 |  |  | — |  |  | — |  |  | 341,145 |
Other operation and maintenance |  | 184,601 |  |  | 49,134 |  |  | 57,716 |  |  | — |  |  | — |  |  | 291,451 |
Wildfire tort-related claims (Note 2) |  | 1,369,600 |  |  | 171,200 |  |  | 171,200 |  |  | — |  |  | — |  |  | 1,712,000 |
Depreciation |  | 84,007 |  |  | 21,928 |  |  | 19,689 |  |  | — |  |  | — |  |  | 125,624 |
Taxes, other than income taxes |  | 106,623 |  |  | 21,900 |  |  | 20,303 |  |  | — |  |  | — |  |  | 148,826 |
Total expenses |  | 2,397,073 |  |  | 387,412 |  |  | 377,509 |  |  | — |  |  | — |  |  | 3,161,994 |
Operating loss |  | (1,268,265) |  |  | (152,140) |  |  | (160,680) |  |  | — |  |  | — |  |  | (1,581,085) |
Allowance for equity funds used during construction |  | 5,399 |  |  | 637 |  |  | 940 |  |  | — |  |  | — |  |  | 6,976 |
Equity in earnings of subsidiaries |  | (240,075) |  |  | — |  |  | — |  |  | — |  |  | 240,075 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 1,855 |  |  | 336 |  |  | (47) |  |  | — |  |  | — |  |  | 2,144 |
Interest expense and other charges, net |  | (30,009) |  |  | (5,888) |  |  | (8,790) |  |  | — |  |  | 3,285 |  |  | (41,402) |
Allowance for borrowed funds used during construction |  | 2,113 |  |  | 192 |  |  | 425 |  |  | — |  |  | — |  |  | 2,730 |
Interest Income |  | 5,635 |  |  | 396 |  |  | 138 |  |  | — |  |  | (3,285) |  |  | 2,884 |
Loss before income taxes |  | (1,523,347) |  |  | (156,467) |  |  | (168,014) |  |  | — |  |  | 240,075 |  |  | (1,607,753) |
Income tax benefit |  | (333,714) |  |  | (40,829) |  |  | (44,035) |  |  | — |  |  | — |  |  | (418,578) |
Net loss |  | (1,189,633) |  |  | (115,638) |  |  | (123,979) |  |  | — |  |  | 240,075 |  |  | (1,189,175) |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net loss attributable to Hawaiian Electric |  | (1,189,633) |  |  | (115,905) |  |  | (124,170) |  |  | — |  |  | 240,075 |  |  | (1,189,633) |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net loss for common stock |  | $ | (1,190,173) |  |  | (115,905) |  |  | (124,170) |  |  | — |  |  | 240,075 |  |  | $ | (1,190,173) |
(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 |
Statements of Income and Comprehensive Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 72,960 |  |  | $ | 67,966 |  |  | $ | 145,931 |  |  | $ | 132,808 |
Interest and dividends on investment securities |  | 13,218 |  |  | 13,775 |  |  | 28,182 |  |  | 28,412 |
Total interest and dividend income |  | 86,178 |  |  | 81,741 |  |  | 174,113 |  |  | 161,220 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 18,015 |  |  | 9,661 |  |  | 35,447 |  |  | 16,498 |
Interest on other borrowings |  | 6,479 |  |  | 8,852 |  |  | 14,633 |  |  | 16,573 |
Total interest expense |  | 24,494 |  |  | 18,513 |  |  | 50,080 |  |  | 33,071 |
Net interest income |  | 61,684 |  |  | 63,228 |  |  | 124,033 |  |  | 128,149 |
Provision for credit losses |  | (1,910) |  |  | 43 |  |  | (4,069) |  |  | 1,218 |
Net interest income after provision for credit losses |  | 63,594 |  |  | 63,185 |  |  | 128,102 |  |  | 126,931 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,133 |  |  | 5,009 |  |  | 10,007 |  |  | 9,688 |
Fee income on deposit liabilities |  | 4,630 |  |  | 4,504 |  |  | 9,528 |  |  | 9,103 |
Fee income on other financial products |  | 2,960 |  |  | 2,768 |  |  | 5,703 |  |  | 5,512 |
Bank-owned life insurance |  | 2,255 |  |  | 1,955 |  |  | 5,839 |  |  | 3,380 |
Mortgage banking income |  | 364 |  |  | 230 |  |  | 788 |  |  | 360 |
Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
Other income, net |  | 423 |  |  | 678 |  |  | 1,109 |  |  | 1,479 |
Total noninterest income |  | 15,765 |  |  | 15,639 |  |  | 32,974 |  |  | 30,017 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,802 |  |  | 29,394 |  |  | 62,261 |  |  | 59,598 |
Occupancy |  | 5,220 |  |  | 5,539 |  |  | 10,283 |  |  | 11,127 |
Data processing |  | 4,960 |  |  | 5,095 |  |  | 9,806 |  |  | 10,107 |
Services |  | 4,250 |  |  | 2,689 |  |  | 8,401 |  |  | 5,284 |
Equipment |  | 2,477 |  |  | 2,957 |  |  | 5,126 |  |  | 5,603 |
Office supplies, printing and postage |  | 1,006 |  |  | 1,109 |  |  | 2,024 |  |  | 2,274 |
Marketing |  | 747 |  |  | 834 |  |  | 1,523 |  |  | 1,850 |
Goodwill impairment |  | 82,190 |  |  | — |  |  | 82,190 |  |  | — |
Other expense |  | 5,813 |  |  | 6,152 |  |  | 10,755 |  |  | 12,343 |
Total noninterest expense |  | 136,465 |  |  | 53,769 |  |  | 192,369 |  |  | 108,186 |
Income (loss) before income taxes |  | (57,106) |  |  | 25,055 |  |  | (31,293) |  |  | 48,762 |
Income tax (benefit) |  | (11,319) |  |  | 4,851 |  |  | (6,440) |  |  | 9,996 |
Net income (loss) |  | (45,787) |  |  | 20,204 |  |  | (24,853) |  |  | 38,766 |
Other comprehensive income (loss), net of taxes |  | 1,633 |  |  | (7,210) |  |  | (8,135) |  |  | 11,220 |
Comprehensive income (loss) |  | $ | (44,154) |  |  | $ | 12,994 |  |  | $ | (32,988) |  |  | $ | 49,986 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  | $ | 86,178 |  |  | $ | 81,741 |  |  | $ | 174,113 |  |  | $ | 161,220 |
Noninterest income |  | 15,765 |  |  | 15,639 |  |  | 32,974 |  |  | 30,017 |
Less: Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
*Revenues-Bank |  | 101,943 |  |  | 96,885 |  |  | 207,087 |  |  | 190,742 |
Total interest expense |  | 24,494 |  |  | 18,513 |  |  | 50,080 |  |  | 33,071 |
Provision for credit losses |  | (1,910) |  |  | 43 |  |  | (4,069) |  |  | 1,218 |
Noninterest expense |  | 136,465 |  |  | 53,769 |  |  | 192,369 |  |  | 108,186 |
Less: Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
Less: Retirement defined benefits credit—other than service costs |  | (280) |  |  | (187) |  |  | (561) |  |  | (374) |
*Expenses-Bank |  | 159,329 |  |  | 72,017 |  |  | 238,941 |  |  | 142,354 |
*Operating income (loss)-Bank |  | (57,386) |  |  | 24,868 |  |  | (31,854) |  |  | 48,388 |
Add back: Retirement defined benefits credit—other than service costs |  | (280) |  |  | (187) |  |  | (561) |  |  | (374) |
Income (loss) before income taxes |  | $ | (57,106) |  |  | $ | 25,055 |  |  | $ | (31,293) |  |  | $ | 48,762 |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 72,960 |  |  | $ | 67,966 |  |  | $ | 145,931 |  |  | $ | 132,808 |
Interest and dividends on investment securities |  | 13,218 |  |  | 13,775 |  |  | 28,182 |  |  | 28,412 |
Total interest and dividend income |  | 86,178 |  |  | 81,741 |  |  | 174,113 |  |  | 161,220 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 18,015 |  |  | 9,661 |  |  | 35,447 |  |  | 16,498 |
Interest on other borrowings |  | 6,479 |  |  | 8,852 |  |  | 14,633 |  |  | 16,573 |
Total interest expense |  | 24,494 |  |  | 18,513 |  |  | 50,080 |  |  | 33,071 |
Net interest income |  | 61,684 |  |  | 63,228 |  |  | 124,033 |  |  | 128,149 |
Provision for credit losses |  | (1,910) |  |  | 43 |  |  | (4,069) |  |  | 1,218 |
Net interest income after provision for credit losses |  | 63,594 |  |  | 63,185 |  |  | 128,102 |  |  | 126,931 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,133 |  |  | 5,009 |  |  | 10,007 |  |  | 9,688 |
Fee income on deposit liabilities |  | 4,630 |  |  | 4,504 |  |  | 9,528 |  |  | 9,103 |
Fee income on other financial products |  | 2,960 |  |  | 2,768 |  |  | 5,703 |  |  | 5,512 |
Bank-owned life insurance |  | 2,255 |  |  | 1,955 |  |  | 5,839 |  |  | 3,380 |
Mortgage banking income |  | 364 |  |  | 230 |  |  | 788 |  |  | 360 |
Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
Other income, net |  | 423 |  |  | 678 |  |  | 1,109 |  |  | 1,479 |
Total noninterest income |  | 15,765 |  |  | 15,639 |  |  | 32,974 |  |  | 30,017 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 29,802 |  |  | 29,394 |  |  | 62,261 |  |  | 59,598 |
Occupancy |  | 5,220 |  |  | 5,539 |  |  | 10,283 |  |  | 11,127 |
Data processing |  | 4,960 |  |  | 5,095 |  |  | 9,806 |  |  | 10,107 |
Services |  | 4,250 |  |  | 2,689 |  |  | 8,401 |  |  | 5,284 |
Equipment |  | 2,477 |  |  | 2,957 |  |  | 5,126 |  |  | 5,603 |
Office supplies, printing and postage |  | 1,006 |  |  | 1,109 |  |  | 2,024 |  |  | 2,274 |
Marketing |  | 747 |  |  | 834 |  |  | 1,523 |  |  | 1,850 |
Goodwill impairment |  | 82,190 |  |  | — |  |  | 82,190 |  |  | — |
Other expense |  | 5,813 |  |  | 6,152 |  |  | 10,755 |  |  | 12,343 |
Total noninterest expense |  | 136,465 |  |  | 53,769 |  |  | 192,369 |  |  | 108,186 |
Income (loss) before income taxes |  | (57,106) |  |  | 25,055 |  |  | (31,293) |  |  | 48,762 |
Income tax (benefit) |  | (11,319) |  |  | 4,851 |  |  | (6,440) |  |  | 9,996 |
Net income (loss) |  | (45,787) |  |  | 20,204 |  |  | (24,853) |  |  | 38,766 |
Other comprehensive income (loss), net of taxes |  | 1,633 |  |  | (7,210) |  |  | (8,135) |  |  | 11,220 |
Comprehensive income (loss) |  | $ | (44,154) |  |  | $ | 12,994 |  |  | $ | (32,988) |  |  | $ | 49,986 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  | $ | 86,178 |  |  | $ | 81,741 |  |  | $ | 174,113 |  |  | $ | 161,220 |
Noninterest income |  | 15,765 |  |  | 15,639 |  |  | 32,974 |  |  | 30,017 |
Less: Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
*Revenues-Bank |  | 101,943 |  |  | 96,885 |  |  | 207,087 |  |  | 190,742 |
Total interest expense |  | 24,494 |  |  | 18,513 |  |  | 50,080 |  |  | 33,071 |
Provision for credit losses |  | (1,910) |  |  | 43 |  |  | (4,069) |  |  | 1,218 |
Noninterest expense |  | 136,465 |  |  | 53,769 |  |  | 192,369 |  |  | 108,186 |
Less: Gain on sale of real estate |  | — |  |  | 495 |  |  | — |  |  | 495 |
Less: Retirement defined benefits credit—other than service costs |  | (280) |  |  | (187) |  |  | (561) |  |  | (374) |
*Expenses-Bank |  | 159,329 |  |  | 72,017 |  |  | 238,941 |  |  | 142,354 |
*Operating income (loss)-Bank |  | (57,386) |  |  | 24,868 |  |  | (31,854) |  |  | 48,388 |
Add back: Retirement defined benefits credit—other than service costs |  | (280) |  |  | (187) |  |  | (561) |  |  | (374) |
Income (loss) before income taxes |  | $ | (57,106) |  |  | $ | 25,055 |  |  | $ | (31,293) |  |  | $ | 48,762 |
Schedule of Balance Sheets Data |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,645 |  |  | 3,514 |  |  | — |  |  | — |  |  | $ | 52,019 |
Plant and equipment |  | 5,471,342 |  |  | 1,483,570 |  |  | 1,396,982 |  |  | — |  |  | — |  |  | 8,351,894 |
Right-of-use assets - finance lease |  | 362,741 |  |  | 36,074 |  |  | 50,757 |  |  | — |  |  | — |  |  | 449,572 |
Less accumulated depreciation |  | (2,001,115) |  |  | (676,745) |  |  | (608,860) |  |  | — |  |  | — |  |  | (3,286,720) |
Construction in progress |  | 264,823 |  |  | 27,641 |  |  | 43,739 |  |  | — |  |  | — |  |  | 336,203 |
Utility property, plant and equipment, net |  | 4,140,651 |  |  | 876,185 |  |  | 886,132 |  |  | — |  |  | — |  |  | 5,902,968 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,293 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,940 |
Total property, plant and equipment, net |  | 4,145,944 |  |  | 876,300 |  |  | 887,664 |  |  | — |  |  | — |  |  | 5,909,908 |
Investment in wholly owned subsidiaries, at equity |  | 482,112 |  |  | — |  |  | — |  |  | — |  |  | (482,112) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 58,819 |  |  | 18,864 |  |  | 10,860 |  |  | 77 |  |  | — |  |  | 88,620 |
Restricted cash |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Advances to affiliates |  | 110,000 |  |  | — |  |  | — |  |  | — |  |  | (110,000) |  |  | — |
Customer accounts receivable, net |  | 143,860 |  |  | 33,223 |  |  | 34,232 |  |  | — |  |  | — |  |  | 211,315 |
Accrued unbilled revenues, net |  | 131,246 |  |  | 25,080 |  |  | 22,220 |  |  | — |  |  | — |  |  | 178,546 |
Other accounts receivable, net |  | 59,341 |  |  | 12,802 |  |  | 24,179 |  |  | — |  |  | (38,430) |  |  | 57,892 |
Fuel oil stock, at average cost |  | 112,116 |  |  | 13,843 |  |  | 20,132 |  |  | — |  |  | — |  |  | 146,091 |
Materials and supplies, at average cost |  | 65,354 |  |  | 14,154 |  |  | 33,496 |  |  | — |  |  | — |  |  | 113,004 |
Prepayments and other |  | 50,896 |  |  | 5,784 |  |  | 14,203 |  |  | — |  |  | (4,287) |  |  | 66,596 |
Regulatory assets |  | 65,372 |  |  | 4,872 |  |  | 9,026 |  |  | — |  |  | — |  |  | 79,270 |
Total current assets |  | 799,004 |  |  | 128,622 |  |  | 168,348 |  |  | 77 |  |  | (152,717) |  |  | 943,334 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 32,387 |  |  | 24,197 |  |  | 8,156 |  |  | — |  |  | — |  |  | 64,740 |
Regulatory assets |  | 200,662 |  |  | 15,123 |  |  | 27,354 |  |  | — |  |  | — |  |  | 243,139 |
Other |  | 212,914 |  |  | 37,056 |  |  | 35,144 |  |  | — |  |  | (47,337) |  |  | 237,777 |
Total other long-term assets |  | 445,963 |  |  | 76,376 |  |  | 70,654 |  |  | — |  |  | (47,337) |  |  | 545,656 |
Total assets |  | $ | 5,873,023 |  |  | 1,081,298 |  |  | 1,126,666 |  |  | 77 |  |  | (682,166) |  |  | $ | 7,398,898 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) June 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,192,842 |  |  | 243,878 |  |  | 238,157 |  |  | 77 |  |  | (482,112) |  |  | $ | 1,192,842 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,386,884 |  |  | 244,409 |  |  | 256,500 |  |  | — |  |  | — |  |  | 1,887,793 |
Total capitalization |  | 2,602,019 |  |  | 495,287 |  |  | 499,657 |  |  | 77 |  |  | (482,112) |  |  | 3,114,928 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 5,804 |  |  | 7,216 |  |  | 2,882 |  |  | — |  |  | — |  |  | 15,902 |
Current portion of long-term debt |  | 39,961 |  |  | 4,995 |  |  | 1,998 |  |  | — |  |  | — |  |  | 46,954 |
Short-term borrowings from affiliate |  | — |  |  | — |  |  | 110,000 |  |  | — |  |  | (110,000) |  |  | — |
Accounts payable |  | 146,724 |  |  | 23,805 |  |  | 24,005 |  |  | — |  |  | — |  |  | 194,534 |
Interest and preferred dividends payable |  | 17,001 |  |  | 3,228 |  |  | 3,394 |  |  | — |  |  | (631) |  |  | 22,992 |
Taxes accrued, including revenue taxes |  | 180,419 |  |  | 40,640 |  |  | 32,687 |  |  | — |  |  | (4,287) |  |  | 249,459 |
Regulatory liabilities |  | 10,442 |  |  | 8,284 |  |  | 5,380 |  |  | — |  |  | — |  |  | 24,106 |
Wildfire tort-related claims (Note 2) |  | 1,369,600 |  |  | 171,200 |  |  | 171,200 |  |  | — |  |  | — |  |  | 1,712,000 |
Other |  | 83,336 |  |  | 28,351 |  |  | 38,149 |  |  | — |  |  | (37,799) |  |  | 112,037 |
Total current liabilities |  | 1,853,287 |  |  | 287,719 |  |  | 389,695 |  |  | — |  |  | (152,717) |  |  | 2,377,984 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 31,854 |  |  | 17,342 |  |  | 5,583 |  |  | — |  |  | — |  |  | 54,779 |
Finance lease liabilities |  | 348,341 |  |  | 34,712 |  |  | 50,178 |  |  | — |  |  | — |  |  | 433,231 |
Deferred income taxes |  | — |  |  | 7,019 |  |  | 25,521 |  |  | — |  |  | (32,540) |  |  | — |
Regulatory liabilities |  | 830,156 |  |  | 205,042 |  |  | 116,305 |  |  | — |  |  | — |  |  | 1,151,503 |
Unamortized tax credits |  | 57,247 |  |  | 11,052 |  |  | 10,932 |  |  | — |  |  | — |  |  | 79,231 |
Defined benefit pension and other postretirement benefit plans liability |  | 75,433 |  |  | — |  |  | — |  |  | — |  |  | (14,797) |  |  | 60,636 |
Other |  | 74,686 |  |  | 23,125 |  |  | 28,795 |  |  | — |  |  | — |  |  | 126,606 |
Total deferred credits and other liabilities |  | 1,417,717 |  |  | 298,292 |  |  | 237,314 |  |  | — |  |  | (47,337) |  |  | 1,905,986 |
Total capitalization and liabilities |  | $ | 5,873,023 |  |  | 1,081,298 |  |  | 1,126,666 |  |  | 77 |  |  | (682,166) |  |  | $ | 7,398,898 |
(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 |  | 5,398,281 |  |  | 1,459,639 |  |  | 1,374,890 |  |  | — |  |  | — |  |  | 8,232,810 |
Finance lease right-of-use assets |  | 306,099 |  |  | 36,075 |  |  | — |  |  | — |  |  | — |  |  | 342,174 |
Less accumulated depreciation |  | (1,925,660) |  |  | (666,581) |  |  | (605,273) |  |  | — |  |  | — |  |  | (3,197,514) |
Construction in progress |  | 247,836 |  |  | 33,488 |  |  | 38,899 |  |  | — |  |  | — |  |  | 320,223 |
Utility property, plant and equipment, net |  | 4,069,415 |  |  | 868,266 |  |  | 812,110 |  |  | — |  |  | — |  |  | 5,749,791 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,295 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,942 |
Total property, plant and equipment, net |  | 4,074,710 |  |  | 868,381 |  |  | 813,642 |  |  | — |  |  | — |  |  | 5,756,733 |
Investment in wholly owned subsidiaries, at equity |  | 722,211 |  |  | — |  |  | — |  |  | — |  |  | (722,211) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 89,755 |  |  | 10,658 |  |  | 5,587 |  |  | 77 |  |  | — |  |  | 106,077 |
Restricted cash |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Advances to affiliates |  | 70,500 |  |  | — |  |  | — |  |  | — |  |  | (70,500) |  |  | — |
Customer accounts receivable, net |  | 172,747 |  |  | 38,216 |  |  | 33,346 |  |  | — |  |  | — |  |  | 244,309 |
Accrued unbilled revenues, net |  | 136,367 |  |  | 25,102 |  |  | 24,175 |  |  | — |  |  | — |  |  | 185,644 |
Other accounts receivable, net |  | 143,160 |  |  | 13,318 |  |  | 32,521 |  |  | — |  |  | (77,480) |  |  | 111,519 |
Fuel oil stock, at average cost |  | 108,228 |  |  | 17,968 |  |  | 22,041 |  |  | — |  |  | — |  |  | 148,237 |
Materials and supplies, at average cost |  | 64,334 |  |  | 14,397 |  |  | 35,702 |  |  | — |  |  | — |  |  | 114,433 |
Prepayments and other |  | 40,767 |  |  | 7,724 |  |  | 11,638 |  |  | — |  |  | (1,638) |  |  | 58,491 |
Regulatory assets |  | 58,920 |  |  | 5,771 |  |  | 3,762 |  |  | — |  |  | — |  |  | 68,453 |
Total current assets |  | 886,778 |  |  | 133,154 |  |  | 168,772 |  |  | 77 |  |  | (149,618) |  |  | 1,039,163 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 34,856 |  |  | 27,470 |  |  | 9,551 |  |  | — |  |  | — |  |  | 71,877 |
Regulatory assets |  | 189,417 |  |  | 13,575 |  |  | 23,359 |  |  | — |  |  | — |  |  | 226,351 |
Other |  | 134,033 |  |  | 36,439 |  |  | 33,129 |  |  | — |  |  | (14,171) |  |  | 189,430 |
Total other long-term assets |  | 358,306 |  |  | 77,484 |  |  | 66,039 |  |  | — |  |  | (14,171) |  |  | 487,658 |
Total assets |  | $ | 6,042,005 |  |  | 1,079,019 |  |  | 1,048,453 |  |  | 77 |  |  | (886,000) |  |  | $ | 7,283,554 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) December 31, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diary |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,409,110 |  |  | 359,790 |  |  | 362,344 |  |  | 77 |  |  | (722,211) |  |  | $ | 2,409,110 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,426,516 |  |  | 249,339 |  |  | 258,422 |  |  | — |  |  | — |  |  | 1,934,277 |
Total capitalization |  | 3,857,919 |  |  | 616,129 |  |  | 625,766 |  |  | 77 |  |  | (722,211) |  |  | 4,377,680 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 6,788 |  |  | 7,025 |  |  | 2,804 |  |  | — |  |  | — |  |  | 16,617 |
Short-term borrowings-affiliate |  | — |  |  | — |  |  | 70,500 |  |  | — |  |  | (70,500) |  |  | — |
Accounts payable |  | 136,102 |  |  | 29,418 |  |  | 25,520 |  |  | — |  |  | — |  |  | 191,040 |
Interest and preferred dividends payable |  | 17,085 |  |  | 3,098 |  |  | 3,074 |  |  | — |  |  | (375) |  |  | 22,882 |
Taxes accrued, including revenue taxes |  | 211,840 |  |  | 43,932 |  |  | 37,808 |  |  | — |  |  | (1,638) |  |  | 291,942 |
Regulatory liabilities |  | 20,013 |  |  | 8,508 |  |  | 8,038 |  |  | — |  |  | — |  |  | 36,559 |
Wildfire tort-related claims |  | 75,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75,000 |
Other |  | 90,131 |  |  | 33,240 |  |  | 50,170 |  |  | — |  |  | (77,105) |  |  | 96,436 |
Total current liabilities |  | 556,959 |  |  | 125,221 |  |  | 197,914 |  |  | — |  |  | (149,618) |  |  | 730,476 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 34,262 |  |  | 20,792 |  |  | 7,044 |  |  | — |  |  | — |  |  | 62,098 |
Finance lease liabilities |  | 295,935 |  |  | 35,043 |  |  | — |  |  | — |  |  | — |  |  | 330,978 |
Deferred income taxes |  | 280,029 |  |  | 51,661 |  |  | 67,311 |  |  | — |  |  | — |  |  | 399,001 |
Regulatory liabilities |  | 803,404 |  |  | 199,173 |  |  | 111,554 |  |  | — |  |  | — |  |  | 1,114,131 |
Unamortized tax credits |  | 61,130 |  |  | 11,650 |  |  | 11,532 |  |  | — |  |  | — |  |  | 84,312 |
Defined benefit pension and other postretirement benefit plans liability |  | 74,842 |  |  | — |  |  | — |  |  | — |  |  | (14,171) |  |  | 60,671 |
Other |  | 77,525 |  |  | 19,350 |  |  | 27,332 |  |  |  |  | — |  |  | 124,207 |
Total deferred credits and other liabilities |  | 1,627,127 |  |  | 337,669 |  |  | 224,773 |  |  | — |  |  | (14,171) |  |  | 2,175,398 |
Total capitalization and liabilities |  | $ | 6,042,005 |  |  | 1,079,019 |  |  | 1,048,453 |  |  | 77 |  |  | (886,000) |  |  | $ | 7,283,554 |
Balance Sheets Data
(in thousands) |  | June 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 139,114 |  |  |  |  | $ | 184,383 |
Interest-bearing deposits |  |  |  | 195,721 |  |  |  |  | 251,072 |
Cash and cash equivalents |  |  |  | 334,835 |  |  |  |  | 435,455 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,061,687 |  |  |  |  | 1,136,439 |
Held-to-maturity, at amortized cost (fair value of $1,058,691 and $1,103,668, at June 30, 2024 and December 31, 2023, respectively) |  |  |  | 1,179,182 |  |  |  |  | 1,201,314 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 29,204 |  |  |  |  | 14,728 |
Loans held for investment |  |  |  | 6,030,158 |  |  |  |  | 6,180,810 |
Allowance for credit losses |  |  |  | (66,813) |  |  |  |  | (74,372) |
Net loans |  |  |  | 5,963,345 |  |  |  |  | 6,106,438 |
Loans held for sale, at lower of cost or fair value |  |  |  | 13,904 |  |  |  |  | 15,168 |
Other |  |  |  | 698,648 |  |  |  |  | 681,460 |
Goodwill |  |  |  | — |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,280,805 |  |  |  |  | $ | 9,673,192 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,515,062 |  |  |  |  | $ | 2,599,762 |
Deposit liabilities—interest-bearing |  |  |  | 5,521,411 |  |  |  |  | 5,546,016 |
Other borrowings |  |  |  | 520,000 |  |  |  |  | 750,000 |
Other |  |  |  | 226,488 |  |  |  |  | 247,563 |
Total liabilities |  |  |  | 8,782,961 |  |  |  |  | 9,143,341 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 359,048 |  |  |  |  | 358,067 |
Retained earnings |  |  |  | 439,202 |  |  |  |  | 464,055 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (291,864) |  |  |  |  | $ | (282,963) |  |  |
Retirement benefit plans |  | (8,543) |  |  | (300,407) |  |  | (9,309) |  |  | (292,272) |
Total shareholder’s equity |  |  |  | 497,844 |  |  |  |  | 529,851 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,280,805 |  |  |  |  | $ | 9,673,192 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 197,714 |  |  |  |  | $ | 187,857 |
Premises and equipment, net |  |  |  | 181,855 |  |  |  |  | 187,042 |
Accrued interest receivable |  |  |  | 29,003 |  |  |  |  | 28,472 |
Mortgage-servicing rights |  |  |  | 7,906 |  |  |  |  | 8,169 |
Low-income housing investments |  |  |  | 104,394 |  |  |  |  | 112,234 |
Deferred tax asset |  |  |  | 122,927 |  |  |  |  | 104,292 |
Other |  |  |  | 54,849 |  |  |  |  | 53,394 |
Total other assets |  |  |  | $ | 698,648 |  |  |  |  | $ | 681,460 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 110,173 |  |  |  |  | $ | 115,231 |
Cashier’s checks |  |  |  | 37,372 |  |  |  |  | 40,479 |
Advance payments by borrowers |  |  |  | 11,477 |  |  |  |  | 10,107 |
Other |  |  |  | 67,466 |  |  |  |  | 81,746 |
Total other liabilities |  |  |  | $ | 226,488 |  |  |  |  | $ | 247,563 |
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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 9,226 |  |  | $ | — |  |  | $ | (343) |  |  | $ | 8,883 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 8 |  |  | $ | 8,883 |  |  | $ | (343) |
Mortgage-backed securities* |  | 1,229,529 |  |  | 3 |  |  | (223,731) |  |  | 1,005,801 |  |  | — |  |  | — |  |  | — |  |  | 115 |  |  | 1,005,191 |  |  | (223,731) |
Corporate bonds |  | 35,171 |  |  | — |  |  | (2,244) |  |  | 32,927 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 32,927 |  |  | (2,244) |
Mortgage revenue bonds |  | 14,076 |  |  | — |  |  | — |  |  | 14,076 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,288,002 |  |  | $ | 3 |  |  | $ | (226,318) |  |  | $ | 1,061,687 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 126 |  |  | $ | 1,047,001 |  |  | $ | (226,318) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,929 |  |  | $ | — |  |  | $ | (7,839) |  |  | $ | 52,090 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 52,090 |  |  | $ | (7,839) |
Mortgage-backed securities* |  | 1,119,253 |  |  | 41 |  |  | (112,693) |  |  | 1,006,601 |  |  | 30 |  |  | 314,047 |  |  | (9,253) |  |  | 72 |  |  | 685,612 |  |  | (103,440) |
|  | $ | 1,179,182 |  |  | $ | 41 |  |  | $ | (120,532) |  |  | $ | 1,058,691 |  |  | 30 |  |  | $ | 314,047 |  |  | $ | (9,253) |  |  | 75 |  |  | $ | 737,702 |  |  | $ | (111,279) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 12,437 |  |  | $ | — |  |  | $ | (427) |  |  | $ | 12,010 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 9 |  |  | $ | 12,010 |  |  | $ | (427) |
Mortgage-backed securities* |  | 1,279,852 |  |  | — |  |  | (202,684) |  |  | 1,077,168 |  |  | 3 |  |  | 1,649 |  |  | (22) |  |  | 116 |  |  | 1,075,519 |  |  | (202,662) |
Corporate bonds |  | 35,239 |  |  | — |  |  | (2,336) |  |  | 32,903 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 32,903 |  |  | (2,336) |
Mortgage revenue bonds |  | 14,358 |  |  | — |  |  | — |  |  | 14,358 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | 1,341,886 |  |  | $ | — |  |  | $ | (205,447) |  |  | $ | 1,136,439 |  |  | 3 |  |  | $ | 1,649 |  |  | $ | (22) |  |  | 128 |  |  | $ | 1,120,432 |  |  | $ | (205,425) |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agency obligations |  | $ | 59,917 |  |  | $ | — |  |  | $ | (7,135) |  |  | $ | 52,782 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 52,782 |  |  | $ | (7,135) |
Mortgage-backed securities* |  | 1,141,397 |  |  | 2,221 |  |  | (92,732) |  |  | 1,050,886 |  |  | 37 |  |  | 378,326 |  |  | (7,610) |  |  | 43 |  |  | 432,082 |  |  | (85,122) |
|  | $ | 1,201,314 |  |  | $ | 2,221 |  |  | $ | (99,867) |  |  | $ | 1,103,668 |  |  | 37 |  |  | $ | 378,326 |  |  | $ | (7,610) |  |  | 46 |  |  | $ | 484,864 |  |  | $ | (92,257) |
* 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, 2024 |  | Amortized cost |  | Fair value
(in thousands) |  |  |  |
Available-for-sale |  |  |  |
Due in one year or less |  | $ | 626 |  |  | $ | 614 |
Due after one year through five years |  | 43,771 |  |  | 41,196 |
Due after five years through ten years |  | 14,076 |  |  | 14,076 |
Due after ten years |  | — |  |  | — |
|  | 58,473 |  |  | 55,886 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,229,529 |  |  | 1,005,801 |
Total available-for-sale securities |  | $ | 1,288,002 |  |  | $ | 1,061,687 |
Held-to-maturity |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 39,849 |  |  | 35,286 |
Due after five years through ten years |  | 20,080 |  |  | 16,804 |
Due after ten years |  | — |  |  | — |
|  | 59,929 |  |  | 52,090 |
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies |  | 1,119,253 |  |  | 1,006,601 |
Total held-to-maturity securities |  | $ | 1,179,182 |  |  | $ | 1,058,691 |
Schedule of Components of Loans Receivable | The components of loans were summarized as follows:
| June 30, 2024 |  | December 31, 2023
(in thousands) |  |  |
Real estate: |  |  |
Residential 1-4 family | $ | 2,603,825 |  |  | $ | 2,595,162 |
Commercial real estate | 1,368,907 |  |  | 1,374,038 |
Home equity line of credit | 973,216 |  |  | 1,017,207 |
Residential land | 20,818 |  |  | 18,364 |
Commercial construction | 181,148 |  |  | 172,405 |
Residential construction | 17,254 |  |  | 17,843 |
Total real estate | 5,165,168 |  |  | 5,195,019 |
Commercial | 648,286 |  |  | 743,303 |
Consumer | 244,637 |  |  | 272,256 |
Total loans | 6,058,091 |  |  | 6,210,578 |
Less: Deferred fees and discounts | (27,933) |  |  | (29,768) |
Allowance for credit losses | (66,813) |  |  | (74,372) |
Total loans, net | $ | 5,963,345 |  |  | $ | 6,106,438 |
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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,406 |  |  | $ | 20,334 |  |  | $ | 8,073 |  |  | $ | 672 |  |  | $ | 3,401 |  |  | $ | 41 |  |  | $ | 7,614 |  |  | $ | 24,516 |  |  | $ | 71,057 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (126) |  |  | (3,000) |  |  | (3,126) |
Recoveries |  | 7 |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 190 |  |  | 686 |  |  | 892 |
Provision |  | (194) |  |  | (1,678) |  |  | 1,470 |  |  | 87 |  |  | (32) |  |  | (3) |  |  | (1,361) |  |  | (299) |  |  | (2,010) |
Ending balance |  | $ | 6,219 |  |  | $ | 18,656 |  |  | $ | 9,552 |  |  | $ | 759 |  |  | $ | 3,369 |  |  | $ | 38 |  |  | $ | 6,317 |  |  | $ | 21,903 |  |  | $ | 66,813 |
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 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 7,435 |  |  | $ | 22,185 |  |  | $ | 7,778 |  |  | $ | 621 |  |  | $ | 3,603 |  |  | $ | 43 |  |  | $ | 9,122 |  |  | $ | 23,585 |  |  | $ | 74,372 |
Charge-offs |  | (842) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (240) |  |  | (5,719) |  |  | (6,801) |
Recoveries |  | 193 |  |  | — |  |  | 247 |  |  | — |  |  | — |  |  | — |  |  | 285 |  |  | 1,686 |  |  | 2,411 |
Provision |  | (567) |  |  | (3,529) |  |  | 1,527 |  |  | 138 |  |  | (234) |  |  | (5) |  |  | (2,850) |  |  | 2,351 |  |  | (3,169) |
Ending balance |  | $ | 6,219 |  |  | $ | 18,656 |  |  | $ | 9,552 |  |  | $ | 759 |  |  | $ | 3,369 |  |  | $ | 38 |  |  | $ | 6,317 |  |  | $ | 21,903 |  |  | $ | 66,813 |
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 |
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, 2024 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 600 |  |  | $ | 3,100 |  |  | $ | 400 |  |  | $ | 4,100 |
Provision |  | 100 |  |  | — |  |  | — |  |  | 100 |
Ending balance |  | $ | 700 |  |  | $ | 3,100 |  |  | $ | 400 |  |  | $ | 4,200 |
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 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |
Allowance for loan commitments: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 600 |  |  | $ | 4,300 |  |  | $ | 200 |  |  | $ | 5,100 |
Provision |  | 100 |  |  | (1,200) |  |  | 200 |  |  | (900) |
Ending balance |  | $ | 700 |  |  | $ | 3,100 |  |  | $ | 400 |  |  | $ | 4,200 |
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 |
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) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 89,885 |  |  | $ | 255,714 |  |  | $ | 399,372 |  |  | $ | 715,212 |  |  | $ | 390,719 |  |  | $ | 745,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,596,590 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,362 |  |  | — |  |  | — |  |  | 1,362 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | 543 |  |  | — |  |  | 1,304 |  |  | — |  |  | — |  |  | 1,847 |
Greater than 89 days past due |  | — |  |  | — |  |  | 726 |  |  | — |  |  | — |  |  | 3,300 |  |  | — |  |  | — |  |  | 4,026 |
|  | 89,885 |  |  | 255,714 |  |  | 400,098 |  |  | 715,755 |  |  | 390,719 |  |  | 751,654 |  |  | — |  |  | — |  |  | 2,603,825 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 905,690 |  |  | 63,617 |  |  | 969,307 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,403 |  |  | 632 |  |  | 2,035 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 542 |  |  | 216 |  |  | 758 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 885 |  |  | 231 |  |  | 1,116 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 908,520 |  |  | 64,696 |  |  | 973,216 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 5,402 |  |  | 3,748 |  |  | 4,524 |  |  | 4,797 |  |  | 1,737 |  |  | 610 |  |  | — |  |  | — |  |  | 20,818 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 5,402 |  |  | 3,748 |  |  | 4,524 |  |  | 4,797 |  |  | 1,737 |  |  | 610 |  |  | — |  |  | — |  |  | 20,818 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 550 |  |  | 7,501 |  |  | 9,203 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,254 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 550 |  |  | 7,501 |  |  | 9,203 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,254 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 18,275 |  |  | 70,089 |  |  | 130,936 |  |  | 6,589 |  |  | 840 |  |  | 328 |  |  | 9,746 |  |  | 2,071 |  |  | 238,874 |
30-59 days past due |  | 242 |  |  | 552 |  |  | 1,040 |  |  | 126 |  |  | 12 |  |  | 3 |  |  | 61 |  |  | 141 |  |  | 2,177 |
60-89 days past due |  | 22 |  |  | 602 |  |  | 1,053 |  |  | 53 |  |  | 7 |  |  | 3 |  |  | 43 |  |  | 25 |  |  | 1,808 |
Greater than 89 days past due |  | — |  |  | 454 |  |  | 916 |  |  | 63 |  |  | 10 |  |  | — |  |  | 179 |  |  | 156 |  |  | 1,778 |
|  | 18,539 |  |  | 71,697 |  |  | 133,945 |  |  | 6,831 |  |  | 869 |  |  | 334 |  |  | 10,029 |  |  | 2,393 |  |  | 244,637 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 22,976 |  |  | 105,110 |  |  | 376,911 |  |  | 189,510 |  |  | 263,783 |  |  | 373,432 |  |  | 15,482 |  |  | — |  |  | 1,347,204 |
Special Mention |  | — |  |  | — |  |  | 1,208 |  |  | 1,465 |  |  | — |  |  | 1,116 |  |  | — |  |  | — |  |  | 3,789 |
Substandard |  | — |  |  | — |  |  | — |  |  | 1,516 |  |  | — |  |  | 13,990 |  |  | — |  |  | — |  |  | 15,506 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,408 |  |  | — |  |  | — |  |  | 2,408 |
|  | 22,976 |  |  | 105,110 |  |  | 378,119 |  |  | 192,491 |  |  | 263,783 |  |  | 390,946 |  |  | 15,482 |  |  | — |  |  | 1,368,907 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | — |  |  | 62,306 |  |  | 36,925 |  |  | 16,416 |  |  | 1,333 |  |  | — |  |  | 64,168 |  |  | — |  |  | 181,148 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 62,306 |  |  | 36,925 |  |  | 16,416 |  |  | 1,333 |  |  | — |  |  | 64,168 |  |  | — |  |  | 181,148 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 33,205 |  |  | 88,184 |  |  | 166,815 |  |  | 92,150 |  |  | 71,214 |  |  | 79,756 |  |  | 97,353 |  |  | 6,929 |  |  | 635,606 |
Special Mention |  | — |  |  | 1,685 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,801 |  |  | — |  |  | 5,486 |
Substandard |  | — |  |  | — |  |  | 2,775 |  |  | 472 |  |  | — |  |  | 3,049 |  |  | 730 |  |  | 80 |  |  | 7,106 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | 88 |  |  | — |  |  | — |  |  | — |  |  | 88 |
|  | 33,205 |  |  | 89,869 |  |  | 169,590 |  |  | 92,622 |  |  | 71,302 |  |  | 82,805 |  |  | 101,884 |  |  | 7,009 |  |  | 648,286 |
Total loans |  | $ | 170,557 |  |  | $ | 595,945 |  |  | $ | 1,132,404 |  |  | $ | 1,028,912 |  |  | $ | 729,743 |  |  | $ | 1,226,349 |  |  | $ | 1,100,083 |  |  | $ | 74,098 |  |  | $ | 6,058,091 |
|  | Term Loans by Origination Year |  | Revolving Loans |  |
(in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving |  | Converted to term loans |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 263,605 |  |  | $ | 407,304 |  |  | $ | 729,256 |  |  | $ | 399,766 |  |  | $ | 104,487 |  |  | $ | 672,408 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,576,826 |
30-59 days past due |  | — |  |  | 708 |  |  | — |  |  | 268 |  |  | — |  |  | 3,525 |  |  | — |  |  | — |  |  | 4,501 |
60-89 days past due |  | — |  |  | 726 |  |  | 2,694 |  |  | — |  |  | — |  |  | 1,745 |  |  | — |  |  | — |  |  | 5,165 |
Greater than 89 days past due |  | — |  |  | 2,519 |  |  | 871 |  |  | 1,129 |  |  | 489 |  |  | 3,662 |  |  | — |  |  | — |  |  | 8,670 |
|  | 263,605 |  |  | 411,257 |  |  | 732,821 |  |  | 401,163 |  |  | 104,976 |  |  | 681,340 |  |  | — |  |  | — |  |  | 2,595,162 |
Home equity line of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 954,461 |  |  | 59,146 |  |  | 1,013,607 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,219 |  |  | 262 |  |  | 1,481 |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 597 |  |  | — |  |  | 597 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,111 |  |  | 411 |  |  | 1,522 |
|  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 957,388 |  |  | 59,819 |  |  | 1,017,207 |
Residential land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 3,788 |  |  | 4,097 |  |  | 7,234 |  |  | 1,847 |  |  | — |  |  | 723 |  |  | — |  |  | — |  |  | 17,689 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | 675 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 675 |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3,788 |  |  | 4,772 |  |  | 7,234 |  |  | 1,847 |  |  | — |  |  | 723 |  |  | — |  |  | — |  |  | 18,364 |
Residential construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 5,369 |  |  | 10,984 |  |  | 1,490 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,843 |
30-59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60-89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 5,369 |  |  | 10,984 |  |  | 1,490 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,843 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 87,686 |  |  | 153,239 |  |  | 9,852 |  |  | 1,654 |  |  | 451 |  |  | 200 |  |  | 10,663 |  |  | 2,779 |  |  | 266,524 |
30-59 days past due |  | 805 |  |  | 1,314 |  |  | 176 |  |  | 29 |  |  | 24 |  |  | — |  |  | 56 |  |  | 163 |  |  | 2,567 |
60-89 days past due |  | 385 |  |  | 886 |  |  | 114 |  |  | 41 |  |  | 21 |  |  | — |  |  | 60 |  |  | 69 |  |  | 1,576 |
Greater than 89 days past due |  | 354 |  |  | 786 |  |  | 101 |  |  | 24 |  |  | 34 |  |  | — |  |  | 67 |  |  | 223 |  |  | 1,589 |
|  | 89,230 |  |  | 156,225 |  |  | 10,243 |  |  | 1,748 |  |  | 530 |  |  | 200 |  |  | 10,846 |  |  | 3,234 |  |  | 272,256 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 104,368 |  |  | 384,144 |  |  | 180,986 |  |  | 267,458 |  |  | 65,625 |  |  | 307,367 |  |  | 15,482 |  |  | — |  |  | 1,325,430 |
Special Mention |  | — |  |  | 1,975 |  |  | 11,159 |  |  | — |  |  | 14,110 |  |  | 3,008 |  |  | — |  |  | — |  |  | 30,252 |
Substandard |  | — |  |  | — |  |  | 1,538 |  |  | — |  |  | 11,048 |  |  | 5,770 |  |  | — |  |  | — |  |  | 18,356 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 104,368 |  |  | 386,119 |  |  | 193,683 |  |  | 267,458 |  |  | 90,783 |  |  | 316,145 |  |  | 15,482 |  |  | — |  |  | 1,374,038 |
Commercial construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 45,863 |  |  | 33,240 |  |  | 26,133 |  |  | 1,333 |  |  | — |  |  | — |  |  | 65,836 |  |  | — |  |  | 172,405 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 45,863 |  |  | 33,240 |  |  | 26,133 |  |  | 1,333 |  |  | — |  |  | — |  |  | 65,836 |  |  | — |  |  | 172,405 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 124,667 |  |  | 199,796 |  |  | 106,669 |  |  | 73,976 |  |  | 37,580 |  |  | 80,012 |  |  | 87,206 |  |  | 6,250 |  |  | 716,156 |
Special Mention |  | 1,860 |  |  | 6,989 |  |  | 951 |  |  | — |  |  | 250 |  |  | — |  |  | 7,352 |  |  | — |  |  | 17,402 |
Substandard |  | — |  |  | 2,962 |  |  | 1,848 |  |  | 98 |  |  | 60 |  |  | 3,369 |  |  | 1,275 |  |  | 133 |  |  | 9,745 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 126,527 |  |  | 209,747 |  |  | 109,468 |  |  | 74,074 |  |  | 37,890 |  |  | 83,381 |  |  | 95,833 |  |  | 6,383 |  |  | 743,303 |
Total loans |  | $ | 638,750 |  |  | $ | 1,212,344 |  |  | $ | 1,081,072 |  |  | $ | 747,623 |  |  | $ | 234,179 |  |  | $ | 1,081,789 |  |  | $ | 1,145,385 |  |  | $ | 69,436 |  |  | $ | 6,210,578 |
Gross charge-offs by portfolio segment and vintage were as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | — |  |  | $ | — |  |  | $ | 361 |  |  | $ | 277 |  |  | $ | — |  |  | $ | 204 |  |  | $ | 842 |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 226 |  |  | 240 |
Consumer |  | 398 |  |  | 1,969 |  |  | 2,803 |  |  | 281 |  |  | 75 |  |  | 193 |  |  | 5,719 |
Total |  | $ | 398 |  |  | $ | 1,969 |  |  | $ | 3,164 |  |  | $ | 572 |  |  | $ | 75 |  |  | $ | 623 |  |  | $ | 6,801 |
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 |  | 90 days or more past due |  | Total past due |  | Current |  | Total financing receivables |  | Amortized cost> 90 days and accruing
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 1,362 |  |  | $ | 1,847 |  |  | $ | 4,026 |  |  | $ | 7,235 |  |  | $ | 2,596,590 |  |  | $ | 2,603,825 |  |  | $ | — |
Commercial real estate |  | — |  |  | — |  |  | 10,908 |  |  | 10,908 |  |  | 1,357,999 |  |  | 1,368,907 |  |  | — |
Home equity line of credit |  | 2,035 |  |  | 758 |  |  | 1,116 |  |  | 3,909 |  |  | 969,307 |  |  | 973,216 |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,818 |  |  | 20,818 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 181,148 |  |  | 181,148 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,254 |  |  | 17,254 |  |  | — |
Commercial |  | 107 |  |  | 150 |  |  | 108 |  |  | 365 |  |  | 647,921 |  |  | 648,286 |  |  | — |
Consumer |  | 2,177 |  |  | 1,808 |  |  | 1,778 |  |  | 5,763 |  |  | 238,874 |  |  | 244,637 |  |  | — |
Total loans |  | $ | 5,681 |  |  | $ | 4,563 |  |  | $ | 17,936 |  |  | $ | 28,180 |  |  | $ | 6,029,911 |  |  | $ | 6,058,091 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 4,501 |  |  | $ | 5,165 |  |  | $ | 8,670 |  |  | $ | 18,336 |  |  | $ | 2,576,826 |  |  | $ | 2,595,162 |  |  | $ | 425 |
Commercial real estate |  | — |  |  | — |  |  | 11,048 |  |  | 11,048 |  |  | 1,362,990 |  |  | 1,374,038 |  |  | — |
Home equity line of credit |  | 1,481 |  |  | 597 |  |  | 1,522 |  |  | 3,600 |  |  | 1,013,607 |  |  | 1,017,207 |  |  | — |
Residential land |  | — |  |  | 675 |  |  | — |  |  | 675 |  |  | 17,689 |  |  | 18,364 |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 172,405 |  |  | 172,405 |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,843 |  |  | 17,843 |  |  | — |
Commercial |  | 163 |  |  | 135 |  |  | 244 |  |  | 542 |  |  | 742,761 |  |  | 743,303 |  |  | — |
Consumer |  | 2,567 |  |  | 1,576 |  |  | 1,589 |  |  | 5,732 |  |  | 266,524 |  |  | 272,256 |  |  | — |
Total loans |  | $ | 8,712 |  |  | $ | 8,148 |  |  | $ | 23,073 |  |  | $ | 39,933 |  |  | $ | 6,170,645 |  |  | $ | 6,210,578 |  |  | $ | 425 |
Credit risk profile based on payment activity for loans modified during the six months ended June 30, 2024 were as follows:
(in thousands) |  | Current |  | 30-59 days past due |  | 60-89 days past due |  | 90 days or more past due |  | Total
Real estate loans |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 3,144 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,102 |  |  | $ | 5,246 |
Commercial real estate |  | 1,208 |  |  | — |  |  | — |  |  | — |  |  | 1,208 |
Home equity line of credit |  | 447 |  |  | — |  |  | — |  |  | — |  |  | 447 |
Residential land |  | 675 |  |  | — |  |  | — |  |  | — |  |  | 675 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5,474 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,102 |  |  | $ | 7,576 |
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, 2024 |  | December 31, 2023
|  | With a related ACL |  | Without a related ACL |  | Total |  | With a related ACL |  | Without a related ACL |  | Total
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 9,542 |  |  | $ | 4,446 |  |  | $ | 13,988 |  |  | $ | 7,755 |  |  | $ | 2,190 |  |  | $ | 9,945 |
Commercial real estate |  | 10,908 |  |  | — |  |  | 10,908 |  |  | 11,048 |  |  | — |  |  | 11,048 |
Home equity line of credit |  | 2,211 |  |  | 1,091 |  |  | 3,302 |  |  | 2,626 |  |  | 1,135 |  |  | 3,761 |
Residential land |  | 675 |  |  | — |  |  | 675 |  |  | 780 |  |  | — |  |  | 780 |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 169 |  |  | 173 |  |  | 342 |  |  | 133 |  |  | 301 |  |  | 434 |
Consumer |  | 2,656 |  |  | — |  |  | 2,656 |  |  | 2,458 |  |  | — |  |  | 2,458 |
Total |  | $ | 26,161 |  |  | $ | 5,710 |  |  | $ | 31,871 |  |  | $ | 24,800 |  |  | $ | 3,626 |  |  | $ | 28,426 |
Schedule of Loan Modification | Loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 were as follows:
(in thousands) |  | Term extension |  | Payment delay |  | Combination payment delay & term extension |  | Total |  | % of total class of loans
Three months ended June 30, 2024
Real estate loans |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 50 |  |  | $ | 2,093 |  |  | $ | — |  |  | $ | 2,143 |  |  | 0.08 | %
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential land |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 50 |  |  | $ | 2,093 |  |  | $ | — |  |  | $ | 2,143 |  |  | 0.04 | %
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Real estate loans |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  | $ | 315 |  |  | $ | 4,931 |  |  | $ | — |  |  | $ | 5,246 |  |  | 0.20 | %
Commercial real estate |  | — |  |  | — |  |  | 1,208 |  |  | 1,208 |  |  | 0.09 | %
Home equity line of credit |  | — |  |  | 447 |  |  | — |  |  | 447 |  |  | 0.05 | %
Residential land |  | — |  |  | 675 |  |  | — |  |  | 675 |  |  | 3.24 | %
Commercial construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential construction |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 315 |  |  | $ | 6,053 |  |  | $ | 1,208 |  |  | $ | 7,576 |  |  | 0.13 | %
Financial effect of loan modifications during the three and six months ended June 30, 2024 for borrowers experiencing financial difficulty were as follows:
|  | Weighted average
|  | Term extension (in months) |  | Payment delay (in months)
Three months ended June 30, 2024 |  |  |  |
Real estate loans |  |  |  |
Residential 1-4 family |  | 114 |  | 11
Commercial real estate |  | — |  |  | — |
Home equity line of credit |  | — |  |  | — |
Residential land |  | — |  |  | — |
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | — |  |  | — |
Consumer |  | — |  |  | — |
Six months ended June 30, 2024 |  |  |  |
Real estate loans |  |  |  |
Residential 1-4 family |  | 149 |  | 10
Commercial real estate |  | 9 |  | 9
Home equity line of credit |  | — |  |  | 9
Residential land |  | — |  |  | 9
Commercial construction |  | — |  |  | — |
Residential construction |  | — |  |  | — |
Commercial |  | — |  |  | — |
Consumer |  | — |  |  | — |
Schedule of Collateral-Dependent Loans | Loans considered collateral-dependent were as follows:
|  | Amortized cost |  |
(in thousands) |  | June 30, 2024 |  | December 31, 2023 |  | Collateral type
Real estate: |  |  |  |  |  |
Residential 1-4 family |  | $ | 4,524 |  |  | $ | 2,272 |  |  | Residential real estate property
Commercial real estate |  | 10,908 |  |  | 11,048 |  |  | Commercial real estate property
Home equity line of credit |  | 1,200 |  |  | 1,135 |  |  | Residential real estate property
Total real estate |  | 16,632 |  |  | 14,455 |  |  |
Commercial |  | 262 |  |  | 301 |  |  | Business assets
Total |  | $ | 16,894 |  |  | $ | 14,756 |  |  |
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, 2024 |  | $ | 18,114 |  |  | $ | (10,208) |  |  | $ | — |  |  | $ | 7,906 |
December 31, 2023 |  | 18,241 |  |  | (10,072) |  |  | — |  |  | 8,169 |
Changes related to MSRs were as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,050 |  |  | $ | 8,745 |  |  | $ | 8,169 |  |  | $ | 9,047 |
Amount capitalized |  | 179 |  |  | 84 |  |  | 377 |  |  | 135 |
Amortization |  | (323) |  |  | (334) |  |  | (640) |  |  | (687) |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Carrying amount before valuation allowance |  | 7,906 |  |  | 8,495 |  |  | 7,906 |  |  | 8,495 |
Valuation allowance for mortgage servicing rights |  |  |  |  |  |  |  |
Beginning balance |  | — |  |  | — |  |  | — |  |  | — |
Provision |  | — |  |  | — |  |  | — |  |  | — |
Other-than-temporary impairment |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | — |  |  | — |  |  | — |  |  | — |
Net carrying value of mortgage servicing rights |  | $ | 7,906 |  |  | $ | 8,495 |  |  | $ | 7,906 |  |  | $ | 8,495 |
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, 2024 |  | December 31, 2023
Unpaid principal balance |  | $ | 1,399,592 |  |  | $ | 1,402,736 |
Weighted average note rate |  | 3.57 | % |  | 3.47 | %
Weighted average discount rate |  | 10.00 | % |  | 10.00 | %
Weighted average prepayment speed |  | 6.81 | % |  | 5.71 | %
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, 2024 |  | December 31, 2023
Prepayment rate: |  |  |  |
25 basis points adverse rate change |  | $ | (133) |  |  | $ | (90) |
50 basis points adverse rate change |  | (296) |  |  | (204) |
Discount rate: |  |  |  |
25 basis points adverse rate change |  | (185) |  |  | (203) |
50 basis points adverse rate change |  | (367) |  |  | (402) |
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, 2024 |  | December 31, 2023
(in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Interest rate lock commitments |  | $ | 5,330 |  |  | $ | 89 |  |  | $ | 6,246 |  |  | $ | 86 |
Forward commitments |  | 5,250 |  |  | 5 |  |  | 5,500 |  |  | (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, 2024 |  | December 31, 2023
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 89 |  |  | $ | — |  |  | $ | 86 |  |  | $ | — |
Forward commitments |  | 5 |  |  | — |  |  | — |  |  | 18 |
|  | $ | 94 |  |  | $ | — |  |  | $ | 86 |  |  | $ | 18 |
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) |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate lock commitments |  | Mortgage banking income |  | $ | (47) |  |  | $ | 62 |  |  | $ | 3 |  |  | $ | 79 |
Forward commitments |  | Mortgage banking income |  | 18 |  |  | 46 |  |  | 23 |  |  | 33 |
|  |  |  | $ | (29) |  |  | $ | 108 |  |  | $ | 26 |  |  | $ | 112 |

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