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AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS | 6 Months Ended
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Jun. 30, 2012
AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS |
AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS |
NOTE 9 — AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS The Company invests in certain limited partnerships that are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the United States. The Company’s ownership amount in each limited partnership varies. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. The Company is not the primary beneficiary and, therefore, not required to consolidate these entities. Depending on the ownership percentage and the influence the Company has on the limited partnership, the Company uses either the equity method or cost method of accounting. The limited partnerships are being amortized over the lives of the related tax credit. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest. The balance of the investments in these entities was $181.9 million and $144.4 million at June 30, 2012 and December 31, 2011, respectively, and is included in investment in affordable housing partnerships in the condensed consolidated balance sheets. The Company also invests in certain limited partnerships that qualify for Community Reinvestment Act (CRA) credits or that qualify for other types of tax credits. The Community Reinvestment Act encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes. The balance of CRA and other investments was $50.8 million and $49.7 million at June 30, 2012 and December 31, 2011, respectively, and is included in other assets in the condensed consolidated balance sheets. The Company has unfunded commitments related to the affordable housing and other investments that are payable on demand. Total unfunded commitments for these investments were $99.1 million and $86.0 million at June 30, 2012 and December 31, 2011, respectively, and are recorded in accrued expenses and other liabilities in the condensed consolidated balance sheets.

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- Definition The entire disclosure for affordable housing programs. + References No definition available. + Details
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